Not sure if I understand you but they seem to be different horses for different courses. Life assurance policies (e.g. mortgage or other loan protection life assurance) will generally only repay the loan when the borrower dies. (For example most or all [broken link removed] automatically include life assurance to cover this situation). Mortgage/loan payment protection covers repayments on the loan in certain circumstances (e.g. job loss) and possibly for a restricted period of time (cumulative or individual incident). They are not generally interchangeable. For owner occupier mortgages mortgage protection life assurance is generally mandatory (there are some circumstances in which the requirement for it can be waived). Loan repayment protection is always optional. Check the terms and conditions of such policies as some are more restrictive than others in terms of when and for how long they will pay out. This thread is worth reading in the context of assurance/insurance cover for mortgage loans.