Your home is very likely to be the number one asset over the course of your life and an aspect of your retirement plan that deserves plenty of focus.
Among a diverse range of portfolio options, your dwelling will often stand out as the major investment in terms of both financial responsibilities and potentially significant long-term rewards.
But having taken out a new home loan, what will happen if you or another important household contributor falls in and is unable to continue working?
For many people, mortgages are close to a lifelong responsibility - and it can be extremely difficult to compensate for the loss of an income that plays a key role in meeting repayment deadlines.
Therefore, home loan protection may prove to be a hugely important option for you and your family.
This is the only way to gain genuine peace of mind, knowing that in the event of an unfortunate change of circumstances your mortgage repayments can continue to be met.
Nobody is ever truly prepared for such a devastating impact on the household unit, but the situation will only be worsened by the fear of losing the family home if you have not applied for appropriate insurance measures.
As well as the home loan repayments themselves, you need to be concerned with how you would continue to afford your present lifestyle and service your other debts should you be unable to an earn income for an extended period of time.
While insurance does not automatically alleviate all financial difficulties, it does have the ability to reduce the serious stress often associated with illness, injury and unemployment.
With this in mind, individuals would do well to consider that health issues and resulting job loss leads to more repayment delays than rising interest rates or over commitment, according to the Why Borrowers Default 2008 report from Mortgage Business.