Lifesearch stresses customers must not buy mortgage payment protection insurance without considering income protection. The protection specialist also urges people to check employee benefits, not to borrow more than they can afford and to seek independent advice before buying.

Matt Morris, policy adviser at Lifesearch, said: “Many people consider protecting their mortgage, but they usually select a policy that will pay it for them when they can’t work. What they actually should be protecting is their income, which not only pays the mortgage, but also pays all the other bills and the everyday cost of living.”