Life Insurance and Income Protection

Firesalen

Hi all,
I need an advice please.
I am 39, full time employed. I purchased my first home in 2023, and back then the mortgage broker convinced me to start two types of insurances: Income Protection (paying a monthly benefit if I fall ill for more than 28 days) so I can keep up with mortgage repayments and basic expenses. Also, I started a Life Insurance, which covers life and critical illness cover, including upgraded critical illness benefit. 

Now, I have reviewed both policies, but I am single and I do not think I will have any kids anytime.
I wonder if I could only have the Income Protection insurance and close the Life insurance since I do not have nieces, nephews, and no other heirs.

what would you suggest? I would save some money if I decided to close the Life Insurance.
Any feedback is appreciated.

Thanks

dunstonh

Now, I have reviewed both policies, but I am single and I do not think I will have any kids anytime.

Income protection is common sense.  However, the life assurance is a missale unless critical illness cover is included (if CIC is included, the cost of life assurance is little or nothing and it is common sense to include it).

DullGreyGuy

Firesalen said:

I am 39, full time employed. I purchased my first home in 2023, and back then the mortgage broker convinced me to start two types of insurances: Income Protection (paying a monthly benefit if I fall ill for more than 28 days) so I can keep up with mortgage repayments and basic expenses. Also, I started a Life Insurance, which covers life and critical illness cover, including upgraded critical illness benefit. 

Now, I have reviewed both policies, but I am single and I do not think I will have any kids anytime.
I wonder if I could only have the Income Protection insurance and close the Life insurance since I do not have nieces, nephews, and no other heirs.

what would you suggest? I would save some money if I decided to close the Life Insurance.
Any feedback is appreciated.

As you say its Life & CIC its really if you see value in the CIC aspect because the life cover will be next to nothing of the cost. Yes income protection would keep the mortgage paid but some think that if they have a major life changing illness that they'd rather be shot of the mortgage and have more spending money or that the lump sum could afford adaptations if, for example, you ended up in a wheelchair. 

I'm personally not a fan of CIC but there are plenty that have successfully claimed who clearly have very different views to me.