Experts in the field of finance note that life insurance is mandatory when obtaining a mortgage loan for the purchase or construction of housing, while at the same time, it remains at the discretion of the lender when issuing personal loans.
"Life insurance for the individual who may apply for a mortgage loan is mandatory, as this insurance is an addition to the necessary protection that the individual and their family need," as stated by one of the banking experts.
While the latter expert indicated that "acquisition and life insurance contracts can be optional in cases of personal loans, but it is considered an important step towards providing protection for the borrower and speeding up the loan amount in case of anything unexpected."
