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old for new life insurance

I have had a policy which I started whilst at college it was a mix of saving and life insurance which I kept on when I got a mortgage 6 years ago. I want to cash in the policy and start a new one. I'm paying £20 per month and would like to pay less. I have been sent details from Life Search with two recommendations.
1. Royal Liver Level term Assurance @ £14.61 month
2. Royal Liver Morgage life protection @ £10.22 month
Of course I'd naturally go for the cheapest but I think it's the type that reduces as I pay of the mortgage.
Any adivce would be gratefully recieved.:confused:
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