Mortgage Insurance, Senior Whole Life, Term Life Insurance

Mortgage Insurance No Medical Exam, Mortgage Insurance Jumbo Policy


Because both are sometimes referred to as "Mortgage Insurance", Many people confuse PMI with MPI when asked if they have Mortgage Insurance. Do you know the Critically Important difference?   

PMI , or "Private Mortgage insurance." 

Only protects your lender. 

PMI was required by your mortgage company at the time of your loan if your downpayment was less than 20% of the purchase price of your home. 

 It is automatically included in your mortgage payment and will remain included untill your mortgage balance is 78% or less than your original mortgage.   PMI does not protect you, it only protects your mortgage company in the event you default on your mortgage.  It reimburses the mortgage company for the expenses they incur in foreclosing on your property.  

 MPI , or "Mortgage Protection Insurance", protects you, the home owner and your family, by providing the funds to pay off the mortgage balance if the home owner should die before completing the mortgage.  Leave a Deed, Not A Debt.  Get MPI , "Mortgage Protection Insurance". 


 Although No Medical Exam Whole life is often purchased by Seniors in an amount sufficient to cover their final expense arrangements for Funeral Services and Burial or Cremation, it is a wise choice for people of all ages.  After all, even though we don't like to think about  death happening to us while we are young, it does happen all too often. The fact is, when it does,  someone will have to pay for the final arrangements.  The good news is, the younger we are when no medical exam whole life is purchased, the lower the cost. 


 Level Term Life Insurance is often chosen  as  a low cost way to provide Life insurance protection for a specified  period of time.   For example, until the youngest child in the family has grown and is no longer dependent on his or her parents for support.     Another example might be to cover a  home mortgage or a business loan .   Level Term life insurance usually can be purchased to cover periods of 5 years, 10 years, 15 years, 20 years,  30 years,  to age 65, and to age 95.   During the selected period, both the insurance benefit and the premium remain level.