From Longman Business Dictionarymortgage protection policyˌmortgage proˈtection ˌpolicy British English, mortgage policy American English [countable]INSURANCE an insurance policy that protects you against the risk of not being able to make payments on a MORTGAGE (=a loan to buy property), for example because you are ill or out of workTo ensure that the loan will be repaid if you should die before the term is up, it is essential to take out a mortgage protection policy. → policy
