1) Find 3 lawyers and get a quotation in the man time - usually directly after booking. SPA & LA prepared by your appointed lawyer.
2) If got sufficient Life / Medical and no affect interest rate - no need to buy
3) Yes, but can do prior to booking
4) Check value before putting in a booking - your agent can assist.

Yes.

If A and B are co-owners and if A bought insurance to cover the loan and if B passed away, A still have to cont paying the instalment. If A passed away, then the insurance will payoff the loan and the property goes to B.

However, A and B can buy 50% or 100% each to cover the loan and if anything happened to either one, 50% or 100% of outstanding loan is covered. Again that depends on affordability if 100%.

It will depends on the type of insurance coverage.

MRTA

If either a or b passed away, either claim will settle the outstanding loan. The surviving party can then terminate his or her policy and claim for a refund of unused coverage. MRTA is a one time advance premium payment.

MLTA

Settlement of claim as mrta. However the surviving can cont with the premium payment and treat it like a life policy or opt to terminate with some surrender value. MLTA is a yearly premium payment.