This cover will pay out if death occurs, and provides an income per year for the term remaining on the policy.

For example, for a 20 year term, where the claim occurred after five years, there would be 15 annual payments made in total. The income is not normally subject to income tax but may impact some state benefits.

Think carefully before securing debt against your home, your home may be repossessed if you do not keep up repayments on your mortgage.