Durability and ease of installation really depend on the condition of your pipes, and here's what nobody's going to tell you: if there's moisture or condensation in your basement, mineral wool absorbs water like a sponge and loses all its insulating capacity. Polystyrene foam (those rigid pipe sleeves) handles moisture way better and is super easy to install - you cut, fit, and you're done - but you'll need to seal the joints properly with tape for it to actually work.
If your basement is really dry, mineral wool works fine and it's cheaper, but when in doubt, go with rigid foam. Pre-insulated pipes won't work for you since your pipes are already installed - those are for new construction.