Whether you are a first-time buyer, are remortgaging or have recently had a change in circumstances, having a protection policy in place ensures that you can continue to meet mortgage repayments in difficult times, preventing potential defaults and the loss of your property.

It also ensures that you can keep on top of your other financial commitments, which is essential at a time where your income may be compromised.

We know that times are tough right now and that everyone has had to tighten their purse strings in one way or another. That’s why it’s highly recommended that you have a discussion with your adviser about how you can protect your mortgage against a range of worst-case scenarios, such as a loss of income, an inability to work due to ill health, or bereavement.

Circumstances change, so it is essential to review your policy regularly, working with your mortgage adviser to adjust your level of cover according to your current needs.

Perhaps your debt amount has changed, you have changed jobs and had a pay increase or you have recently had a child? Whatever your situation, it’s more than likely that you’ll need to review your protection policy to ensure that it’s tailored precisely to your needs.

The significance of regular communication with your adviser cannot be overstated, as this ensures that you have the maximum amount of cover for your current lifestyle.

Whether big or small, always speak up about any changes in your personal, professional, or financial situation, as this will ensure that your protection policy always aligns with your circumstances at the time.

If you have recently reviewed your mortgage, you should also ask yourself when you last reviewed your protection policy, forward booking it wherever possible.

Get into the mindset that the two should work in sync with one another and you should always have the right amount of cover in place.

It’s also a good idea to factor in your existing arrangements with your employer in terms of your benefits package in your current role and whenever you move to a new job.

For example, do you know how long you would be entitled to receive sick pay for? Once you are armed with this information, your adviser will be in an even stronger position to ensure that your protection policy works for you.

There is a common belief that insurance is an additional expense and as advisers, we are here to debunk that myth. The cost of protection, when compared to the potential financial devastation of unexpected events is a small investment that offers significant long-term gain.

Not only does it provide peace of mind but money that can help you through the most challenging situations.

Andrew Milnes is business principal at the Mortgage Advice Bureau, Bingley.

The vital importance of protection when taking out a mortgage