can i purchase mpi only with life ins. even if i've owned my home for 12 years?
submitted by barb in florida
Why would you want to?
MPI is FOR the mortgage company, not your family. Take out a life insurance policy on yourself, and let the death benefit come to your FAMILY income tax free.
Then, let them decide what to pay off.
submitted by Andrew Burks in Salem, IN
@ June 29, 2009 - 08:29 AM
You could also take out Mortgage Protection Insurance or mortgage protection which covers you against accident sickness and unemployment - this is not life cover, rather short term protection insurance!
submitted by Paul Moran in London UK
@ July 03, 2009 - 07:17 PM
MPI is FOR the mortgage company, not your family. Take out a life insurance policy on yourself, and let the death benefit come to your FAMILY income tax free.
Then, let them decide what to pay off.