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 MLTA property insurance VS personal Life insurance

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ExpZero
post Jan 22 2015, 02:47 PM

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From: Kuala Lumpur
QUOTE(jac1792 @ Jan 20 2015, 09:51 PM)
How much does it cost? I mean for the 160K insurance.
I'm covered quite heavily on insurance too, but it still doesn't cover my full loan amount due to my budget do not allow but I intend to do when I'm more cash free smile.gif
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There are multiple insurance policy that could cover you for short term up to 30 years with minimum budget.

In instant, Great Eastern having a 30 years coverage term ILP, premium about RM250/month for 20 years only, no premium required for the last 10 years. By the time 30 years, we would be out of debt and this serve as property protection very well with very minimal budget
ExpZero
post Aug 11 2015, 02:52 PM

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QUOTE(suadrif @ Aug 10 2015, 09:41 PM)
sorry because of reviving old thread
just want to confirm if its possible to be done or not

i have a life insurance policy covered up to rm400k
i had my first house loan at rm200k
if i am going to purchase my 2nd house at rm70k, do i still need to apply MLTA/MRTA?
can I just use my current life insurance policy?
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You may tell your banker you have sufficient of life insurance to cover for this loan. nod.gif

However, life insurance is not only needed for debt cancellation, thorough planning will be needed including the family expenses after life. Thus, getting yourself above your debt will be good for future financial planning. nod.gif

I can provide term plan RM250/month for RM500,000 life/TPD protection for age 30/male/non-smoker.
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