>If you've just bought a house and a car and had a kid you're probably in a lot of recent debt, with the assumption that you'll have a lifetime to pay it down

Out of self discipline I bought a life insurance at the same time my home loan was approved; the insurance amount being same as loan amount.

I have always wondered why don't Government have regulations in place that forces a borrower to purchase a life insurance. Or at least make the borrower opt into insurance by default with the option of opting out.

Left to themselves borrowers are not likely to think about insurance at the time of taking loans. I think by nature we underplay risks to our life because of which our loved ones end up suffering financially over and above emotionally.