Now, I am looking into getting life insurance for both of us but naturally as I'm new to this don't know what the I should be looking for, Life insurance or Mortgage Protection?
Life insurance can provide the protection you need if either of you dies and provides a death benefit payable to the beneficiary, which you could name as you on her policy, and her on your policy.
Whereas, mortgage protection insurance provides a death benefit payable to the mortgage company if either of you die. So, the money could only be used by the mortgage company to pay off the mortgage. Also, if you become disabled, the mortgage protection insurance can help to pay your mortgage if you are out-of-work due to a disability.
With term life insurance you could have more coverage than just to pay off the mortgage, and the proceeds could go to either of you. Here's how you can learn about mortgage life insurance, how it works, and compare free mortgage life insurance quotes.