What's this stuff? - Cleaning up blower motor

So after about two years of puttering along, my blower motor seems to have finally bit it. It's been making belabored sputtering sounds for the past three days and then stopped making noise/pushing out air altogether. I just pulled it out in the hopes that cleaning it might bring back some life to it and aside from two big, dead bugs, I found some blue stuff on the wires. It's hard and almost looks like old dried out gum. It's been there for as long as I've had the car at least. Should I try to take it off or leave it be?

Thanks!