What is life insurance?
Life insurance is an insurance policy where you make monthly payments to the insurance company so that they will pay a previously agreed amount of money to your loved ones should the worst happen to you.
This money can be used however your loved ones feel necessary.
There are different types of life insurance, you can read more about these here.
Do I need life insurance for a Gen H mortgage?
The short answer is no.
However, you should consider life insurance for any future homeowners and income boosters. This is because they are all jointly and severally liable for the mortgage. You can discuss life insurance with your mortgage broker.