Keep paying mortgage protection or not?

katejo

I have been trying to persuade myself to cancel for some time but can't quite do it!

My reasons for as as follows:

Remaining outstanding amount is only approx 20% of current value and 60% of the original mortgage. Current mortgage interest very low so making overpayments.

My job is steady and has good sick pay.

I have an end salary scheme and have been paying AVC's for a long time.

So why can't I convince myself? Have come pretty close to it. Anyone else in a similar position? What did you decide?

elsien

Yes, I was in a similar situation. I had the mortgage protection mainly for sickness although my employer had a good sickness policy. Low monthly payment so I was overpaying. I came very close to cancelling and paying off more of the mortgage out of savings.
Then with only 3 months warning my steady job (because people will always need residential care) came to an end and I was made redundant. Bolt from the blue, very little warning.
I am now very glad I kept the insurance because finding a new job is taking longer than I thought.