👉 Alright, let's break this down. 'Life insurance for home loan' is like saying you're getting a safety net wrapped around your mortgage - the kind of thing that makes you think, "If my house burns down, I'm covered." It's essentially a promise from your lender: if you pass away while owing money for your house, they'll step in and pay the bills, so you don't have to worry about paying off the mortgage if you get sick or retire early.
Now, here's an example that might just make you pause and think twice: "If my life insurance for home loan doesn't cover me, I'll have to sue the mortgager for life!" Just kidding, but hey, imagine a scenario where the insurance company decides your house is a creepy abandoned asylum and wants to 'claim' its insurance policy. Now that's an insurance policy on steroids!
