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

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

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