Term Assurance is the most basic and cheapest form of life insurance. It is mainly designed to cover the repayment of a mortgage in the event of a borrower’s death. There are 3 main types: decreasing term assurance, level term assurance and convertible term assurance. They share the same characteristic where the sum assured is payable only on the death of the life assured within the policy term. Policy can be taken out on one or more lives and it is very useful for joint mortgage borrowers to arrange a joint policy to pay out the sum assured on first death to protect the surviving borrower.