+P+ means higher pressure, which of course give the bullet a higher velocity. As long as your gun is rated for it, fine, and some would even say preferable.
127 grain is the bullet weight. That is mid-sized for 9 mm. Light 9s are 115 grain, with the heaviest up around 148 grain. Again, some folks argue for the lighter round because it is moving a bit faster, others for the heavier bullet due to greater penetration, and a fair number of folks (like you and me) who can't decide and choose to split the difference
Like some others have said, I have never heard of a law mandating JHP use for self defense. Check it out with legal authorities to be sure, but that may be hooey.