New research from insurer MetLife UK, published on 5 October 2026, found that nearly two in five (39%) homeowners have no mortgage protection in place. Only a third (33%) said they definitely have cover, and 28% were not sure either way.
Why so many households are uncovered
Cost is the main reason. A quarter (25%) of people without protection said they cannot afford it, and 15% are putting essentials such as food, energy and fuel first. Others simply never got round to it (11%), did not know mortgage protection existed (12%), or said they were never offered it when they took out their mortgage (9%).
The same research found that 77% of advisers are seeing customers reduce their cover or cancel policies outright. That is understandable when budgets are tight, but it can leave a family exposed at exactly the wrong moment.
What is at stake
Your mortgage is usually your biggest monthly bill. MetLife found that 28% of mortgage holders worry about falling ill, losing their job or keeping up with payments. Government help with mortgage interest is limited and is paid as a loan, so for most households it is not a replacement for their own cover.
Protection comes in a few main forms:
- Life insurance can clear or reduce the mortgage if you die during the term.
- Critical illness cover pays a lump sum if you are diagnosed with a serious illness listed in the policy.
- Income protection pays a monthly income if you cannot work because of illness or injury.
Cutting costs without cutting corners
If your premiums feel heavy, cancelling is not the only option. Cover can often be restructured: matching the term and amount to your current mortgage balance, changing the deferred period on income protection, or reviewing whether every policy is still needed. Old policies can also fall out of step with your life after a remortgage, a move or a new baby.
Before you cancel any policy, speak to an adviser. Once cover lapses, getting it back can cost more, especially if your health has changed.
Quick tips
- Dig out your existing policies and check what they pay out, for how long, and when they end.
- Check your employer benefits: sick pay and death-in-service can reduce what you need, but they usually stop if you change jobs.
- Review your cover every time you remortgage, move home or borrow more.
- Work out your essential monthly outgoings so you know how much income you would need to replace.
- Self-employed? You usually have no sick pay, so income protection matters even more.
OMB's CeMAP-qualified advisers can review your mortgage and protection together. Start with the free income and expenditure worksheet in our client toolkit, then read how income protection and life insurance can fit around your mortgage.
Sources
- Introducer Today: Two in five UK mortgage holders have no mortgage protection (MetLife UK research), 5 October 2026
- MoneyHelper: Help with mortgage payments
- MoneyHelper: Personal insurance when you're self-employed
To talk it through, contact us or start your enquiry.
Important: This guide is general information, not personal advice. Rules, rates and lender criteria change; speak to an adviser about your circumstances. Your home may be repossessed if you do not keep up repayments on your mortgage.