No! People often think this, because house insurance is typically mandatory. However, Life Insurance should strongly be considered. In fact, Mortgage Brokers have a legal obligation to offer insurance to you - whether you want it or not.

It depends what type of policy you get. Our insurance brokers can offer both creditor (mortgage) insurance or independent life insurance. Creditor Insurance tends to be cheaper, as its meant to only pay off the balance of the mortgage (which gets smaller over time) in the event of loss of life. Whereas Independent life insurance can be what is called "Level Benefit", meaning you get a policy for $500K (for example) and if you pass, the pay out is $500K no matter what your mortgage balance is. This type of insurance isn't tied to your mortgage, which can be great if you ever want to change lenders or jobs.

We recommend looking into it! Check into what your work coverage is and if you require a top up. People change and/or lose their jobs all the time, which means you'd lose your coverage too. So with independant insurance, you can ensure you are protected no matter what. Its free for an insurance broker to do a review & see if you're over or under insured.