Should I take out mortgage protection insurance?

Q My husband and I have just increased our mortgage to £200,000 and our mortgage advisor is recommending that I take out either income protection insurance or life insurance. My husband has adequate cover through his work, but I do not as my employer is a charity. Would you recommend either of these? I have already rejected the critical illness cover.
VE

A Given that life insurance and income protection insurance do very different jobs, I'm a little concerned that your mortgage adviser is recommending one or the other rather than both.

The reason for taking out income protection insurance, also known as mortgage payment protection insurance (MPPI), is to cover your mortgage payments and other bills if your earnings dry up as a result of illness, injury or unemployment.

However, if you and your husband could manage to pay the mortgage even if you weren't earning, it's likely to be an unnecessary expense. And even if you do think it would be a good idea, buying from your mortgage adviser could be expensive so you might like to compare what they are offering with the premium's charged by specialist MPPI provider British Insurance.

The reason for buying life insurance is to ensure that a cash lump sum will be available to pay off either all or your share of the mortgage if you die before repayments have finished. This may also be unnecessary if your husband feels he could carry on paying the mortgage without your earning power.

Again, if your husband does however feel that he would like this extra financial cushion, you would be better off buying it from a specialist such as LifeSearch who can advise you on the best type of cover for your circumstances.