Mortgage insurance through Royal is a horrible thing. Parents of friends had it. Husband dies. Royal proceeds to tell them they weren't actually covered, due to a health condition they deemed made him uninsurable. (condition was very, very minor, and it never occurred to them it could, or would be an issue). Royal pays back the premiums, that's it. Wife is left with no money, has to sell the house, doesn't have enough equity to live on, and is partially supported now by her daughter. The parents thought they had done everything right, but in the end, were worse off than if they had no mortgage insurance.
Also, the time to get cheap term insurance is while you are young, and healthy. During the time you have mortgage insurance that may or may not cover you when needed, you might develop a health issue that makes you uninsurable with any company. I have a heart arrhythmia that showed up when I was 36. Not a big deal, and is controlled by medication. Luckily, I had a small life insurance policy before then, because it's the only one I will ever have. No company now will touch me, even the one I am already with.