Mortgage protection insurance — Buying a home is a major financial commitment. Depending on the loan you choose, you might be signing up for 30 years of payments. But what will happen to your home if you suddenly die or become too disabled to work? Mortgage protection insurance (MPI) can help your family cover your mortgage under certain circumstances – if you can no longer work to pay your mortgage, or you suddenly pass away.

Mortgage protection insurance helps your family make your monthly mortgage payments if you – the policyholder and mortgage borrower – die before your mortgage is fully paid off 

Some mortgage protection insurance policies will also offer coverage for a limited time if you lose your job or become disabled after an accident. Some companies call it mortgage life insurance because most policies only pay out when the policyholder dies.