What is mortgage protection insurance?

Answer by  cynosure (376)

Mortgage protection insurance is like life/disability insurance earmarked specifically for your home payments - it ensures your mortgage is paid if you are incapacitated or die. You only "need" it if you're too infirm or old to get regular life/disability insurance at a decent rate - life insurance will cover mortgage payment just as capably, in a disaster scenario.

Answer by  Rubberchicken (819)

Mortgage protection insurance (MPI) is not something you need to be concered about buying. If you need it, your lender will let you know. MPI is to give your lender peace of mind about their interest in the loan and not something you need to be worried too much about.