I say cash it out. You have coverage through work that will handle the mortgage. You have no dependents and have no other need for insurance. Why waste $50/year? Plus, you can put that $1,300 to better use.
One thing I'd consider is to buy a term policy on your own. Policies through work are nice but the company can always decide to cut that benefit, or you could leave the job and be left uninsured. At 31, a small term policy would be quite cheap.
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Steve
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