Mortage Protection Insurance is an insurance program that is typically purchased just after you purchase or refinance your home. There are 2 common ways that most tend to protect their mortgage. This is either done through a Mortgage Protection program that is tied to your mortgage lender. Or through a Term Life Insurance policy. While they will both cover your mortgage - a mortgage protection program through your mortgage lender ONLY protects the mortgage company, this lists them as the beneficiary of the insurance and means that your family doesn't see any of the proceeds from the policy. 

This doesn't sound to great...  This is why a Term Life Insurance policy is so important. 

With a Term Life Insurance policy your FAMILY is the beneficiary of the policy -  the one who receives the payment to take care of the remaining balance of your mortgage. All of these policies have a level benefit, which means even as all you are paying down on your mortgage to your life insurance will remain the same to be left behind for your family and will also be paid out as a Tax-Free benefit.