Many lenders allow borrowers to add the MIG to the cost of the loan. Unlike other insurance policies, the house buyer cannot shop around for a low-price MIG, because the MIG is a contract between the lender and the insurance company. I've heard endowment policies are bad. One man's meat is another man's poison. This depends on your own personal circumstances.
Endowments are a combination of life assurance and savings.
On maturity some endowments fall short of the amount required to pay off a mortgage. Others mature with sufficient to pay off the mortgage and have cash left over. It is not mandatory but most people do take it out so that their mortgage is paid off if they die. Not always, so check the fine print. There is some legal work involved, but many mortgage brokers package the remortgage process.