Mortgage protection insurance provides payments to cover a homeowner's mortgage in cases of unemployment, illness, injury, or death. It ensures homeowners can keep up with mortgage payments during difficult financial times outside of their control. The document discusses how mortgage protection insurance offers help paying backdated mortgage payments to the bank if the primary earner loses their job or becomes ill. It also notes that the insurance can be used to protect a home and assets used as collateral for the mortgage. Homeowners are advised to understand their needs and determine how much insurance is required before signing up for a policy.