Mortgage ife insurance is a type of term assurance policy. The 'term' of the policy would normally equate to that of your mortgage (for example 25 years). The pupose of this cover is to pay off the existing mortgage in the event of the death of anyone covered by the policy.
You choose how much life cover you buy. People often want their mortgage life insurance policy to pay out the value of their mortgage or other loan.
Many policies include Terminal Illness Cover at no extra cost. This means that should someone named in the policy become terminally ill the policy will pay out before their death.