There are many different type of life cover but essentially they fall under three types:
Mortgage protection :
The cheapest form of Life cover. This pays off the mortgage if you die.
The cheapest way to protect a family or business. The term chosen should protect a family during the period when children are financially depending on you. Here you arrange a fixed sum of cover for a fixed term such as 10 years.
Whole of Life :
Is the most expensive form of Life cover as there is a guarantee that once all premiums are paid, the policy will pay out in the event of death, whenever that is.