MRTA & MLTA is it a must?
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 Jun 11 2014, 10:42 PM
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#1
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Junior Member
9 posts Joined: Nov 2012 
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I just want to ask can I cancel my MRTA? It's had been in force for more than 5 years. Since I have another life insurance was thinking of stopping it. My MRTA insures both my wife and me. I bought my house in 2007 and that time the bank need me to have MRTA. Thanks for the info
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Jun 12 2014, 11:32 AM
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#2
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Junior Member
9 posts Joined: Nov 2012
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QUOTE(onnying88 @ Jun 12 2014, 02:01 AM) Yes, you may surrender MRTA anytime and get back the remaining value that still have. The surrender value should be written in your MRTA's policy. Sorry I think I mistaken my MLTA as MRTA. What you need to do it just bring the MRTA's policy back to the insurance company and surrender it. To save your time, try to call up the insurance company's customer service and check with your MRTA's policy number first. Then ask where you should bring it to surrender it.  Sir, thank you very much for your explanation I just check back my house HP contract from OCBC it states The bank may finance or part finance the premium payable for the MRTA policy subject to the following condition: a. The MRTA must be taken from an insurance company acceptable to the bank. b. only the basic premium will be financed or part financed by the bank. If the insurance company requires a loading or en excess, you shall bear the cost of such loading or excess. c. you must assign absolutely all rights, title and interest and benefits to the MRTA policy to the Bank with the Bank named as sole beneficiary: and d. You must comply with the conditions required by the insurance company and the premium for the MRTA must be paid within the time stipulated in the Letter of Offer. My MLTA is from HLA and I'm paying the premium monthly, mature date is Dec 2027 (I started since 2007) Insured amount is 104,000. But my MLTA premium is fully paid by me and the bank did not partly finance it since it was not in my loan. So if I terminate the MLTA with HLA will I breach the contract of the bank as stated above? Or I need to call my bank 1st to ask them if my MLTA insurance is tied with the Bank? Thank you for your time and respond really appreciated it. This post has been edited by TitanRev: Jun 12 2014, 12:07 PM |
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Jun 12 2014, 01:03 PM
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#3
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Junior Member
9 posts Joined: Nov 2012
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QUOTE(onnying88 @ Jun 12 2014, 12:21 PM) The condition is only apply to MRTA policy, but even so, mrta can be cancel anytime. It's only let you know the condition for the finance if you finance the mrta premium. Thanks again sir for your expertise in this. I have gone through a discussion with my wife again and after googling on the web I found that we will can get back our paid premium after we complete the tenure of the policy. Which is still 13 years to go. But 1 thing I do not understand is I don't see any dividend being credited to my policy as that time the HL agent said if got dividend will be shared to policy holder? For MLTA, the beneficiary is not the bank and given so, you are the policy owner and you are free to cancel or surrender the policy anytime too. But please check the policy have any surrender value or not before you do it. Maybe you can pm me the product name of your MLTA that intend to cancel for more detail condition? |
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