The plan has no investment content.

The amount of Life Insurance Cover reduces each month during the term. (You could of course, choose to take out level term insurance, where the cover will remain the same throughout the term irrespective of the outstanding mortgage)

The plan is designed to pay an amount of Life Insurance Cover that will be equal to the outstanding capital amount under a standard repayment mortgage. (with most of the providers, this is dependant on the interest rate not raising above 10%)

If you die during the specified term then the amount of Mortgage Life Insurance Cover is paid out.

As soon as the amount Life Insurance is paid out the plan ceases. If you survive the term and the Life Insurance Benefit has not become payable then the plan ends and nothing is paid out.