How about life insurance? more illness coverage and able to get back portion of money upon death/ serious illmess?

AFAIK life insurance covers critical illness, TPD and death, investment-linked being optional. MRTA only covers TPD and death, you have to serve your loans if you are critically sick.

Actually - life insurance can be used as MLTA as well... it's just the intention that is different.
Also, when u buy MLTA (aka life insurance), you also have the option to choose whether to cover death + total permanent disability only (ie similar with MRTA) or choose to cover death + total permanent disability + critical illness. of course, if you choose 3D, pay higher premium...

last but not least, u can choose to buy guaranteed return vs investment-linked... each has its pro and cons, and depends on your affordability.
at the end of the day, some ppl just want to make sure their loved ones are protected... whether u buy MRTA or MLTA...


Always remember, you get what u pay... pay more, get more benefits and vice versa...
and its also a normal trend that if u pay more, u get more value... ie if u pay RM100 p/mth - u may get RM100k coverage, but if RM300 p/mth - u may get RM400k coverage...


Cheers!

P/S:

Not forgetting.. many ppl just use their existing life insurance as their MLTA...

That defeats the purpose of MLTA/MRTA...

Ultimately, when u buy your first life insurance policy, the intention is to either provide your loved ones with a lump sum money to support their needs or your living care (in case of critical illness).

However, when you say u use your life insurance in place of MLTA, it also means that you are using the lump sum insurance paid out, to repay ur property loan.

Ultimately, you are not helping to lighten the burden of your loved ones...

If you are thinking of buying new life insurance policy with additional sum assured, then that is OK!


Cheers!

can we extent the MLTA if the house re-mortgage?

As i know, if u actually settle your house loan with bank, the MLTA will still continue.

Usually most bank doesn't requires us to assign the to policy to the bank.

Eventhough if we assign the policy to the bank, once the loan is settled, the bank should assign the policy bank to the owner.

MRTA vs MLTA VS life Insurance Which is better BETTER ?

Answer= life Insurance with no cash value return is better and very cheap.

You pay 1K per year for 450K protection.
Buy insurance for protection purpose not for cash value return.

Forget about transfer not transfer ....

Means die only got rm450k? or serious illness and accident?

I agreed with you. RM1k for rm450k is very good. if live for 30 years nothing happen, burnt rm30k which still acceptable, as our house property !!!!! increase its value, and I can cancel it once sold the property right?

add in,
If buying mlta/mrta and sum into loan, the interest also need to be taken consideration.

E.g i extra pay rm 200 per month, also can shorten the tenure up to several years.

mrta/mlta/life insurance, all is good, if limited budget, go for life insurance which u can easily upgrade anytime =)

This post has been edited by Hello_kitty 89: Jan 18 2013, 04:35 PM

Hi,
Want to know it is possible that we can choose our own insurances package(mlta/mrta) beside the banks offer when we apply the loan from the current bank?
Thanks

I think it is best to refer to your offer letter.
Most of the bank doesn't need mlta/mrta nowadays unless you get better offer with them.

give me the contact to reach the source to buy this insurance.

one year pay 1k, when die after 40 years my children got 450k.

no need buy property for next generation. just buy this. sure earn.