When taking out a mortgage with a lending institution, it is a requirement that a mortgage protection policy be effected, to cover the loan in the event of death.

In many cases people simply opt for the convenience of joining the lender's group mortgage protection scheme by just filling in the mortgage protection part of the loan application. However, under the Consumer Credit Act 1995, you are free to shop around for the best rates available to you for mortgage protection and are not compelled to effect a policy with your mortgage lender.

In many cases, you will find that large savings can be made by shopping around. The difference between the cheapest and most expensive mortgage protection cover can be at much as 25%. With all the costs involved in buying a house, it is important to make savings wherever possible.

While life cover is the minimum cover required when taking out a mortgage, an increasing number of people are opting to include serious illness cover on their mortgage protection policies.