A temporary form of cover usually required for something like financing a house or car is called term life insurance (also known as term assurance). This temporary form of insurance is usually less expensive than long term life insurance, because the likelihood of the policy holder dieing is lower. This type of policy generally does not accumulate cash value.

There are three main facets of a term life insurance policy:

The death benefit (payout)

The premium (monthly fee)

The term (period of time that the policy provides cover)

These key factors will fluctuate from policy to policy.

Mortgage insurance is a type of term insurance which typically has a declining value. The payout equals the amount still owed on the mortgage. In the event of the policy owners death the amount outstanding on the mortgage is paid.

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Assured renewability is a feature that should be given consideration for most life insurance policies as it gives the policy owner access to life insurance even if he/she becomes uninsurable.

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