Death Cover life insurance, which policy for mortgage cover - Advice needed plesase!

Bamboo122

Hi all, 
My friend and I bought a house together just over 10 years ago and took out a decreasing death cover policy to potentially cover the mortgage (through our mortgage broker at the time) which is approx £50 per month between us, we were both smokers at the time however have both given up approx 5-6 years ago. I also took out a separate critical illness policy which is also approx £50 per month. We still both own the house and have a joint mortgage, although only one of us lives there currently. When we renewed our mortgage approx 2 years ago, our current mortgage provider valued the house at £254k and our current mortgage is £77k (equity is just under 70% of value in theory!). 

We know we are paying an extortionate cost per month which we've never switched but not sure what cover to look for, do we look for a joint decreasing policy which covers the cost of the remaining mortgage, or a lump sum? I have just turned 50 so understand that from my side it may put the cost up (my friend is 48). We plan to sell the house in approx 7 years and pay off any outstanding mortgage from the sale. We could potentially cancel the policy altogether and not look for a new one, however think it may be better to have one in place. Neither of us have children, although we both have partners that we wouldn't want to burden with the cost of half the mortgage payments if we didn't have a policy.

Any advice would be amazing, thanks in advance  

csgohan4

life insurance is not something you buy and switch the next year,would your partners be able to cover the mortgage upon on your untimely death? I would imagine that is why you have the policy in place?

Your choice to keep it on. But getting a new policy now will likely be far more expensive given age but no harm in engaging some brokers to do some searching for what you want

Bamboo122

Thank you