“Surely you jest. PMI is required for most, and if not, why leave your survivors homeless?”
You can get rid of PMI once you get to 80% LTV on a conventional loan.
As for mortgage (life)insurance, I would think that you would care about your family more than the mortgage company. Get a good term life policy that can pay off the mortgage and then some and your family decides what to do with the money should you meet your untimely demise. Rule of thumb = 10 X annual earnings.