Your estate benefits... admittedly not you, but I will make the broad assumption that your heirs getting an inheritance comes under the aegis of "benefitting you". Also, car insurance benefits you if in an accident. Home insurance, also benefitting you.

But mortgage insurance? Let me quote directly from the CMHC website: "This insurance eliminates the risk to lenders, allowing them to offer borrowers like you mortgage funding at much lower interest rates and with smaller down payments than would otherwise be required." (https://www.cmhc-schl.gc.ca/en/co/moloin/moloin_001.cfm)

My point is, it benefits the banks (or lenders)... not you... and you pay the premiums (or technically, the lenders pass the cost of the premiums on to you).