mortgage insurance?

aliavavodka

Hello, been sorting out finances and have noticed i have 3 policies for what appear to be insurance taken out with mortgages, i have remortgaged. as far as im aware they are only life cover, and they total almost £80 monthly, can i cancel these if i can find 1 insurance cheaper? and does it have to be mortgage cover, of will just life cover be ok?
forgot to say i owe £78000 on my mortgage

many thanks Alison

kingstreet

Decreasing term assurance, otherwise known as mortgage protection, is the cheapest form of cover because the amount of cover falls as the mortgage is repaid - lower falls in the early years, more in the later ones.

There is nothing to stop you replacing the existing cover you have with a new single plan as long as you get the right amount of cover and the right term - that of your current mortgage.

It may be worth reviewing all your protection arrangements with an IFA to ensure you are getting value for money and covering your most important needs.