What is the purpose of a Mortgage Payment Protection
What a Mortgage payment protection policy does is that it provides protection and replaces the part of your income dedicated towards your bills in case of an Accident Sickness and Unemployment. Its like disability insurance with the following qualifications:
Following is the qualification process: Must between the ages of 18 and 65 Must be employed for a minimum of 16 hours per week
There is also a MPPI policy, the way this policy works is that it makes your mortgage payments for a period of 12 to 24 months should you become unemployed, ill, etc. I do not know if the insurance companies are issueing anymore of these types of policies, but if they are, it is worth considering.