Options available on mortgage-protection insurance

I am about to buy my first home and my lender has told me I must take out mortgage-protection insurance. DILEMMA:

22nd April, 2006

I am about to buy my first home and my lender has told me I must take out mortgage-protection insurance. Am I required by law to take out this insurance and, if not, will any lender give me a mortgage if I refuse to buy it? My lender has offered me a choice of ‘‘decreasing term’’ and ‘‘level term’’ mortgage protection insurance – what is the difference, and is either of them more advisable? DILEMMA:...

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