Recently encountered a prospect with a 500k housing loan, considering on the options for coverage.
The main idea will be to not be confused with your objectives. Existing life insurance is to cover for loss of family income. While for the housing loan, you are now evaluating on the need to cover for the loan liability in the event of unforeseen circumstances.
If you solely want a life coverage to cover for house loan, a mortgage term can serve its purpose. Joint life depends on how the housing loans are being serviced right now, if it is dependent on your income as a breadwinner, or it is a dual income. If you do not need joint life, both private or HPS can serve the same purpose. HPS can be proportioned among the co owners. You should also take into consideration that HPS payout is in terms of settlement of outstanding HDB loan, while private insurance is cash payout.
You may look at the level term as a way to increase your personal life coverage as you clear the mortgages in the years ahead. This will depends on your existing coverage. To comment on the sufficiency of life insurance, will need further information such as current assets / liabilities and cashflow.
Do contact me if you are unsure of the options available, and would like to speak to someone for better clarity. I hope to hear from you soon. Cheers!