Currents
May 2016
23
> continued from page 22
MIND IS KNOWING THE PARRISH FAMILY WILL NOT
LOSE THEIR HOME.” But mortgage protection insurance (MPI) is really just a type of life insurance. It's
sold by banks affiliated with lenders and by independent insurance companies obtaining information
about your mortgage from public records. Policy
terms and conditions vary by state and by insurance
company.
Most people confuse MPI with private mortgage
insurance, or PMI, which are completely different
products. Private mortgage insurance protects the
lender, not you. If you put down less than 20% on
your home, you are required by law to pay monthly
premiums to a PMI policy in order to pay your lender
if you default on the loan. If you pass away, your
heirs will continue to owe the mortgage payments
and would have to default on them before the PMI
kicks in.
The only people who might benefit from these
offers are people who can't qualify for regular term
life insurance because of their medical history or are
continued on page 24 >
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