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Depends if you have any other safety net - savings, earning partner, relatives you could fall back on - and if you have dependents.
I chose not to because I have a reasonably secure employment (only part-time though) and a pension through work that would payout in case of death (so my partner wouldn't be lumbered with the debt) and we both have relatives that we could call on in hard times and the plan would be to sell the house ASAP if needed. Of course if we were in negative equity or the market bad, that would be a problem.
hoefla
Question to the masses - do any of you have Mortgage protection insurance / Employment protection insurance. Especially those who are freelance. What are your thoughts/experiences of it?
I've always thought of it as an additional waste of money, but I do know someone who had their mortgage paid off in full when they were diagnosed with cancer. Now they have had the all clear, it seems like the insurance was a shrewd investment.