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 MLTA property insurance VS personal Life insurance

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s@ni
post Aug 1 2013, 10:24 AM

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QUOTE(adele123 @ Jul 31 2013, 04:43 PM)
I dont work in banks. But taking up mrta should not influence the interest rate on loan. Based on their credit check. Mrta should not be factor.

You can request to change sum assured with insurance companies. Subject to t&c of course. Just contact your agents
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QUOTE(s32106 @ Jul 31 2013, 08:16 PM)
U can actually call up to your insurance company And increase the sum assuredwif t&c. Won't affect the interest rate either u buy from insurance company or the bank but as now I know, PBb offering the best rate but u must purchase MRTA from them. There is no rules from Bank Negara stated that we must buy it from the bank.
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QUOTE(gavin_lim @ Aug 1 2013, 12:39 AM)
Hi,

As long as the total sum assured is enough to cover the financial lost of the unfortunate event, so it doesn't matter what type of insurance product you have bought. MLTA is nothing special but just a life insurance product. Since it is not related to your loan, you don't have to worry about any changes you made to your loan may void the insurance policy.

In my opinion, try to avoid those insurance plans that comes with return when the purpose of buying is to protect your loan. Insurance plans with higher protection is more important than higher return when the purpose is to protect loans. Additional money should be used to offset loan first instead of savings. It's not necessary to pay higher premium just because you want to get back a portion of the premium you have paid. Personally I think it's not worth to do so.
Regards,
Gavin Lim from AIA
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QUOTE(SithBuster @ Aug 1 2013, 12:43 AM)
Life insurance just cover your life economic value but not for the house which may be valued above rm500k. How many normal people u noe buy life insurance with sum assured above this value? Thats why it is for a diff purpose. MLTA is better than MLTA

MLTA has no effect with your house loan interest rate. It got nothing to do with banks. They just help insurers sell them. So no worries.
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thank you for all the advices. except for PBB, means that Banks wont mind if we dont buy the MRTA/MLTA from them.

btw, the reason i wants to have life insurance that covers my debt is i wants to attach it with rider as well. so i dont needs to pening2 about paying to several insurer monthly
gavin_lim
post Aug 1 2013, 06:37 PM

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QUOTE(s@ni @ Aug 1 2013, 10:24 AM)
thank you for all the advices. except for PBB, means that Banks wont mind if we dont buy the MRTA/MLTA from them.

btw, the reason i wants to have life insurance that covers my debt is i wants to attach it with rider as well. so i dont needs to pening2 about paying to several insurer monthly
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Hi,
Refer back to your offer letter. If it is never mentioned there, means it is not compulsory. Sometimes is the banker wants to earn commission for insurance and simply say you must buy from them. As I know, insurance is optional for mortgage loan of most of the banks, including PBB.




Regards,
Gavin Lim fron AIA
ilovecsk
post Aug 6 2013, 06:15 PM

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I got MLTA offer by AIA (don't know is offer or what, agent just tell me the price, I have to take insurance as required in house loan offer letter)

premium RM1800 per year
House loan 110k for 30yrs

he say after 15yrs can take out money from MLTA, if want

I find the premium is quite high, is it standard?
SithBuster
post Aug 6 2013, 06:23 PM

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QUOTE(ilovecsk @ Aug 6 2013, 06:15 PM)
I got MLTA offer by AIA (don't know is offer or what, agent just tell me the price, I have to take insurance as required in house loan offer letter)

premium RM1800 per year
House loan 110k for 30yrs

he say after 15yrs can take out money from MLTA, if want

I find the premium is quite high, is it standard?
*
If cover for RM110k only, should be a bit on the high side
ilovecsk
post Aug 6 2013, 08:43 PM

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Double post

This post has been edited by ilovecsk: Aug 6 2013, 08:44 PM
ilovecsk
post Aug 6 2013, 08:43 PM

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Thank you for your reply.
I'm 24 now and non smoker, do you think I can request lower, say 1k/year?

This post has been edited by ilovecsk: Aug 6 2013, 09:11 PM
s32106
post Aug 6 2013, 09:11 PM

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QUOTE(ilovecsk @ Aug 6 2013, 08:43 PM)
I'm 24 now and non smoker, do you think I can request lower, say 1k/year?
Thank you very much for your quick reply, really appreciate it.
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Aia offer lowest premium at rm1800/annu , maybe u can ask the agent to increase the sum assured...
gavin_lim
post Aug 6 2013, 11:02 PM

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QUOTE(ilovecsk @ Aug 6 2013, 06:15 PM)
I got MLTA offer by AIA (don't know is offer or what, agent just tell me the price, I have to take insurance as required in house loan offer letter)

premium RM1800 per year
House loan 110k for 30yrs

he say after 15yrs can take out money from MLTA, if want

I find the premium is quite high, is it standard?
*
Hi,
Public bank is selling AIA insurance products. You should request the bank staff to give you the quotation.

RM1800 sounds like an investment linked product. If it's investment linked, not all your premium is paid for insurance purpose. First, your premium paid have to deduct company's expenses, then remaining premium will be used to buy your selected funds. After that, every month the company will cancel some units from your funds to cover policy fee and insurance cost. If there's enough funds to cover the costs, you may be able to enjoy premium holiday.

If it's investment linked, ask the staff whether he can put a portion of premium to A-Saver accountt so that you have higher premium allocation.

Regards,
Gavin Lim from AIA
doink37
post Oct 4 2013, 02:25 AM

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Best deals come from AIA especially since merged with ING. Best of both agencies. Better products, more coverage.
holidayshunter
post Oct 4 2013, 02:39 AM

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Hi guys,

Introduce New INVESTMENT PLAN in Hong Leong,

- short term premium
- higher sum insured to be MLTA for your house loan
- investment return for mortgage settlement
- asset transfer & estate planning

If you interest to know in detail.
Please contact me for further information.

Many thanks.
Regards,
May Yong
012-521 3368
shamhan80
post Dec 10 2013, 06:55 PM

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QUOTE(s@ni @ Aug 1 2013, 10:24 AM)
thank you for all the advices. except for PBB, means that Banks wont mind if we dont buy the MRTA/MLTA from them.

btw, the reason i wants to have life insurance that covers my debt is i wants to attach it with rider as well. so i dont needs to pening2 about paying to several insurer monthly
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I personaly just take a life insurance with Prudential which covers all of my mortgages plus margins for future purchase and plus some money for the family. Less headache for me. The only diff is I think the money will be given to my wife to settle the house loan after I'm gone instead of the insurance company settle the mortgage.
dreamer101
post Dec 10 2013, 08:25 PM

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QUOTE(kelvin2080 @ May 21 2012, 11:18 PM)
As mentioned in topic, anyone of you can please advice. If i buy MLTA property insurance, does it mean i no need to buy personal life insurance? This 2 insurance is same?

For myself, i got bought the personal life insurance in age 21. Heard from the insurance agent, personal life insurance should buy early, because it's more cheap compare later.

How about MLTA?
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kelvin2080,

It is STUPID to buy MLTA and / or MRTA. Only buy it if you are forced to by the bank. If you need more coverage, buy more life insurance.

Let's take a VERY SIMPLE example. Let's make both 300K.

1) Life insurance with TPD

If something happen to you, you or the survivor collect the money.

2) MLTA and MRTA

If something happen to you, you or the survivor need to sell the house in order to get the money!!!

So, you need to buy life insurance even with MLTA and / or MRTA. Or else, how can you or the survivor get the money??

MLTA / MRTA is for the benefit of the bank. It is not designed to benefit the buyer.


Now, as why do you buy life insurance at 21, that is another story?? You may not need it at all. Why do you throw money away at insurance just because it is cheap?? I guess someone has to be the dummy to make insurance agent rich.

Dreamer
Petro-Canada
post Dec 11 2013, 10:23 AM

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Lets say the house loan at RM300k,

Total Payment of RM534,461.16 @ 30 Years @ 4.3%

So, how do we buy life insurance for the protection? @RM534,461.16 for 30 years?? rclxub.gif

This post has been edited by Petro-Canada: Dec 11 2013, 10:44 AM
dreamer101
post Dec 11 2013, 11:33 AM

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QUOTE(Petro-Canada @ Dec 11 2013, 10:23 AM)
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Lets say the house loan at RM300k,

Total Payment of RM534,461.16 @ 30 Years @ 4.3%

So, how do we buy life insurance for the protection? @RM534,461.16 for 30 years??  rclxub.gif
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Petro-Canada,

When you asked the WRONG question, you will NEVER get the RIGHT answer!!!

Who cares about the house?? It is IRRELEVANT.

The CORRECT question as per STANDARD life insurance question. How much coverage aka years of expenses needed for the survivor?? You may buy more life insurance because of ADDITIONAL EXPENSES due to housing loan. But, paying off the housing loan is not necessary the goal. And, that is the problem with MLTA / MRTA. You are FORCED to pay of the loan. Plus, you MUST buy the WHOLE COVERAGE for the housing loan which you may or may not need.

The survivor may or may not keep the house. The house cannot feed the survivor.

It is RISK versus COST of coverage.. You shop around to see how much it costs to cover X number of years.

Dreamer

This post has been edited by dreamer101: Dec 11 2013, 11:34 AM
Petro-Canada
post Dec 11 2013, 12:41 PM

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Thank you...but,

LOL...how do you know it is a wrong question? You are way too ego, imho... icon_rolleyes.gif
dreamer101
post Dec 11 2013, 12:58 PM

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QUOTE(Petro-Canada @ Dec 11 2013, 12:41 PM)
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Thank you...but,

LOL...how do you know it is a wrong question? You are way too ego, imho...  icon_rolleyes.gif
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Petro-Canada,

<< LOL...how do you know it is a wrong question? You are way too ego, >>

Did you or did you not asked the WRONG question??

Yes or no??

Did I or did I not answered your ACTUAL QUESTION??

Is this EGO or I really know what you really want to ask??

I have been answering questions from many different kind of people for 20 to 30 years. Now, if I cannot ANTICIPATE and KNOW what you really want, I would had learned nothing from all my years of experience.

The HIGHEST LEVEL of customer support is ANTICIPATION. The ABILITY to know what the customer REALLY want even when they do not know it themselves.

See with your brain instead of your eyes.

Dreamer
Petro-Canada
post Dec 11 2013, 10:00 PM

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LOL~ the topic's title first word is MLTA, "Mortgage", not just purely for life insurance

and, No, i just want know how life insurance to be purchased in lieu of MLTA yawn.gif and i didn't said that i don't have any life insurance for protection purpose wink.gif

apparently your 20 to 30 years experiences + brain not so good ohhh cool2.gif
spreeeee
post Dec 17 2013, 05:02 PM

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PM me if you need other option besides MRTA/MLTA... a proposal can be designed specially for you..

This post has been edited by spreeeee: Dec 17 2013, 05:19 PM
1868
post Dec 3 2014, 02:55 PM

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Hi, can I ask I have two housing loans;

House 1; I loan up to RM150K
House 2; I loan up to RM210K

I have bought life insurance of RM200K as agent proposed me when I have taken up housing loan. Should I take up another life insurance policy up to RM160K coverage; as same to match my housing loan amount of total RM360K?

Please advise.
wild_card_my
post Dec 3 2014, 04:38 PM

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QUOTE(1868 @ Dec 3 2014, 02:55 PM)
Hi, can I ask I have two housing loans;

House 1; I loan up to RM150K
House 2; I loan up to RM210K

I have bought life insurance of RM200K as agent proposed me when I have taken up housing loan. Should I take up another life insurance policy up to RM160K coverage; as same to match my housing loan amount of total RM360K?

Please advise.
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Up to you actually. Do you need the RM160k insurance? Any insurance agent would tell you to get it, but do you need it or not? If you do, dont forget to ask for quotations from the others in the insurance thread here and there.

edit: 14 more days and this thread would have been left untouched for a year... you revived it...

This post has been edited by wild_card_my: Dec 3 2014, 04:49 PM
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