Mortgage Protection Insurance
Covers your repayments if you can't work. Compare with income protection.
What is Mortgage Protection Insurance?
Mortgage protection insurance covers your home loan repayments if you lose your income through illness, injury or unemployment. Different from LMI (which protects the lender) — this protects you.
Why it matters for you
Often offered at loan origination by lenders. Assess on value — compare premium cost to alternatives like income protection insurance, which often provides broader coverage for similar premium. Not always the best option despite being convenient.