Term life insurance covers you for the length of time you've chosen (for example you might choose the term to match the term of your mortgage, or until you retire). If you pass away during the term, the policy will pay out, and will then end. If you don';t pass away during the term the plan ends at the date you've chosen the plan to stop. At this point you're no longer covered. You don't get anything back if you haven't passed away during the term of your policy.
We offer Life Insurance or Life Insurance with Critical Illness which can be chosen as level or decreasing cover. Level cover stays fixed for the whole of the term of your policy, whereas decreasing cover reduces over the term of your policy rather like the amount you owe on a repayment mortgage reduces as you repay the loan.
This is not to be confused with Mortgage Payment Protection Insurance (MPPI) which is designed to pay your mortgage repayments if you have an accident, sickness or unemployment. We don't currently offer an MPPI policy, but can provide Income Protection, which will replace a portion of your salary if you are unable to work if you have an accident or are sick for a long time.