Property owners who lose their income risk losing their homes and the government does little to help.

Recent research has revealed that only one in five people with a mortgage have taken out mortgage protection insurance to protect their mortgage payments if they lose their job through accident, sickness or redundancy. Many people still believe that the government benefits system will help cover their mortgage payments.

Before last April, mortgage borrowers could have their mortgage interest paid by the government after 13 weeks of unemployment. This has now changed to 39 weeks. If mortgage payments are not made during the 39 week wait, lenders could start the repossession procedure which may result in the loss of the home.

Banks and building societies will normally wait a while before starting repossession, but the debt will mount. If a borrower continues to be behind on mortgage payments, then their home will be at risk.

There are several ways to provide money for mortgage payments if someone loses their income:

• Critical illness cover replaces a portion of the income a person earned before becoming ill
• Life assurance pays out a lump sum on death to the surviving partner
• Income protection provides a wider range of cover than critical illness cover
• Mortgage protection pays mortgage payments for a number of years

A home is probably the most expensive purchase of your life, so it makes sense to safeguard it by taking out mortgage protection insurance.