answer:It isn’t so much of a scam (there are legit mortgage insurance plans) as much as it is preying on fears. Over the life of a mortgage, the premium would stay the same, but the amount of the mortgage left to pay off would decrease. A $150 month premium to pay off a $500K mortgage may seem fair, but ten years from now, do you want to pay that on a $375K balance? There are much better ways to protect your assets and provide for things.