Mortgage protection Insurance is a term policy that provides a complete package of protection options that are related to keeping you and your family in their home. If you or your spouse dies the policy will pay the living beneficiary the full face amount to use to pay off the mortgage. If you become injured such as in an auto accident and are unable to work the policy has a feature that allow you to receive a disability income to help with the mortgage payments. More importantly unlike cheap annual renewable term that increases the premiums each year a unique feature to these policies are that they have a guaranteed premium lock that allows you to keep the premium in place for the full length of the policy term.
 
The protections for mortgage protection do not end there, additionally the policy offers a premium waver option that allows you to have coverage protection even if you are unable to make your premiums during a disability so you can remain protected and save that money as well. The last feature is the best and makes for a win-win protection. The Mortgage protection policy has living benefits that can be added to the policy and will repay you the entire balance of all premiums paid into the policy over the entire term. Most terms run 15, 20 and 30 years to fit the length of your mortgage so as you can imagine that can be a substantial tax free lump sum paid back to you that can be used to pay down the loan balance on your mortgage. The other living benefit provides for critical illness protection that provides for the insured to access an amount equal to 50% of the face value to meet medical and living expenses for you and your family if you experience a qualifying illness such as cancer  while you are still living!