If mortgage insurance were actually sold in a fair way, it would just be a bad deal. But mortgage insurance is sold with out qualifying the purchaser. After you claim, the insurance company steps into compensate you, so that you can compensate the bank. That is if you are lucky, often the bank does not really take good care to sign you up properly and the insurer may back out of the deal claiming that you (the client) have lied on the initial application form.
But wait you say, the mortgage insurance was sold to me by my bank. Sold- yes, but backed-no. mortgage insurance is an external financial product. Your bank will wish its hands of the affair immediately. They don't want to know anything about it.
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