Hi, MLTA actually is life insurance for purpose of mortgage purpose. They are same with personal life insurance as well. But don't mix up this 2 plan cause different purposes am...

MLTA is in case of death and TPD happened, your home loan will settle by insurance company, BUT the values must sufficient. Then may got balance pay to your beneficiary after home loan deducted at the several years instalment.

Personal life insurance is in case of death and TPD happened, lump sum money will pay to your lovely wife, children or parents. Because you are the economic pillar for the family. Just imagine that, if you just bought MLTA, anything happens, the home is FOC but how bout the daily expenditure, children education fees....etc

So plan yourself and choose for the most suitable plan yourself. If you need any advise pls feel free to contact me @ 012.388.6323. Tq

You can say so... I agreed with it... But I will evaluate the sum assured every year because our liabilities will increase as well....

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

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.

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

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.