Do I still need my life cover

jctate3

Hello, I am new to this and new to being quite good at managing money (although still not debt free) so looking for ways to save and cut monthly expenses. I am looking for advice about life cover for my mortgage. I borrowed £86 in 2000 for my mortgage and I took life cover incase I was critically ill and unable to make payments (or for my children to pay it off if I die). 3 years later I increased the mortgage to £124K to build an extension. As my cover was only for 86K I was advised to take additional cover for the rest - which I did. So ever since, I have been paying two policies, one to L&G and one to Aviva. However, the total owed on the mortgage is now down to less than the original amount (currently £74K) so I wonder if I should still keep paying the additional policy (it's £54 per month and theres no benefit unless I die or become ill but the original policy will cover whats owed)

dunstonh

Easy way to work out if you have a financial need for it is to look at what would happen if you died or suffered a claimable event.