Cancel Mortgage Protection Insurance ?

izoomzoom

DH and I have a joint policy.
Abt to complete on a property tomorrow and can't decide to cancel it or just let it run, eventhough it will be insufficient - pays 63% of new mortgage.
Taken out 14 years ago, never claimed, although DH now has a couple of not serious heart issues (NO heart disease).
Also I'm self employed, and I'm unsure of how easily they would pay me in the event of a claim.
(already been on hold for 27 minutes).

Sandtree

Mortgage Protection, like Income Protection, technically isnt a product but a name that covers multiple different products. In my world it most commonly is Accident, Sickness & Unemployment (ASU - also known as PPI) but it can be other things.

Only you guys, or a decent protection broker, can decide if its worth while keeping as it will depend on many other factors. An ASU policy will typically respond fairly normally for Accident and Sickness for self employed people but the Unemployment section is much more variable depending on terms of the policy, how long you've been trading etc. 

The basic question to consider... if your other half's heart condition worsened significantly such that they were unlikely to ever be able to work again... would you cope financially?