Cancel my life assurance?

Dan-Dan

Hi

Might seem a stupid question but i currently pay £42 a month for cover with Friends life for me and my wife , it is designed to pay off the mortgage balance should the worst happen

We are selling and buying with no mortgage, once i exchange , should i cancel this cover?

Seems obvious i know but just hoping there is nothing i might have missed

Thanks

enjoyyourshoes

Often life insurance is required if you have dependants (?) or as a way of paying off mortgage .

If you have zero mortgage or an alternative method of paying off mortgage that suits both of you, then I would not consider it necessary for that purpose.

If you want life insurance for other purposes (see above) then shop around for the best deal. Also you may have LI included in Pension arrangements via work or other plan?

If you decide you do not require the 'benefits' of LA you could use the £42 as a start for a SiPP (but you may need to top it up to £100 pm for many SIPP monthly contributions) or maybe a S&S ISA (£50 pm is often the min monthly regular payment for these)