When I moved house 3-4 years ago I increased my and also took out a second life assurance policy to cover the extra mortgage borrowing. I have since repaid this extra borrowing, so that now my current debt is below the amount that was covered by my original life policy.

Should I now simply cancel the 2nd policy - or does having a 2nd policy hold any benefits. The 2nd policy is a joint life policy.

Hi

I would think that if the 2nd policy was only to cover the extra borrowing, which has now been paid off, then there may be no value in continuing the 2nd policy.

However, before you cancel, you should speak to the company concerned, to see if there is any technical issue, that would make it sensible to continue the 2nd policy. If there is no issue, then atleast you would have talked to someone at the company and have some confidence about your decision.

Huckster

as long as you are sure that your exsisting policy covers the full amount of your outstanding mortgage than you can cancel the other policy at your will.

no need to over insure yourself if you dont need it