It's your life's ambition to buy a property once you decide to settle down in a place and may be raise a family. The property has a lot of emotional ties too. This is the house where you were married and where the kids were born, they grew up and maybe moved away. The sentimental ties apart, you've also created wealth and you would naturally like to pass it on to your dependants once you are not around. One sure way of ensuring this is to have mortgage protection.
Mortgage protection could be in more than one way. One of the ways of course is to leave so much wealth around that your dependants would have no problem in retaining possession of the property. Another method of ensuring mortgage protection is by creating a life insurance that's large enough to cater for the mortgage should you die suddenly. A third way and perhaps the surer way is to go for mortgage protection insurance.
Again there are several kinds of offers and terms in various policies for mortgage protection insurance. Since the terms vary widely, it would be in your best interest to obtain quotes from different insurance providers. For example, there could be a mortgage term life insurance policy that would be the cheapest but you'd have to ensure that the premiums are paid in time and the policy is kept renewed periodically as per the terms.
There are two types of mortgage protection insurance that are exactly opposite in their terms of offer. While one policy starts off with low premium and then gradually increases the premium as you age, the other policy starts with a high premium and then the premium keeps reducing with time. In the latter policy, the reduction in premium is accompanied with a decrease in the coverage amount. The first policy on the other hand has to be renewed every year. In another kind of policy, the term is fixed and so is the premium during this period. There are no surprises. Now, it's on you to select the policy that suits you the best.