This is a life insurance product which provides coverage at death at a fixed rate of payments for a limited period of time. This product is generally closed in combination with a mortgage and covers a specific amount which is equal to the loan amount.
The mortgage is supplied by Assuria or by another party such as a bank.
The sum insured is payable if the insured dies within the duration of the insurance and it is used to pay back the mortgage loan. If there is no loan however the benefit can be paid directly to the beneficiaries.
After the death of the insured the policy is canceled and no further premiums are paid.