What is the difference between a Fixed Term and a Mortgage Life insurance policy?

The Fixed Term policy (opens in a new browser window) will give cover for a specified fixed amount of money from the first day of the policy to the final day of the policy and irrespective of when the policy pays out it always pays out a fixed lump sum.

The Mortgage Life insurance policy (opens in a new browser window) will start with a specified amount of cover but reduces in line with a standard repayment mortgage as long as certain criteria are met and should pay out an amount that should be an equivalent to the outstanding mortgage balance.

• What types of policy does Tesco Life Insurance offer?
• If I take out a policy am I tied to it for the full term?
• What is the difference between Level cover and Decreasing cover?
• Why can I not get a quote online for the term I am looking for?
• Do the Term and the Sum Assured have to be the same for a Decreasing Cover policy?