Life Insurance provides a lump sum payment to your family and dependents, in the event of your death. The last thing you want your family to worry about during this sad time are outstanding debts and finances. This could be used to pay off any residential mortgages, and potentially leave your family with a surplus, that they could use for anything they want, at this time of need. The amount paid out depends on the amount and type of cover selected when you apply for the policy. The term of the policy can be selected to tie in with your mortgage term, or fixed until a certain age.