I see what you mean; but unless the policy had been missold there would have been no entitlement to claim for the return of any premiums. However as a misselling claim is clearly not the case, whether you renew the policy to help protect yourself against future redundancy is a complete gamble. Although you may consider your job to be reasonably secure at present, who knows what the future holds or will bring?
Sod's law will usually determine that if you do renew it will never be required which would be a great relief, on the other hand if you don't renew.... then the worst case scenario often happens.
If I were in your shoes, due to the current dangerous economic climate and uncontrollable outside forces...for the relative small monthly cost involved balanced against the worst case event........ I would hold onto the policy at least until we can see some improvement and more stability, then perhaps review your options at a later date when it is felt that things have hopefully improved. IMO.