The term "Mortgage Insurance" can refer to several different insurance products. For instance, some lenders require borrowers to purchase the kind of mortgage insurance that insures the lender against potential losses incurred in the event the borrower defaults on the loan. Such insurance does nothing to help a borrower who falls behind on their payments.
I am guessing that you are inquiring about mortgage payment insurance, such as mortgage disability insurance and mortgage life insurance, which are insurance plans that may pay a homeowner's monthly mortgage payment in certain situations, typically involving the disability or death of the mortgage holder.
Such insurance can be costly and some people find their money better spent in other ways, like investing or saving to create a "rainy day" fund to provide a cushion should a disability or death of a spouse render them unable to pay their mortgage.
I would recommend that you consult with a qualified financial planner to determine the best option available for your specific financial situation.
That said, when looking at such insurance plans, always read the fine print. Many plans have exclusions for things like pre-existing conditions, as well as limits to when and how long the plan will cover your payments. Be sure the plan actually covers the specific kinds of situations that you are concerned about.
Then calculate the cost of the plan and research other financial strategies to determine which one delivers the most useful protection.
Navigating retirement can be tricky, so again, I want to recommend that you seek advice from a qualified financial planner as you seek the best solution for your financial needs.
I wish you the best of luck, and hope that the information I have provided helps you Find. Learn. Save.