Mortgage protection insurance (MPI) pays off your mortgage if you die, but term life insurance is often cheaper and more flexible. MPI premiums stay the same while the payout decreases as you pay down your mortgage, and the lender—not your family—receives the payout. MPI may suit those with medical issues who can't get term life insurance. Term life offers level premiums, fixed coverage, and benefits to beneficiaries for any use. MPI is not required.