Hibernian recently launched a new mortgage protection plan, joining a number of other firms which have launched similar products in the last two months.

Hibernian's plan, called MortgageMinder, offers loan clearance in the event of a death and meets mortgage repayments in the event of an accident or illness. The product was developed after the firm identified a need in the marketplace. "Serious illness cover policies provide essential financial security in the event of cancer, stroke, heart attack, etc, however, a shortfall in the current product offerings is that there is not adequate cover for the more common and less dramatic conditions such as back trouble or fractures which may result in the mortgage holder being unable to work in the short to medium term."