Mortgage protection insurance is designed to repay some or all of the remaining mortgage if the insured borrower dies, and the payment usually goes to the lender. Life cover pays a benefit to the policyholder’s beneficiaries, who can use it for the mortgage or other costs, so it may offer broader protection. A mortgage lender will commonly require mortgage protection, subject to applicable rules and exemptions, while ordinary life cover may not meet that requirement. The right level and type of cover depends on your circumstances, so check the policy terms and confirm current requirements with your lender or a regulated adviser.