Home Loan Insurance - Which one is best and cheapest?

Home Loan Insurance - Which one is best and cheapest? -
1- Loan Cover Term Insurance or
2- Mortgage Insurance

Mortgage life insurance or Mortgage Insurance is an insurance policy which ensures the repayment of a mortgage loan in case of the borrower's disability or death. It protects the lender's loan capital. It keeps decreasing as the loan amount keeps decreasing.
Term life insurance or term assurance is life insurance which provides coverage at a fixed rate of payments for a limited period of time, the relevant term. There is no change in the cover, it's remains same during the complete term.

Mortgage insurance (also known as mortgage guaranty) is an insurance policy which compensates lenders or investors for losses due to the default. Mortgage insurance can be either public or private depending upon the insurer. The policy is also known as a mortgage indemnity guarantee, particularly in the UK.

I would generally go for mortgage insurance as it protect the lender's capital and it covers on a long term basis.