When buying mortgage insurance you can use insurance offered by the bank or private insurance.
John & Mary, bought their first house. They have $250,000 mortgage and want to make sure that in case one of them dies, the mortgage is paid off. They are considering their options. The bank mortgage insurance was offered to them at $61/month. It would pay off the mortgage in case of death.
However, they were happy to learn that Private Insurance will offer $500,000 each for only $55.00/month. Also, in case both of them die, $1,000,000 is paid to their two children. Not only were they able to save on monthly payments but also have 4 times more coverage on terms that benefit them and their family.