Why not just set up a LOC and let it sit just in case save a lot of monthly insurance premiums.
Looking at finalising a complete TPD, Life & Income Protection insurance package. Am doing it through a speacialist insurance broker. It has been an eye opener with regards to how to potentially structure your insurance in context of your financial commitments, personal / family circumstances, risk aversion and the range of options / products out there.
If you use a mortgage broker for your finance, there is just as valid reason (and maybe even more-so) to utilise the services of someone who can independently assess what are the best solutions out there with regards to insurance.
For me, the package will cost in the vicnity of ~$3k per annum. If you look at the totality of what its protecting, it is very inexpensive relative to the more normal insurance that people generally purchase eg car insurance