Keep in mind that mortgage insurance declines in value to you as you pay down the mortgage. My ex-wife was very impressed when a co-worker of hers had mortgage paid off when husband died until I explained that if he had had life insurance instead, she would have the choice of paying of the mortgage (which might have been at a favorable rate) or using the money for something else (like investments).

Of course the tuff point for us is when getting the mortgage requires us to get the insurance (which is really protecting the lender, isn't it?).