Protection specialist LifeSearch believe current UK economic problems should prompt homeowners to review their insurance.

Income protection could help homeowners protect their ability to make repayments on their mortgage and any other loans.

LifeSearch have come up with 10 tips to help you choose a policy. They firstly warn homeowners not to confuse income protection with mortgage payment protection insurance.

The protection specialist suggest those with mortgages to check the amount of cover offered, the benefits you are entitled to from the Government and your employer, as well ensuring premiums are guaranteed.

They also say you should consider alternatives, such as critical illness, this could be more suitable for your specific circumstances.

Policy adviser at LifeSearch, Matt Morris, said: ‘For most of us, the nightmare scenario must be discovering that not only have we been diagnosed with a long-term illness, but the realisation that income is going to dry up in a few weeks as well. Peace of mind is a few pounds a week spent on a good Income Protection policy.’