Many firms sell life insurance, but if you're mistaken - by selling back mortgage cover - you can't claim. This is because you have now missed the deadline for a claim and have been mis-sold mortgage.

In most cases, taking out a mortgage means you are paying much more for cover than you need. If you have a policy, you can pay off your mortgage, while the premium often stays the same.

Companies offering mortgage payment protection insurance (MPPI) have also come under criticism for raising premiums and reducing coverage at a time when policyholders would most likely be claiming unemployment - an increase reimbursed by policyholders to the tune of PSS 60 million. The Financial Times says they have seen a deterioration in the quality of business, with insurers forcing customers to wait longer for payouts and making tougher claims.