New mortgage, no insurance?

Supercoolrae

I'll keep this brief
We bought a house 5.5yrs ago. Got fixed life insurance (with terminal illness) for me & hubby for £25 a month for £248K for 21yrs.
We sold the house last month & we're in rented accommodation now as have relocated within the UK
Had an offer accepted on a new house. Mortgage would be £290K over 25yrs.
Question is what to do about life insurance?

A) stick with what we have
Top up for the outstanding 42K & 4yrs (8.50 a month extra)
C) cancel & get totally new for £40 a month to cover full 290K for 25yrs

We're older & with 2 kids so having cover is a must
However, we plan to overpay our mortgage so will hopefully reduce our term when we remortgage in a couple of years..... So should we up our premium by £15?

Any thoughts appreciated

Also bare in mind my Mum has died of breast cancer since the initial underwriting so I fear these quotes will increase once we have to reveal our updated medical history.....

csgohan4

the older you are the more expensive it is, you could compare the quotes for now as well as your current provider for the full amount of your mortgage

newtothis141414

As PP said, compare quotes for both scenarios but I reckon a top up additional policy would be cheaper. If you plan on overpaying you could make the second policy decreasing term as well, making it cheaper than a level term.