In the UK, interest rates are very variable. In the past two decades we have seen interest rates vary from 15% to 1%. With uncertainty over interest rates and the state of the economy, mortgage insurance is very desirable. Mortgage payment protection plans will pay your mortgage in the event of losing your job through redundancy or sickness. This means even if interest rates are high, you don’t need to worry about paying your mortgage. If interest rates are low, sickness protection plans may be sufficient.