Not necessarily. If you know you’re likely to get a large redundancy payout, or if your employer’s sick pay is very generous, you may not need it. You may also be covered under your health insurance policy, if you have one, so check first.
You also may not need mortgage cover if you’re eligible for government benefits that will help you pay your mortgage – but be aware that these Support for Mortgage Interest (SMI) benefits only pay the interest on your mortgage and depending on your circumstances there can be a delay of 39 weeks before the first payment is made. They are also a loan that you will need to pay back when you sell your home.