How many more years to go before you are 45? What's your current age.

Check for sustainability of the policy too, till what age?

I see. So your suggested next course of action ? Cancel ? 😂

your agent is suppose to advise you since you engage for their services & advise.

Less than 19 years to go. Sustain til 75 without topups.

Likely the premium was based on sustainability till Age 75.

I see. How much less do you I think I will pay if the sustainability age is only up to say, 45 or 55 ?

Do get in touch with you agent.

Hi Sifus.. i just bought a house, but it compulsory to take MRTA, since this is under my company's loan & policy. But i just realized my loan tenure is only 26years. (But the property still havent completed yet) but the insurance coverage for 30 years. Is it possible, or i have been cheated by HR or the 30years coverage covers me even during the construction period too? Any idea?

Just realized that I still have a few hundred quota left to claim life insurance tax relief, can I buy a cheap MLTA for an existing loan? I dont mind about coverage

It doesnt matter wtherther the source of the housing loan is from banks or employers but the important thing to note is whether you or your next of kin can settle the outstanding loan in the event something happen to you.

Some banks do give the option to borrowers to have mrta or otherwise and if the borrower choose not to cover the loan, then if something happen to the borrower, the bank will proceed to auction off the property if the outstanding loan remains unpaid.

Mrta starts from the day the loan agreement is sign.

The MRTA will also cover construction, assuming you bought high rise that's 48 months (4 years) time to handover VP in SPA, that's why cover for 30 years (26 years loan + 4 years construction). MRTA starts coverage from the moment you signed loan agreement and includes period of construction. Construction not part of loan tenure because of HDA, so your tenure only counts from time loan is fully disbursed during VP.

This post has been edited by DragonReine: Oct 13 2021, 02:30 PM

Sounds like bank employee, I know most local banks have internal loan for staff, MRTA is compulsory for their loan usually 😂 I hear enough complaints about it

Some banks do provide MRTA cover during construction. Since the loan is from ur employer, I think they really scare so give u coverage during construction period.

You can.

MRTA ccan be included to cover the construction period as well hence it'll cost slightly more due to the longer duration of the coverage.

Well not saying it's right or wrong but if you just want to utilize every cent of it, I guess you could get some kind of life insurance to maximize it.

Yeah, it turns out that I could simply increase my premium in the portal

can i take the MRTA for the first 5 years then change to MLTA ? bcoz to get lower interest rate from bank have to take minimal MRTA