Why do you need it?

The loss of a spouse or parent can leave dependants with more problems to cope with than the emotional. An inadequately insured individual can leave their dependants with no home, dramatically reduced household income (and therefore quality of life), and reduced opportunities for their children (e.g. university education).

In the event of an individual’s death, a lending institution is not going to write off the debt. Rather, they will continue to pursue the debt through their dependants and could, ultimately, repossess the property.