That insurance product is very good to cover off the short-term-or not short-term, but very definable liabilities, i.e., when you have a young family.
I don't know whether "cover off" is a phrase.
I'd like to know what the underline part means.
((Not a teacher))
"Cover off" in this sentence means to use "something" for some other purpose.
Eg: I used my savings to cover off my daughter's education loan.
The underlined sentence means that the insurance product can be used to pay-off temporary liabilites (short-term) or not short-term liabilities.