by 
The Curious Bag
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Mortgage payment protection, also referred to as mortgage insurance, is the form of insurance that protects a co-purchaser from bearing the entire weight of a mortgage if the other co-purchaser becomes disabled due to disability or death.
Required
Many lenders require a home purchaser to buy mortgage payment protection if they do not put down at least a 20 percent down payment on their home.
Price
Mortgage payment protection is one of the most expensive types of insurance that a person can purchase.
Mitigating Costs
Most insurance brokers will suggest that a person buy more life and disability insurance to cover the potential weight of a mortgage payment since these types of insurance are cheaper.
Unemployment
Most mortgage payment protection plans in the United States do not include benefits that cover the costs incurred by unemployment.
Fixed Terms
Most mortgage payment plans have fixed terms, which means that your premiums will never go up and your coverage will never change.
Source:
LA Times: As unemployment grows, mortgage payment protection programs gain popularity
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