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The insurance that would pay your mortgage off if diagnosed with cancer is probably critical illness cover, and I would consider it an essential addition to normal decreasing term life insurance.
My mortgage got paid off when my wife died. If she had had critical illness cover then it would have been paid off 4 years earlier, and would have taken a huge amount of stress away from us both during that time. I would have been able to concentrate less on keeping the roof over our heads and more on enjoying our remaining time together.
bq
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.