Term Life Insurance
Term life insurance is the cheapest type and the easiest to understand. Term life insurance provides a predetermined death benefit and covers you for a predetermined number of years, usually five to 30 years. The annual premiums are fixed and are based on your health and life expectancy at the time you apply for the policy.
Mortgage Protection Life Insurance
Mortgage protection is another type of term insurance but it is focused on covering and protecting your family’s home. A house is often the most important and expensive purchase of your family’s life. Mortgage protection ensures that if anything happens to the covered person, their family will not be left in a bad financial position and the debt of mortgage and home will be covered.