Life insurance is financial cover in the event of fatality and covers the duration of a particular period of time. A set term is commonly about 20 years and it is normally connected with personal responsibilities such as a mortgage or children. Life insurance that is interrelated to a mortgage reduces its payout as the overall cost of the mortgage decreases. Premiums are affected by the policy insured's health and lifestyle, but are in general much lower than those associated with investment life insurance, also known as life assurance.