Mortgage Protection Insurance Calculator
Basically, Mortgage Protection Insurance clears your mortgage if you die. So, if you (or your partner) meet an early, very sad end, your home becomes theirs, debt-free.
If you didn’t have Mortgage Protection, the debt would keep on keepin’ on and there’d only be one of you to pay it off – which, again, given the apocalyptic state of the housing market, would be really, really rough.
Now, the lender won’t actually give you a mortgage without Mortgage Protection, so you’re gonna have to cough up for it, whether you want to or not.
That doesn’t mean you should buy Mortgage Protection Insurance from your lender.
In fact, you probably shouldn’t. Which leads nicely onto question numero uno in this unofficial FAQ.