Buying a house is, for most people, the most expensive purchase of their lives. Buyers need a hefty deposit, then must pay a conveyancing solicitor a fee. The house may need decorating and require new furniture and household appliances. The list of expenses sometimes appears endless.

For these reasons, homeowners understandably look for areas to save money, and may be tempted to decline the optional mortgage protection insurance. However, there are many reasons why this is not a route you should take.

Mortgage protection insurance can cover mortgage payments if you are unemployed due to an accident, sickness or redundancy. If you are self-employed, then illness and accident could prevent you running your business.

If you were unable to earn a living for a while due to factors outside of your control, then this probably means that you would struggle to pay the mortgage from your savings. Sick pay and state benefits help, but will normally not cover the mortgage payments. Mortgage protection insurance can provide a sum equivalent to the monthly mortgage payment during the time that you are out of work for a period up to two years.

Cover is available for people of all ages, but mortgage protection for the over 50s will cost more than for younger people.

No one likes to think about being unemployed and not earning a salary. Mortgage protection insurance gives you peace of mind knowing that your mortgage payments and house are safe if you find yourself out of work for a while.