if not how do i protect my mortgage payments when i loose my job or am ill for 2 years and can't earn money?

its only good if you havent suffered from an illness previous to taking it out. i got caught that way. when you fill in the forms for the insurance you have to tell them of any recent illnesses. i was working when i took mine out and was on medication for depression. had the insurance for about 5 years and became more depressed after a major op, (was off work for 6 months) because id told them i suffered from it in the original form they wouldnt pay out.

Yes Its A Good Idea

Your best option is to purchase disability insurance. Many companies offer this through work, i.e. short term and long term disability--the cost is lower, the monthly payment usually encompasses more than just the mortgage (you have to eat too!) and the policy is less restrictive than what you can purchase individually.

You should also look into life insurance not only at work but also your own individual policy either term or permanent in an amount sufficient to pay off the house, your other debts and provide funds for your family such as a college fund for the kids, etc.

You are wise to look into this now since disability insurance is basically insuring your ability to earn a living which is the most valuable asset that we own.

Good Luck