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,

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,

<< 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