Life insurance when mortgage free?

LookAfterThePennies_4

Apologies if this is a silly question. My husband and I are planning to become mortgage free at some point next year, and I was wondering whether we should cancel our life insurance then? We have no debts and no dependents.

swiss69

If the Life Assurance is specifically to cover the mortgage and you are confident that if either of you were to die, the other could manage financially then I would say cancel it. If you have no other cover at all and may be semi or wholly dependant on one another then I would say either keep it or at least look for alternative cover.

Up_the_Creek_4

Hi,

Just out of interest how much do you pay, and do you have private health care or any other insurances? If it is a negligable amount to your independant salaries I would keep it as you just don't know what is around the corner. A lump sum would be useful to anyone at a difficult time. If it expires when you are say 55, and you are close to that age and healthy, it may not be worth keeping on. However, if you decide to get another life insurance cover out after cancellation and you are older, it will be more expensive. I probably have not helped to answer your question, but hopefully added some points to consider.