Pros: • Easy to arrange — set up alongside the mortgage with no separate application • No separate medical tests in most cases • Premiums can be added to the loan or paid monthly • Immediate coverage from day one Cons: • Limited flexibility — coverage terms are set by the bank • Often more expensive than equivalent private market policies • Not portable — if you refinance or switch banks, the policy does not transfer • Coverage reduces strictly with the loan balance, offering no extra family protection