Bear in mind that they'll try to sell you their own life cover which is more expensive than other equally viable options. Although you have to open an account with them, that doesn't mean you need to take whatever they try to sell you on top of the loan. There is no law or regulation requiring you to do as they say and it is against regulatory codes for them to force you into their own products.
For independent advice on financial products such as the all-important life cover, check out
www.fool.co.uk