Life Insurance  

The most common protection policy is a life policy, in most circumstances taken out to cover the outstanding debt on a mortgage. 
Would your family home be at risk if anything happened to you and your income was no longer paying off your mortgage? Do you have other financial commitments or children where you would want to ensure they are looked after if anything happened to you ?  
Whilst there are around 11 million households with a mortgage in the UK with the average UK mortgage debt in January 2022 being £142,755 , only 34% have any kind of life insurance policy (source Taking out term assurance can ensure that your family do not experience financial difficulties should an income generator in the family pass away.  

Critical Illness Cover  

Critical illness pays out on the diagnosis of a specified serious or terminal illness, and can also include life cover. 
What would happen if you had an accident or developed a serious condition which meant that you were incapacitated for a period of time or even permanently? Do you have adequate savings in place to cover your living costs including any mortgage repayments? 
Taking out critical illness would ensure that if you were unable to work due to a specified medical condition, a lump sum payment would be made which could then be used to pay off an outstanding mortgage, cover living costs or provide extra medical treatment which isn't available on the NHS. 

Income protection cover  

Have you thought about how you could continue to pay your regular monthly commitments if your income was to suddenly drop due to ill health or incapacity? 
The ONS report that family household spending including mortgage payments was on average £481.50 per week in the year March 2021. 
With shortfalls likely with Statutory Sick Pay or Universal Credit, taking out an Income protection policy can ensure that if you are off work on long term sick, your commitments are continued to be paid. This can also prevent very stressful financial situations at a time when recovery is needed. 
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