Private Mortgage Insurance (PMI) seems to be treated as a necessary evil. Inquiries about pmi on this site and elsewhere almost always revolve around avoiding it - how to avoid being required to purchase it, how to cancel it, or how to stop automatic premium deductions after it has been cancelled. This strikes me as odd. Most forms of insurance have benefits and drawbacks, and quite a bit is written on when e.g. life insurance, disability insurance, automobile collision coverage, automobile liability coverage in excess of that required by local law, etc. is a good idea and when it is probably not needed. For example, purchasing collision coverage on grandma's old 1986 Buick that needs $3,000 of transmission work is probably not the best use of my money, even if the Geico salesperson offers me a quote, but it could be a good purchase for a low-mileage foreign sports car, depending on how much I drive it and how. By contrast, I can't find even a single source explaining under what conditions I might actually want to go out and add PMI to my mortgage.
For example, Investopedia offers 6 Reasons to Avoid Private Mortgage Insurance, but 0 reasons to go out and get it other than the fact that the lender demands it as a condition of the mortgage.
Are there any reasons why a person would voluntarily choose to purchase PMI despite it not (or no longer) being required for their mortgage? For example, would someone ever say, "Wow, I'm glad I didn't cancel PMI! When [rare phenomenon] occurred, they were there for me and gave me what I needed so I wouldn't default on my payments!".