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  1. Life insurance required for home loan

    We're in the process of securing a home loan. I'm working with a loan adviser (who finds the banks and organizes the loan application.) Both of the loan options she has arranged require life insurance for the outstanding portion of the loan, to be carried for the entire term of the loan.    Is this common? Is it legally required, or just a requirement from these two banks? Under what circumstances is this required, or can it be waived? Is it possible to find out which banks do, and do not require this?