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This might sound like the premise to a tasteless joke, but it's not – it's a serious question.

How many people who have become unemployed this year, but were protected with some professionally sourced insurance packages beforehand? The answer is probably none.

If you have the right cover – be it mortgage payment protection, or income protection, redundancy insurance, critical illness cover or accident cover – you will not be repossessed. It's as simple as that.

Because with some professional help, and a small cost, you can be protected for almost anything. A good adviser will be able to work so as if anything happens your mortgage, your bills and your income is safe. They will make it so you can lose your earnings for an extended period but still get by.

What would happen to you if you were made redundant? it could happen – Credit Action recently predicted that one in 33 people would become unemployed this year. How long would you last? Three months? Six months? Or less?

All it takes is a quick chat with an adviser and a few pounds a month to be sure that if you find yourself out of work, you won't find yourself out of your home. A package can be set up so you could go for a year or more without income but still have protection from repossession, arrears and bankruptcy.

No one can predict the future, but the people who chose to get some cover before anything bad happens aren't psychic – they just know that the worst can happen at any time, so it's not worth taking any risks.

SOURCE: Credit Action, 31/07/09

To Keep up with news and comments on the current adverse credit market please visit the Adverse Mortgage Blog.