Mortgage life insurance?

Elleda

Hello, we have paid off our mortgage,  but we still have life insurance that we took out at the beginning of the mortgage, this is ongoing until 2026, when we should have finished paying, but have paid it off early.  Do we still need to keep paying this life insurance, or can we claim any back? It was for critical illness and death cover. Hope someone can help.

[Deleted User]

You can't claim anything back, as you've already been provided with the cover.

If you no longer need it, you can cancel it, but bear in mind the likely increased costs of starting a new policy.

user1977

There's one guaranteed way of getting money from the insurers, but it's rather drastic...

dunstonh

Do we still need to keep paying this life insurance, or can we claim any back?

Why do you think you can claim anything back?
It continues to do the job it was set up for - i.e. pay out if either of you die (or suffer a CI).

If you have a financial need for the policy then you should keep it. If you dont then you should end it.