Joint Life First Death

Blue_Boy_2

Re above plan, is it worth keeping. Premium going up yearly, amount assured going down, have finished mortgage this year, no outstanding debts, will retire in 5 years and partner in 3 years.

dunstonh

Sounds like you have a yearly renewable decreasing term assurance. I am not a fan of these plans. Only a ahndful of companies still run them. A few are aimed at internet quote portals and try to fool inexperienced individuals into buying them on the basis of year 1 premium and not realising they go up. I think the biggest mainstream provider over the years was Pearl.

If you no longer have a financial need then you dont need the life assurance. If you do still have a financial need then you could look at level term or decreasing term assurances, family income benefit or whole of life assurance depending on what the need is. If so, make sure its guaranteed level premiums.