Mortgage life insurance is typically bought to cover a mortgage, so in the event of your death your loved ones can pay off your outstanding mortgage. You may have also heard it called decreasing term life insurance.
The amount you are covered for decreases over the term of your policy, similar to the way a repayment mortgage decreases. Typically, mortgage life insurance is cheaper than a level term policy but you can get quotes for both and decide which best suits your needs.
When you buy a house your mortgage lender may attempt to sell you life cover. You’re under no obligation to buy from them, so take the time to compare life insurance quotes and find a policy that best suits you.