Probably not. In addition to Council tax, electricity, gas, and telephone you will have regular bills coming in for all sorts of things. And if you or anyone in your family falls ill, that might mean even more expense. It’s a very persuasive argument for taking out protection insurance – not just to cover your mortgage but also to cover your debts and protect your income.

Figures show that the average new mortgage is £111,000*. On top of that borrowing on credit cards, finance deals, overdrafts and unsecured personal loans adds £5,000** per person.

It might be a good idea to consider a product that offers decreasing term cover for the mortgage – that means that as the amount owed on the mortgage reduces over the years, so does the sum you’d receive to pay it off. Then, for a few extra pounds a month, you could add level term cover for the other debts, which would mean the amount of cover would remain constant throughout the life of the plan.

Deciding on the right type of cover, the amount you need and for how long are just some of the things you will need to consider when looking for cover thats right for you. A financial adviser can help you find the right protection for your circumstances.

* Council Mortgage Lenders, November 2008

** Creditation.org.uk, January 2009, November 2008 figures