This is a life assurance policy which will repay your mortgage should you die during the term of the loan. The amount repaid is set as the balance of your mortgage at the start of your loan; this doesn’t change during the term of the mortgage. Should you survive, there will be no benefit.
It is very important to understand the concept that if you are to live until the end of the term, your policy will expire and no payment will be made.
If you need any more information, then simply speak to an expert today.