This is a life assurance policy taken out for a specified period, after which it then lapses.
This is the simplest form of life assurance. The insured person is covered against death within a fixed period depending up on the payment of the premiums. If an insured person dies within the policy term the sum assured is paid out. If the insured person survives the term the premium has been spent and the insurance ends with nothing being paid to the policyholders.
A Mortgage Protection policy (a type of Decreasing Term Assurance) is normally used in conjunction with a repayment mortgage. Normally at a lower premium than Level Term Assurance, this type of policy is designed to provide protection in line with the decreasing sum owed to your lender. If you choose to pay your premiums on a regular basis, these would normally be calculated to be level throughout the term.