Most people assume they have sufficient coverage through work but what happens if you change companies or something does happen to you and your expenses increase? Did you know long term disability through most companies does not cover 100% of your income? Have you experienced a health issue which will make you uninsurable or subject you to very high premiums?
The same can be said of accepting your lenders insurance offer. This can inadvertently tie you to your bank forever which can result in a higher interest rate for you given an inability to move the mortgage or lose the insurance.
I am a licensed insurance agent with access to a wide variety of insurance products. I can compare term life, whole life, mortgage life insurance or your banks offering to help you choose the best insurance product for your situation.