If you have a mortgage then you will be required by your lender to have a Mortgage Protection (Life Cover) policy assigned to this to repay any outstanding balance in the event of your death.
The cheapest way of doing this is by taking out mortgage protection insurance.. The value on this policy decreases each year in line with the mortgage, but the premiums generally stay the same. You can elect to take out a conversion option on these policies which allows you to convert the policy into a Term Assurance policy for a slightly increased premium.
You may also use a term assurance policy. The cover on this policy will remain the same throughout the term. In the event of death the mortgage is paid off and the balance is paid to your dependants.
In any event, we can help you decide the best option for you.