Hi, My name is Onn and i've been offering MRTA/MLTA service to Lowyat member since 2008.

For anyone who interested to get the detail quotation, feel free to pm me your basic detail such as Gender, D.O.B, Loan amount, and Loan tenure so that i can get you the personalize quotation base on your need. No obligation ya.

Special rebate / appreciation token will be given for all LYN member who introduce or getting MLTA from me too!!! Please ask for more detail

Some review from some Lowyat member about my service
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Below is some detail about pros and cons for both MRTA and MLTA for you to have better understanding for the product.

MRTA is stand for Mortgage Reducing Term Assurance.
Some bank is compulsory borrower to take this insurance when applying loan. The main purpose to get MRTA is to cover the loan amount when the borrower passed away. That's why MRTA is only cover for death and TPD (total permanent disability)

Pros of MRTA
- one time payment only (if pay by cash)
- premium can be finance into the loan

Cons of MRTA
- interest count in and your loan commitment become higher thus will lower down your borrowing quota if you finance MRTA premium into loan.
- no cash value at the end of policy
- not transferable (you need to buy again when you refinance in future, and premium will higher when your age higher)
- coverage is reducing year by year until the end (just match the loan balance)


MLTA is stand for Mortgage Level Term Assurance.

Pros of MLTA
- monthly payment
- constant premium whole tenure, if RM150/mth, 30yrs also RM150/mth
- Level coverage, meaning if you cover for RM200k, whole tenure also cover RM200k.
- Fully transferable, you may refinance or change property as much you like
- with cash value (p/s : there are few type of MLTA available that is without cash value, with guaranteed cash value and with non guarantee cash value)
- can shorten your loan tenure using the cash value you have in MLTA
- optional to add critical illness rider, personal accident rider and etc
- premium can be use for tax relief (Max RM6000 per year).


Cons of MLTA
- you have to keep paying to remain covered

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Sample quotation with given scenario as below

House price = RM400K (loan 90%)
House loan tenure = 30 years or 35 years
Property type = sub sale
DOB = 1979
Male and non smoking



Quotation for MRTA

Age: 35 (1979)
Male / Non-smoker
MRTA cover for Death & TPD (Total Permanent Disability)


MRTA coverage of Rm400k for 30 years,
MRTA premium = RM23,832.00

If you finance the MRTA premium of Rm23,832.00.00 @ BLR-2.4% (effective 4.45%) into the loan, the monthly payment will be Rm120.05 per month. Total cost over 30 years will be Rm43,216.65


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MRTA coverage of Rm400k for 35 years,
MRTA premium = RM32,016.00

If you finance the MRTA premium of Rm32,016.00.00 @ BLR-2.4% (effective 4.45%) into the loan, the monthly payment will be Rm150.53 per month. Total cost over 35 years will be Rm63,221.77

Do note that if the BLR increase in future, the installment and total cost will increase too.




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Quotation for MLTA

For MLTA type 1 with NO Surrender Value (but will have some value only if you surrender this policy earlier)

Age: 35 (1979)
Male / Non-smoker
MLTA type 1 , Cover Death & TPD (Total Permanent Disability)

MLTA type 1 coverage of Rm400k for 35 years,
Monthly premium = RM290.15
Yearly premium = RM3316.00

MLTA type 1 coverage of Rm400k for 30 years,
Monthly premium = RM237.65
Yearly premium = RM2716.00

MLTA type 1 coverage of Rm400k for 25 years,
Monthly premium = RM194.95
Yearly premium = RM2228.00

MLTA type 1 coverage of Rm400k for 20 years,
Monthly premium = RM156.80
Yearly premium = RM1792.00





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For MLTA type 2 with Guaranteed Surrender Value
Age: 35 (1979)
Male / Non-smoker
MLTA Tenure: There is NO term for this MLTA type 2 so it can be use up to age 100, just surrender this policy at any year you want to terminate or when the loan fully paid.
MLTA coverage type 2 coverage of RM400k, Cover Death & TPD only

Monthly premium = RM465.15
Yearly premium = RM5316.00

GUARANTEED
Surrender value at 40years = RM269,120.00 (total paid only RM212,640.00)
Surrender value at 35years = RM236,696.00 (total paid only RM186,060.00)
Surrender value at 30years = RM199,284.00 (total paid only RM159,480.00)
Surrender value at 25years = RM160,060.00 (total paid only RM132,900.00)
Surrender value at 20years = RM121,268.00 (total paid only RM106,320.00)
Surrender value at 15years = RM82,520.00 (total paid only RM79,740.00) <----- RM5316.00 x 15years = RM79,740.00




This MLTA type 2 surrender value will let you break even at 15 years guaranteed. Meaning you will get back what you've paid at 15 years guaranteed. Let's say if you settle the loan earlier at 15, 25, or at 35 years, you just need to surrender this policy back and you already get back more then you paid for this MLTA thus you can say you are getting FREE MLTA coverage of Rm400k and earning some extra too. And in the middle, you may refinance or change/upgrade to bigger property as you wish without burn the MLTA.

Beside you have the option to continue this MLTA until age 100 and treat this as your saving account with guaranteed return or even a extra life insurance after the loan settle.


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For MLTA type 3 with non guaranteed surrender value
(This is an investment link plan which the surrender value will base on investment fund performance thus the surrender value is not guaranteed)

Age: 35 (1979)
Male / Non-smoker
MLTA Tenure: There is NO term for this MLTA type 3 also, so it can be use up to age 100 (If surrender value is sufficient), just surrender this policy at any year you want to terminate or when the loan fully paid.
MLTA type 3, Cover Death & TPD and OAD (old age disability)


MLTA coverage type 3 coverage of RM400k, Cover Death & TPD and OAD only
Monthly premium = RM200.00
Yearly premium = RM2400.00

Projected Surrender value
At 15 years, High = Rm32,371.00, Low = Rm22,801.00
At 20 years, High = Rm48,052.00, Low = Rm28,059.00
At 25 years, High = Rm57,633.00, Low = Rm28,909.00
At 30 years, High = Rm62,970.00, Low = Rm22,879.00
At 35 years, High = Rm57,300.00, Low = Rm2504.00



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My suggestion for you

1) The cheapest and value for money MLTA plan for you would be the MLTA type 3 as the premium is the lowest among all MLTA option which extra benefit as below

-You only pay extra Rm49.47 per month ( MLTA type 3 of Rm200/mth - MRTA of Rm150.53/mth = Rm49.47) compare with MRTA Rm400k coverage for 35 years.
- Level coverage throughout the whole coverage tenure. Mean 35 year also cover Rm400k. (MRTA coverage decreasing each year)
- Option to continue the MLTA for when refinance, upgrade bigger house or use it as extra life coverage.
- Bonus with non guaranteed surrender value, although it's non guaranteed, it's still a bonus and better then MRTA that's guaranteed ZERO surrender value at the end of 35 years.
- Premium does not tide up with BLR so worry free for BLR rise.
- Free up your commitment as finance the MRTA premium into the loan, you are lower down your borrowing quota for future investment.


2) If the commitment is ok for you, then MLTA type 2 will be a good choice too, as you guaranteed can get back all your premium paid as early at 15 years. So you will not lose your money to get the protection of Rm400k right after 15 years. After 15 year, the longer you continue this MLTA type 2, more extra surrender value (beside your total paid) you will get back and it's black and white guaranteed.



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More sample quotation

Scenario 1
Age: 31 (1982)
Male / Non-smoker
Loan: RM250k
MLTA coverage of Rm250k for 35 years.

Sample quotation please refer to post #5


Scenario 2
-Borrower A
Age: 30 (1983)
Female / Non-smoker
-Borrower B
Age: 28 (1985)
Male / Non-smoker
-Loan RM760k
-Loan tenure 35 years
-MLTA cover for 50% or RM380k each

Sample quotation please refer to post #6


Scenario 3
Age: 33 (1981)
Male / Non-smoker
-Loan RM275k
-Loan tenure 15 years

Sample quotation please refer to post #11


Scenario 4
Age: 33 (1981)
Male / Non-smoker
-loan RM420,000 for 30 years
-loan RM480,000 for 30 years

Sample quotation please refer to post #20


Scenario 5
Age: 35 (1979)
Male / Non-smoker
-Loan RM443k
-Loan tenure 30 years

Sample quotation please refer to post #24


Scenario 6
Age: 24
Male / Non-smoker
-Loan RM600k
-Loan tenure 25 years

Sample quotation please refer to post #25


Scenario 7
Age: 27 (1987)
Male / Non-smoker
-Loan RM506,599
-Loan tenure 35 years

Sample quotation please refer to post #27


Scenario 8
Age: 31
Female / Non-smoker
-Loan RM612k
-Loan tenure 35 years

Sample quotation please refer to post #29



Regards,
Onn
017-6100337

This post has been edited by onnying88: Mar 4 2019, 04:58 PM

Hi,MRTA and MLTA is totally different product and coverage type also different.

Of cause you may option to get MRTA + MLTA together in order to match your commitment and the coverage you prefer.

Yup, different co will have different premium and benefit, depend on the type of the MLTA you choose. All have their pros and cons as you can see in some example quotation in my first post.

Just get the one that suit you the most and you'r comfortable with the commitment. Just let me know your desire commitment and i'll try to match the best option for you.

You are welcome to get your personalise quotation of the MLTA product i'm offering here. No obligation, you may just take it as comparison and sharing.

Regards.

Sample quotation for
Age: 31 (1982)
Male / Non-smoker
Loan: RM250k



Quotation For MLTA

For MLTA type 1 with NO Surrender Value (but will have some value only if you surrender this policy earlier)

Age: 31 (1982)
Male / Non-smoker
Loan: RM250k
MLTA coverage type 1 coverage of RM250k, Cover Death & TPD (Total Permanent Disability)


MLTA type 1 coverage for 20 years,
Monthly premium = RM66.94
Yearly premium = RM765.00

MLTA type 1 coverage for 25 years,
Monthly premium = RM84.44
Yearly premium = RM965.00

MLTA type 1 coverage for 30 years,
Monthly premium = RM104.78
Yearly premium = RM1197.50

MLTA type 1 coverage for 35 years,
Monthly premium = RM128.19
Yearly premium = RM1465.00



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For MLTA type 2 with Guaranteed Surrender Value


Age : 31 (1982)
Male / Non-smoker
Loan: RM250k,
MLTA Tenure: There is NO term for this MLTA type 2 so it can be use up to age 100, just surrender this policy at any year you want to terminate or when the loan fully paid.
MLTA coverage type 2 coverage of RM250k, Cover Death & TPD

Monthly premium = RM246.97
Yearly premium = RM2822.50


GUARANTEED
Surrender value at 40years = RM157,268.00 (total paid only RM112,900.00)
Surrender value at 35years = RM135,385.00 (total paid only RM98,787.50)
Surrender value at 30years = RM111,995.00 (total paid only RM84,675.00)
Surrender value at 25years = RM88,348.00 (total paid only RM70,562.50)
Surrender value at 20years = RM65,755.00 (total paid only RM56.450.00)
Surrender value at 14years = RM39,908.00 (total paid only RM39,515.00) <----- RM2822.50 x 14years = RM39,515.00



This MLTA type 2 surrender value will break even at 14 years. Meaning you will get back what you've paid at 14 years guaranteed. Let's say you settle the loan earlier in 14,25 years, or at 30 years, you already get back more then you paid for the MLTA thus you can say you are getting FREE MLTA coverage for RM250k and earning some interest too. And in the middle, you may refinance or change/upgrade to bigger property as you wish without burn the MLTA.


Beside you have the option to continue this MLTA until age 100 and treat this as your saving account with guaranteed return or even a extra life insurance after the loan settle. This will be cheaper a lot compare that you getting a new RM250k life insurance at older age and and the new insurance will subject to approval depend on your health condition at that time too.




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For MLTA type 3 with non guaranteed surrender value
(This is an investment link plan which the surrender value will base on investment fund performance thus the surrender value is not guaranteed)


Age : 31 (1982)
Male / Non-smoker
Loan: RM250k
MLTA Tenure: There is NO term for this MLTA type 3 also, so it can be use up to age 100, just surrender this policy at any year you want to terminate or when the loan fully paid.
MLTA coverage type 3 coverage of RM250k, Cover Death & TPD and OAD (old age disability)

Monthly premium = RM150.00
Yearly premium = RM1800.00


Projected Surrender value
At 14 years, High = Rm25,661.00, Low = Rm18,919.00
At 20 years, High = Rm45,061.00, Low = Rm27,703.00
At 25 years, High = Rm58,695.00, Low = Rm33,328.00
At 30 years, High = Rm72,894.00, Low = Rm36,596.00
At 35 years, High = Rm86,886.00, Low = Rm35,697.00
At 40 years, High = Rm98,363.00, Low = Rm26,231.00


Regards

Sample Quotation for below Scenario

-Loan RM760k

-Loan tenure 35 years

-Borrower A
Age: 30 (1983)
Female / Non-smoker

-Borrower B
Age: 28 (1985)
Male / Non-smoker

-MLTA cover for 50% or RM380k each





Quotation For MLTA

For MLTA type 1 with NO Surrender Value (but will have some value only if you surrender this policy earlier)

Age: 30 (1983)
Female / Non-smoker
Loan: RM760k
MLTA coverage type 1 coverage of RM380k(50%), Cover Death & TPD (Total Permanent Disability)


MLTA type 1 coverage for 20 years,
Monthly premium = RM93.43
Yearly premium = RM1067.80

MLTA type 1 coverage for 25 years,
Monthly premium = RM117.37
Yearly premium = RM1341.40

MLTA type 1 coverage for 30 years,
Monthly premium = RM146.63
Yearly premium = RM1675.80

MLTA type 1 coverage for 35 years,
Monthly premium = RM179.21
Yearly premium = RM2048.20




Age: 28 (1985)
Male / Non-smoker
Loan: RM760k
MLTA coverage type 1 coverage of RM380k(50%), Cover Death & TPD (Total Permanent Disability)


MLTA type 1 coverage for 20 years,
Monthly premium = RM80.46
Yearly premium = RM919.60

MLTA type 1 coverage for 25 years,
Monthly premium = RM99.75
Yearly premium = RM1140.00

MLTA type 1 coverage for 30 years,
Monthly premium = RM125.02
Yearly premium = RM1428.80

MLTA type 1 coverage for 35 years,
Monthly premium = RM152.95
Yearly premium = RM1748.00




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For MLTA type 2 with Guaranteed Surrender Value


Age: 30 (1983)
Female / Non-smoker
Loan: RM760k
MLTA Tenure: There is NO term for this MLTA type 2 so it can be use up to age 100, just surrender this policy at any year you want to terminate or when the loan fully paid.
MLTA coverage type 2 coverage of RM380k (50%) , Cover Death & TPD only

Monthly premium = RM324.85
Yearly premium = RM3712.60


GUARANTEED
Surrender value at 40years = RM233,069.00 (total paid only RM148,504.00)
Surrender value at 35years = RM199,823.00 (total paid only RM129,941.00)
Surrender value at 30years = RM164,688.00 (total paid only RM111,378.00)
Surrender value at 25years = RM129,785.00 (total paid only RM92,815.00)
Surrender value at 20years = RM96,284.00 (total paid only RM74,252.00)
Surrender value at 14years = RM58,182.00 (total paid only RM51,976.40) <----- RM3712.60 x 14years = RM51,976.40








Age: 28 (1985)
Male / Non-smoker
Loan: RM760k
MLTA Tenure: There is NO term for this MLTA type 2 so it can be use up to age 100, just surrender this policy at any year you want to terminate or when the loan fully paid.
MLTA coverage type 2 coverage of RM380k (50%) , Cover Death & TPD only

Monthly premium = RM337.48
Yearly premium = RM3857.00


GUARANTEED
Surrender value at 40years = RM226,355.00 (total paid only RM154,280.00)
Surrender value at 35years = RM191,721.00 (total paid only RM134,995.00)
Surrender value at 30years = RM155,701.00 (total paid only RM115,710.00)
Surrender value at 25years = RM121,706.00 (total paid only RM96,425.00)
Surrender value at 20years = RM90,444.00 (total paid only RM77,140.00)
Surrender value at 14years = RM55,172.00 (total paid only RM53,998.00) <----- RM3857.00 x 14years = RM53,998.00






This MLTA type 2 surrender value will break even at 14 years. Meaning you will get back what you've paid at 14 years guaranteed. Let's say you settle the loan earlier in 14,25 years, or at 35 years, you already get back more then you paid for the MLTA thus you can say you are getting FREE MLTA coverage for RM380k and earning some interest too. And in the middle, you may refinance or change/upgrade to bigger property as you wish without burn the MLTA.


Beside you have the option to continue this MLTA until age 100 and treat this as your saving account with guaranteed return or even a extra life insurance after the loan settle. This will be cheaper a lot compare that you getting a new RM380k life insurance at older age and and the new insurance will subject to approval depend on your health condition at that time too.




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For MLTA type 3 with non guaranteed surrender value
(This is an investment link plan which the surrender value will base on investment fund performance thus the surrender value is not guaranteed)


Age: 30 (1983)
Female / Non-smoker
Loan: RM760k
MLTA Tenure: There is NO term for this MLTA type 3 also, so it can be use up to age 100, just surrender this policy at any year you want to terminate or when the loan fully paid.
MLTA coverage type 3 coverage of RM380k (50%), Cover Death & TPD and OAD (old age disability)

Monthly premium = RM150.00
Yearly premium = RM1800.00


Projected Surrender value
At 14 years, High = Rm24,309.00, Low = Rm18,066.00
At 20 years, High = Rm43,001.00, Low = Rm26,729.00
At 25 years, High = Rm55,635.00, Low = Rm31,933.00
At 30 years, High = Rm67,344.00, Low = Rm33,701.00
At 35 years, High = Rm77,242.00, Low = Rm30,693.00
At 40 years, High = Rm81,978.00, Low = Rm18,651.00







Age: 28 (1985)
Male / Non-smoker
Loan: RM760k
MLTA Tenure: There is NO term for this MLTA type 3 also, so it can be use up to age 100, just surrender this policy at any year you want to terminate or when the loan fully paid.
MLTA coverage type 3 coverage of RM380k, Cover Death & TPD and OAD (old age disability)

Monthly premium = RM150.00
Yearly premium = RM1800.00


Projected Surrender value
At 14 years, High = Rm24,124.00, Low = Rm17,875.00
At 20 years, High = Rm42,189.00, Low = Rm26,019.00
At 25 years, High = Rm53,974.00, Low = Rm30,484.00
At 30 years, High = Rm64,356.00, Low = Rm31,138.00
At 35 years, High = Rm72,302.00, Low = Rm26,542.00
At 40 years, High = Rm73,348.00, Low = Rm11,299.00





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From above quotation for MLTA, i would suggest to get :

1)MLTA type 2 if the commitment is ok for you as you can guaranteed get back the money after 14 years. If somethings happened to you or either, your loved one will get RM380k or if nothing happened, you get back all your money guaranteed. So you will get free coverage of RM380k and will not lose your money at the end. Just treat this as a saving account with FREE RM380k insurance coverage.


2) If you looking for the lowest commitment and provide better coverage, MLTA type 3 with only RM150 per month will be better for you as it only cost you extra RM3-RM29 per month compare with if you get MLTA type 1.

By paying just extra RM3-RM29 per month, you get
-extra optional protection until age 100,
-cover for death, TPD and also extra one OAD coverage.
-Surrender value, although the surrender value is not guaranteed, some is better then nothing as MRTA.




Any question regarding above quotation feel free to ask.


Regards,
Onn

Nowadays mrta should be an optional for most of the bank. Except some minor bank that is still a compulsory for mrta to get their loan. That is only to get their slightly better rate, normally extra -0.1% to -0.05%.

Regarding which bank offer better rate, it will depend on your loan amount and also your credit profile. Just try with those bank you have business with them before, more easily to get approval and sometimes will get better rate too.

Hi, As for you quotation for MRTA and MLTA,


Quotation for MRTA

Age: 33 (1981)
Male / Non-smoker
Loan: RM275k
MRTA coverage of RM275k for 15 years, Cover Death & TPD (Total Permanent Disability)

MRTA premium will be RM3811.00 (one time payment only).

Coverage table for 15 years




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Quotation for MLTA



For MLTA type 1 with NO Surrender Value (but will have some value only if you surrender this policy earlier)

Age: 33 (1981)
Male / Non-smoker
Loan: RM275k
MLTA coverage type 1 coverage of RM275k, Cover Death & TPD (Total Permanent Disability)


MLTA type 1 coverage for 10 years,
Monthly premium = RM52.46
Yearly premium = RM599.50

MLTA type 1 coverage for 15 years,
Monthly premium = RM67.14
Yearly premium = RM767.25

MLTA type 1 coverage for 20 years,
Monthly premium = RM88.55
Yearly premium = RM1012.00




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For MLTA type 2 with Guaranteed Surrender Value


Age: 33 (1981)
Male / Non-smoker
Loan: RM275k
MLTA Tenure: There is NO term for this MLTA type 2 so it can be use up to age 100, just surrender this policy at any year you want to terminate or when the loan fully paid.
MLTA coverage type 2 coverage of RM275k, Cover Death & TPD only

Monthly premium = RM295.25
Yearly premium = RM3374.25


GUARANTEED
Surrender value at 40years = RM181,528.00 (total paid only RM134,970.00)
Surrender value at 35years = RM157,572.00 (total paid only RM118,098.75)
Surrender value at 30years = RM131,384.00 (total paid only RM101,227.50)
Surrender value at 25years = RM103,980.00 (total paid only RM84,356.25)
Surrender value at 20years = RM77,740.00 (total paid only RM67,485.00)
Surrender value at 15years = RM53,045.00 (total paid only RM50,613.75)
Surrender value at 14years = RM47,581.00 (total paid only RM47,239.50) <----- RM3374.25 x 14years = RM47,239.50



Your quotation for this MLTA type 2 surrender value will break even at 14 years. Meaning you will get back what you've paid at 14 years guaranteed. Let's say you settle the loan earlier in 14 or 15 years, you already get back more then you paid for the MLTA thus you can say you are getting FREE MLTA coverage for RM275k and earning some interest too. And in the middle, you may refinance or change/upgrade to bigger property as you wish without burn the MLTA.


Beside you have the option to continue this MLTA until age 100 and treat this as your saving account with guaranteed return or even a extra life insurance after the loan settle. This will be cheaper a lot compare that you getting a new RM275k life insurance with same benefit at older age and and the new insurance will subject to approval depend on your health condition at that time too.





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For MLTA type 3 with non guaranteed surrender value
(This is an investment link plan which the surrender value will base on investment fund performance thus the surrender value is not guaranteed)



Age: 33 (1981)
Male / Non-smoker
Loan: RM275k
MLTA Tenure: There is NO term for this MLTA type 3 also, so it can be use up to age 100, just surrender this policy at any year you want to terminate or when the loan fully paid.
MLTA type 3 coverage of RM275k, Cover Death & TPD and OAD (old age disability)

Monthly premium = RM150.00
Yearly premium = RM1800.00


Projected Surrender value
At 14 years, High = Rm24,005.00, Low = Rm17,600.00
At 15 years, High = Rm26,605.00, Low = Rm18,943.00
At 20 years, High = Rm40,987.00, Low = Rm24,709.00
At 25 years, High = Rm51,663.00, Low = Rm28,021.00
At 30 years, High = Rm61,458.00, Low = Rm27,960.00


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Regarding your question,

what would be the MRTA ? is it one time payment or need to pay yearly / monthly ? as i know MRTA gets charged in loan amount when we first apply.. so in the event of death, what ever loan amount left will be paid off ?

Your MRTA premium will be RM3811.00. The premium is only one time payment and you may choose to charge into the loan or pay by cash.
In the event of death, the coverage amount will be refer to the coverage table as above. If Let say in the near future the BLR rate rise above the MRTA coverage table of 8%, then your loan balance might be higher then the MRTA coverage thus you will need to pay the different. So we cannot guaranteed MRTA can fully cover the loan amount if BLR rise.



how about MLTA, if im interested in MLTA type 2 with Guaranteed Surrender Value how the quotation ?
so after 15 years tenure once i paid off my loan, i can surrender my MLTA and get back the money or i continue pay ?

but see in previous posting MLTA just covers 50% of the loan amount ? if any death or permanent disability, when the loan amout is 200,000... it just covers 100,000 and the balance i need to settle my self ?

For MLTA type 2, your premium will be Rm3374.25 per year. And let's say you pay off the loan at 15th years, you may surrender this MLTA type 2 and get back RM53,045.00 (total paid only Rm3374.25 x 15years = RM50,613.75) guaranteed.

Yes, If you option for only cover 50% of the loan amount (for your case 50% = Rm137,500), at any event of death and TPD, only 50% or RM137,500 will be paid.
But of cause, if you choose to cover 50%, the MLTA premium will be reduce by around 50% too.



From the above quotation,

-MRTA give you the cheapest premium at Rm3811.00 to cover for 15 years. But MRTA coverage is reducing and it's not transferable when you refinance, or getting new loan when change/upgrade property in future. You will need to buy MRTA again and of cause the MRTA premium will be higher as age getting older.

Do note that if you finance the MRTA into the loan, you will be charge interest also. As for Rm3811 finance into loan at BLR-2.4% @ 15 years, you total payment over 15 years will be Rm5143.14.


-If you option for cheapest alternative to replace MRTA, then you may option for MLTA type 1.
MLTA type 1 only cost Rm767.25 per year or Rm11,508.75.

Although it cost almost double of the MRTA, it do provide few extra benefit.
-flexibility to transfer to cover others loan.
-level coverage of RM275k for 15 years.
(For example in the event at the 13th year, MRTA only cover Rm83,944.00 but this MLTA type 1 will still cover Rm275k. An extra of Rm191k cash for your family after settle the loan.)
-Premium is constant and will not increase regardless of BLR rate.



If your commitment allow, then you may option for MLTA type 2, As it will guaranteed you free coverage right after 14 years. As you will get back all your money paid after 14 years. You will also have the option to continue the coverage until age 100.



Regards,
Onn

In the event of death, insurance company will pay out the sum assured only except for investment link product that you can choose increasing coverage (sum assured + investment fund value in the event of death) instead of level coverage only.

For example, Mr A took Rm500k loan for 30 years and MLTA cover Rm500k for 30 years.

1) If Mr A pass away at the 15th years with loan balance of Rm300k, MLTA will pay out Rm500k. So Rm300k can be use to settle the loan and the balance Rm200k to the beneficiary.

2) If Mr A pass away at the 25th years with loan balance of Rm100k, MLTA will pay out Rm500k. So Rm100k can be use to settle the loan and the balance Rm400k to the beneficiary.


Regards,
Onn

That's the different for pay cash for MRTA or you finance the MRTA premium into your loan.

As I know, as long you never use the quota for that 50% discount, you still can use it now in your case. But better consult a lawyer for confirmation.

Hi, As for you quotation for MRTA and MLTA,

Quotation for MRTA

Age: 33 (1981)
Male / Non-smoker
MRTA cover for Death & TPD (Total Permanent Disability)

MRTA coverage of Rm420k for 30 years, premium will be RM18,765.00

MRTA coverage of Rm480k for 30 years, premium will be RM21,446.40


-----------------------------------------------------------------------------------------------------------------------

Quotation for MLTA
For MLTA type 1 with NO Surrender Value (but will have some value only if you surrender this policy earlier)

Age: 33 (1981)
Male / Non-smoker
MLTA type 1 , Cover Death & TPD (Total Permanent Disability)

MLTA type 1 coverage of Rm420k for 30 years,
Monthly premium = RM209.10
Yearly premium = RM2389.80

MLTA type 1 coverage of Rm480k for 30 years,
Monthly premium = RM238.98
Yearly premium = RM2731.20



--------------------------------------------------------------



For MLTA type 2 with Guaranteed Surrender Value
Age: 33 (1981)
Male / Non-smoker
MLTA Tenure: There is NO term for this MLTA type 2 so it can be use up to age 100, just surrender this policy at any year you want to terminate or when the loan fully paid.


MLTA coverage type 2 coverage of RM420k, Cover Death & TPD only

Monthly premium = RM450.92
Yearly premium = RM5153.40

GUARANTEED
Surrender value at 40years = RM277,242.00 (total paid only RM206,136.00)
Surrender value at 35years = RM240,656.00 (total paid only RM180,369.00)
Surrender value at 30years = RM200,659.00 (total paid only RM154,602.00)
Surrender value at 25years = RM158,806.00 (total paid only RM128,835.00)
Surrender value at 20years = RM118,730.00 (total paid only RM103,068.00)
Surrender value at 14years = RM72,688.00 (total paid only RM72,147.60) <----- RM5153.40 x 14years = RM72,147.60




MLTA coverage type 2 coverage of RM480k, Cover Death & TPD only

Monthly premium = RM515.32
Yearly premium = RM5889.60

GUARANTEED
Surrender value at 40years = RM316,848.00 (total paid only RM235,584.00)
Surrender value at 35years = RM275,035.00 (total paid only RM206,136.00)
Surrender value at 30years = RM229,325.00 (total paid only RM176,688.00)
Surrender value at 25years = RM181,493.00 (total paid only RM147,240.00)
Surrender value at 20years = RM135,691.00 (total paid only RM117,792.00)
Surrender value at 14years = RM83,050.00 (total paid only RM82,454.40) <----- RM5889.60 x 14years = RM82,454.40



---------------------------------------------------------------------------------------



For MLTA type 3 with non guaranteed surrender value
(This is an investment link plan which the surrender value will base on investment fund performance thus the surrender value is not guaranteed)
Age: 33 (1981)
Male / Non-smoker
MLTA Tenure: There is NO term for this MLTA type 3 also, so it can be use up to age 100, just surrender this policy at any year you want to terminate or when the loan fully paid.
MLTA type 3, Cover Death & TPD and OAD (old age disability)


MLTA coverage type 2 coverage of RM420k, Cover Death & TPD only
Monthly premium = RM200.00
Yearly premium = RM2400.00

Projected Surrender value
At 14 years, High = Rm31,051.00, Low = Rm22,708.00
At 20 years, High = Rm52,067.00, Low = Rm31,036.00
At 25 years, High = Rm64,009.00, Low = Rm33,655.00
At 30 years, High = Rm73,261.00, Low = Rm30,687.00




MLTA coverage type 2 coverage of RM480k, Cover Death & TPD only
Monthly premium = RM220.00
Yearly premium = RM2640.00

Projected Surrender value
At 14 years, High = Rm33,816.00, Low = Rm24,710.00
At 20 years, High = Rm56,373.00, Low = Rm33,478.00
At 25 years, High = Rm68,724.00, Low = Rm35,746.00
At 30 years, High = Rm77,601.00, Low = Rm31,500.00



------------------------------------------------------------------------------

The best MLTA plan for you would be the MLTA type 3 as the premium is the lowest among all MLTA option with the bonus of non guaranteed surrender value.

If the commitment is ok for you, then MLTA type 2 will be a good choice as you guaranteed can get back all your premium paid as early at 14th years. So you will not lose your money to get the protection of Rm480k right after 14 years.


Do let me know if you have any question regarding the quotation above.

Regards,
Onn

MRTA coverage of Rm420k for 15 years @ age 33, premium will be RM6561.60




MRTA coverage of Rm319,524 for 15 years @ age 48, premium will be RM17982.81



IF add up both, it will be Rm24,544.41, come out more expensive and do note that the decreasing coverage amount will not match with your 30 years loan.

For example, If somethings happened to you at 15th years, the MRTA cover Rm480k for 15 years will only cover for Rm51,924.24 while your actual loan balance will be at around Rm300k++. So even MRTA will under coverage tenure, the coverage amount will have a big different compare with MRTA cover for 30 years straight. So you will need to top up the different of Rm250k+ to settle the loan.

And also do note that you might not guarantee to get approval and might have extra loading for the new MRTA at later age as it will depend on your health condition at that time.

Regarding the MLTA quotation, it's base on basic coverage of Death and TPD without any rider. Just the same coverage as MRTA.



Regards,
Onn

This post has been edited by onnying88: May 20 2014, 11:14 AM

Hi, Sorry for my late reply. Below are the few quotation that's available for you.


Quotation for MRTA

Age: 35 (1979)
Male / Non-smoker
MRTA cover for Death & TPD (Total Permanent Disability)

MRTA coverage of Rm443k for 30 years, premium will be RM23,961.87

If you finance the MRTA premium of Rm23,961.87 @ BLR-2.4% (4.2%) into the loan, the monthly payment will be Rm117.18 per month. Total cost over 30 years will be Rm42,183.96.

Do note that if the BLR rise in future, the installment and total cost will higher too.


-----------------------------------------------------------------------------------------------------------------------

Quotation for MLTA
For MLTA type 1 with NO Surrender Value (but will have some value only if you surrender this policy earlier)

Age: 35 (1979)
Male / Non-smoker
MLTA type 1 , Cover Death & TPD (Total Permanent Disability)

MLTA type 1 coverage of Rm443k for 30 years,
Monthly premium = RM263.20
Yearly premium = RM3007.97




--------------------------------------------------------------


For MLTA type 2 with Guaranteed Surrender Value
Age: 35 (1979)
Male / Non-smoker
MLTA Tenure: There is NO term for this MLTA type 2 so it can be use up to age 100, just surrender this policy at any year you want to terminate or when the loan fully paid.
MLTA coverage type 2 coverage of RM443k, Cover Death & TPD only

Monthly premium = RM515.15
Yearly premium = RM5887.47

GUARANTEED
Surrender value at 40years = RM298,050.00 (total paid only RM235,498.80)
Surrender value at 35years = RM262,141.00 (total paid only RM206,061.45)
Surrender value at 30years = RM220,707.00 (total paid only RM176,624.10)
Surrender value at 25years = RM177,266.00 (total paid only RM147,186.75)
Surrender value at 20years = RM134,304.00 (total paid only RM117,749.40)
Surrender value at 15years = RM91,391.00 (total paid only RM88,312.05) <----- RM5887.47 x 15years = RM88,312.05




This MLTA type 2 surrender value will let you break even at 15 years guaranteed. Meaning you will get back what you've paid at 15 years guaranteed. Let's say you settle the loan at 15, 25, or at 30 years, you already get back more then you paid for the MLTA thus you can say you are getting FREE MLTA coverage of Rm443k and earning some extra too. And in the middle, you may refinance or change/upgrade to bigger property as you wish without burn the MLTA.

You may also use the surrender value to settle your loan earlier, Let's say if your loan balance left Rm70k at the 25th years, you can just surrender this MLTA type 2 and take the RM177,266.00 cash to settle the loan. With extra RM177,266.00 - Rm77k = Rm100,266.00 in pocket too. ( This works with others MLTA that have surrender value too)

Beside you have the option to continue this MLTA until age 100 and treat this as your saving account with guaranteed return or even a extra life insurance after the loan settle.


---------------------------------------------------------------------------------------



[b]For MLTA type 3 with non guaranteed surrender value
(This is an investment link plan which the surrender value will base on investment fund performance thus the surrender value is not guaranteed)

Age: 35 (1979)
Male / Non-smoker
MLTA Tenure: There is NO term for this MLTA type 3 also, so it can be use up to age 100, just surrender this policy at any year you want to terminate or when the loan fully paid.
MLTA type 3, Cover Death & TPD and OAD (old age disability)


MLTA coverage type 3 coverage of RM443k, Cover Death & TPD only
Monthly premium = RM200.00
Yearly premium = RM2400.00

Projected Surrender value
At 15 years, High = Rm30,766.00, Low = Rm21,575.00
At 20 years, High = Rm44,718.00, Low = Rm25,686.00
At 25 years, High = Rm51,778.00, Low = Rm24,651.00
At 30 years, High = Rm52,968.00, Low = Rm15,602.00



------------------------------------------------------------------------------

My suggestion for you,

1) The best MLTA plan for you would be the MLTA type 3 as the premium is the lowest among all MLTA option with the bonus of non guaranteed surrender value.

You only pay extra Rm83 ( MLTA type 3 of Rm200 - MRTA of Rm117 = Rm83) compare with MRTA and you enjoy extra benefit as below

- Level coverage throughout the whole coverage tenure. Mean 30 year also cover Rm443k.
- Option to continue the MLTA for refinance, upgrade bigger house or extra life coverage.
- Bonus with non guaranteed surrender value, although it's non guaranteed, it's still better then MRTA that's guaranteed ZERO surrender value at the end of 30 years.
- Premium does not tide up with BLR so worry free for BLR rise.
- Free up your commitment as finance the MRTA premium into the loan, you are lower down your borrowing quota for future investment.


2) If the commitment is ok for you, then MLTA type 2 will be a good choice as you guaranteed can get back all your premium paid as early at 15th years. So you will not lose your money to get the protection of Rm443k right after 15 years. After 15 year, you actually getting more and more surrender value then your total payment and it's black and white guaranteed.


Regarding to your question,
Nope, it's not compulsory to get the same coverage tenure as loan tenure. It's up to your choice and commitment.

Do let me know if you have any question regarding the quotation above.

Regards,
Onn

This post has been edited by onnying88: Jul 3 2014, 03:42 PM

More sample quotation

Male
Age : 24
Non smoking
Loan : Rm600k
Loan Tenure : 25years


---------------------------------------------------------------------------------------------------------------------

Quotation for MRTA

Age: 24 (1990)
Male / Non-smoker
MRTA cover for Death & TPD (Total Permanent Disability)

MRTA coverage of Rm600k for 25 years, premium will be RM10,774.00

If you finance the MRTA premium of Rm10,774.00 @ BLR-2.4% (4.2%) into the loan, the monthly payment will be Rm58.07 per month. Total cost over 30 years will be Rm17,419.69.

Do note that if the BLR rise in future, the installment and total cost will higher too.


-----------------------------------------------------------------------------------------------------------------------


Quotation for MLTA
For MLTA type 1 with NO Surrender Value (but will have some value only if you surrender this policy earlier)

Age: 24 (1990)
Male / Non-smoker
MLTA type 1 , Cover Death & TPD (Total Permanent Disability)

MLTA type 1 coverage of Rm600k for 25 years,
Monthly premium = RM121.27
Yearly premium = RM1386.00




--------------------------------------------------------------


For MLTA type 2 with Guaranteed Surrender Value
Age: 24 (1990)
Male / Non-smoker
MLTA Tenure: There is NO term for this MLTA type 2 so it can be use up to age 100, just surrender this policy at any year you want to terminate or when the loan fully paid.
MLTA coverage type 2 coverage of RM600k, Cover Death & TPD only

Monthly premium = RM462.52
Yearly premium = RM5286.00

GUARANTEED
Surrender value at 40years = RM325,824.00 (total paid only RM211,440.00)
Surrender value at 35years = RM270,444.00 (total paid only RM185,010.00)
Surrender value at 30years = RM217,116.00 (total paid only RM158,580.00)
Surrender value at 25years = RM168,690.00 (total paid only RM132,150.00)
Surrender value at 20years = RM125,010.00 (total paid only RM105,720.00)
Surrender value at 14years = RM75,228.00 (total paid only RM74,004.00) <----- RM5286.00 x 14years = RM74,004.00




This MLTA type 2 surrender value will let you break even at 14 years guaranteed. Meaning you will get back what you've paid at 14 years guaranteed. Let's say you settle the loan at 14, 20, or at 25 years, you already get back more then you paid for the MLTA thus you can say you are getting FREE MLTA coverage of Rm600k and earning some extra too. And in the middle, you may refinance or change/upgrade to bigger property as you wish without burn the MLTA.


Beside you have the option to continue this MLTA until age 100 and treat this as your saving account with guaranteed return or even a extra life insurance after the loan settle.


---------------------------------------------------------------------------------------



[b]For MLTA type 3 with non guaranteed surrender value
(This is an investment link plan which the surrender value will base on investment fund performance thus the surrender value is not guaranteed)

Age: 24 (1990)
Male / Non-smoker
MLTA Tenure: There is NO term for this MLTA type 3 also, so it can be use up to age 100 (provided the surrender value is sufficient), just surrender this policy at any year you want to terminate or when the loan fully paid.
MLTA type 3, Cover Death & TPD and OAD (old age disability)


MLTA coverage type 2 coverage of RM600k, Cover Death & TPD only
Monthly premium = RM200.00
Yearly premium = RM2400.00

Projected Surrender value
At 15 years, High = Rm34,958.00, Low = Rm25,574.00
At 20 years, High = Rm56,537.00, Low = Rm35,812.00
At 25 years, High = Rm74,297.00, Low = Rm43,928.00
At 30 years, High = Rm91,276.00, Low = Rm47,967.00



------------------------------------------------------------------------------

My suggestion,

1) You may consider MLTA type 1 if you looking for cheapest alternative for MRTA as the premium for the MLTA type 1 is the lowest among all MLTA option.

2) You may consider MLTA type 3 as it's just slightly higher then MLTA type 1,

You only pay extra Rm79 ( MLTA type 3 of Rm200 - MLTA type 1 of Rm121 = Rm79) comparing both, and you enjoy extra benefit as below for MLTA type 3

- Option to continue the MLTA type 3 for refinance, upgrade bigger house or use as extra life coverage for more then 25 years. While MLTA type 1 only provide fixed coverage for 25 years.
- Bonus with non guaranteed surrender value, although it's non guaranteed, it's still better then MLTA type 1 that's guaranteed ZERO surrender value at the end of 25 years.
- extra OAD (old age disability) coverage after age 65 for MLTA type 3


3) If the commitment is ok for you, then MLTA type 2 will be a good choice too if you prefer everything in guaranteed and can get back all your money paid. As This MLTA type 2 you will guaranteed can get back all your premium paid as early at 14th years. So you will not lose your money to get the protection of Rm600k right after 14 years. After 14 year, you actually getting more and more surrender value then your total payment and it's black and white guaranteed.


Regards,
Onn

Quotation for MRTA

Age: 27 (1987)
Male / Non-smoker
MRTA cover for Death & TPD (Total Permanent Disability)

MRTA coverage of Rm506599 for 35 years, premium will be RM20,740.00

If you finance the MRTA premium of Rm20,740.00 @ BLR-2.4% (4.2%) into the loan, the monthly payment will be Rm94.34 per month. Total cost over 30 years will be Rm39,621.11

Do note that if the BLR rise in future, the installment and total cost will higher too.


-----------------------------------------------------------------------------------------------------------------------

Quotation for MLTA
For MLTA type 1 with NO Surrender Value (but will have some value only if you surrender this policy earlier)

Age: 27 (1987)
Male / Non-smoker
MLTA type 1 , Cover Death & TPD (Total Permanent Disability)

MLTA type 1 coverage of Rm506599 for 35 years,
Monthly premium = RM187.06
Yearly premium = RM2137.85




--------------------------------------------------------------


For MLTA type 2 with Guaranteed Surrender Value

Age: 27 (1987)
Male / Non-smoker
MLTA Tenure: There is NO term for this MLTA type 2 so it can be use up to age 100, just surrender this policy at any year you want to terminate or when the loan fully paid.
MLTA coverage type 2 coverage of RM506599, Cover Death & TPD only

Monthly premium = RM426.43
Yearly premium = RM4873.48

GUARANTEED
Surrender value at 40years = RM293,478.00 (total paid only RM194,939.20)
Surrender value at 35years = RM247,570.00 (total paid only RM170,571.80)
Surrender value at 30years = RM200,680.00 (total paid only RM146,204.40)
Surrender value at 25years = RM156,448.00 (total paid only RM121,837.00)
Surrender value at 20years = RM115,819.00 (total paid only RM97,469.60)
Surrender value at 14years = RM70,280.00 (total paid only RM68,228.72) <----- RM4873.48 x 14years = RM68,228.72




This MLTA type 2 surrender value will let you break even at 14 years guaranteed. Meaning you will get back what you've paid at 14 years guaranteed. Let's say you settle the loan at 14, 25, or at 35 years, you already get back more then you paid for the MLTA thus you can say you are getting FREE MLTA coverage of Rm506599 and earning some extra too. And in the middle, you may refinance or change/upgrade to bigger property as you wish without burn the MLTA.


Beside you have the option to continue this MLTA until age 100 and treat this as your saving account with guaranteed return or even a extra life insurance after the loan settle.


---------------------------------------------------------------------------------------



For MLTA type 3 with non guaranteed surrender value
(This is an investment link plan which the surrender value will base on investment fund performance thus the surrender value is not guaranteed)

Age: 27 (1988)
Male / Non-smoker
MLTA Tenure: There is NO term for this MLTA type 3 also, so it can be use up to age 100 (provided value is sufficient), just surrender this policy at any year you want to terminate or when the loan fully paid.
MLTA type 3, Cover Death & TPD and OAD (old age disability)


MLTA coverage type 3 coverage of RM506599, Cover Death & TPD only
Monthly premium = RM200.00
Yearly premium = RM2400.00

Projected Surrender value
At 15 years, High = Rm38,588.00, Low = Rm24,512.00
At 20 years, High = Rm62,618.00, Low = Rm32,246.00
At 25 years, High = Rm81,712.00, Low = Rm36,868.00
At 30 years, High = Rm100,439.00, Low = Rm36,450.00
At 35 years, High = Rm117,928.00, Low = Rm29,412.00



------------------------------------------------------------------------------

My suggestion for you,

1) You may choose MLTA type 3 as the premium is just slightly higher then MLTA type 1.

You only pay extra Rm13 ( MLTA type 3 of Rm200 - MLTA type 1 of Rm187 = Rm13) compare with MLTA type 1, you enjoy extra bonus as below :

-non guarantee surrender value, It's better then MLTA type 1 that have no value at the end of 35 years.

- option to continue the policy after 35 years which MLTA type 1 will automatic terminate after 35 years.

-extra one protection of OAD (old age disability) after age 65. Do note that TPD for all policy is only cover until age 65 max.




2) If the commitment is ok for you, then MLTA type 2 will be a good choice as you guaranteed can get back all your premium paid as early at 14th years. So you will not lose your money to get the protection of Rm506599 right after 14 years. After 14 year, you actually getting more and more surrender value then your total payment and it's black and white guaranteed.



Do let me know if you have any question regarding the quotation above.



Regards,
Onn
017-6100337

This post has been edited by onnying88: Jul 3 2014, 04:13 PM

No problem. Quotation as per request.


Quotation for MRTA

Age: 31 (1983)
Female / Non-smoker
MRTA cover for Death & TPD (Total Permanent Disability)

MRTA coverage of Rm612k for 35 years, premium will be RM27,304.00

If you finance the MRTA premium of Rm27,304.00 @ BLR-2.4% (effective 4.45%) into the loan, the monthly payment will be Rm128.37 per month. Total cost over 35 years will be Rm53,917.02

Do note that if the BLR increase in future, the installment and total cost will increase too.



-----------------------------------------------------------------------------------------------------------------------


Quotation for MLTA

For MLTA type 1 with NO Surrender Value (but will have some value only if you surrender this policy earlier)

Age: 31 (1983)
Female / Non-smoker
MLTA type 1 , Cover Death & TPD (Total Permanent Disability)

MLTA type 1 coverage of Rm612k for 35 years,
Monthly premium = RM311.13
Yearly premium = RM3555.72




--------------------------------------------------------------------------------------------------------------------


For MLTA type 2 with Guaranteed Surrender Value
Age: 31 (1983)
Female / Non-smoker
MLTA Tenure: There is NO term for this MLTA type 2 so it can be use up to age 100, just surrender this policy at any year you want to terminate or when the loan fully paid.
MLTA coverage type 2 coverage of RM612k, Cover Death & TPD only

Monthly premium = RM535.50
Yearly premium = RM6120.00

GUARANTEED
Surrender value at 40years = RM384,991.00 (total paid only RM244,800.00)
Surrender value at 35years = RM331,422.00 (total paid only RM214,200.00)
Surrender value at 30years = RM274,164.00 (total paid only RM183,600.00)
Surrender value at 25years = RM216,275.00 (total paid only RM153,000.00)
Surrender value at 20years = RM160,968.00 (total paid only RM122,400.00)
Surrender value at 15years = RM109,071.00 (total paid only RM91,800.00)
Surrender value at 11years = RM67,828.00 (total paid only RM67,320.00) <----- RM6120.00 x 11years = RM67,320.00




This MLTA type 2 surrender value will let you break even at 11 years guaranteed. Meaning you will get back what you've paid at 11 years guaranteed. Let's say you settle the loan earlier at 11, 25, or at 35 years, you already get back more then you paid for this MLTA thus you can say you are getting FREE MLTA coverage of Rm612k and earning some extra too. And in the middle, you may refinance or change/upgrade to bigger property as you wish without burn the MLTA.

Beside you have the option to continue this MLTA until age 100 and treat this as your saving account with guaranteed return or even a extra life insurance after the loan settle.


---------------------------------------------------------------------------------------------------------------------



For MLTA type 3 with non guaranteed surrender value
(This is an investment link plan which the surrender value will base on investment fund performance thus the surrender value is not guaranteed)

Age: 31 (1983)
Female / Non-smoker
MLTA Tenure: There is NO term for this MLTA type 3 also, so it can be use up to age 100 (If surrender value is sufficient), just surrender this policy at any year you want to terminate or when the loan fully paid.
MLTA type 3, Cover Death & TPD and OAD (old age disability)


MLTA coverage type 3 coverage of RM612k, Cover Death & TPD only
Monthly premium = RM200.00
Yearly premium = RM2400.00

Projected Surrender value
At 15 years, High = Rm34,101.00, Low = Rm24,543.00
At 20 years, High = Rm52,720.00, Low = Rm32,219.00
At 25 years, High = Rm65,600.00, Low = Rm36,000.00
At 30 years, High = Rm74,498.00, Low = Rm33,120.00
At 35 years, High = Rm77,019.00, Low = Rm21,046.00



------------------------------------------------------------------------------------------------------------

My suggestion for you,

1) The best and cheapest MLTA plan for you would be the MLTA type 3 as the premium is the lowest among all MLTA option

You only pay extra Rm71.63 per month ( MLTA type 3 of Rm200/mth - MRTA of Rm128.37/mth = Rm71.63) compare with MRTA and you enjoy extra benefit as below

- Level coverage throughout the whole coverage tenure. Mean 35 year also cover Rm612k.
- Option to continue the MLTA for refinance, upgrade bigger house or extra life coverage.
- Bonus with non guaranteed surrender value, although it's non guaranteed, it's still better then MRTA that's guaranteed ZERO surrender value at the end of 35 years.
- Premium does not tide up with BLR so worry free for BLR rise.
- Free up your commitment as finance the MRTA premium into the loan, you are lower down your borrowing quota for future investment.


2) If the commitment is ok for you, then MLTA type 2 will be a good choice too, as you guaranteed can get back all your premium paid as early at 11 years. So you will not lose your money to get the protection of Rm612k right after 11 years. After 11 year, the longer you continue this MLTA type 2, more extra surrender value (beside your total paid) you will get back and it's black and white guaranteed.




Regards,
Onn
017-6100337

More example:

Scenario,
House price = RM400K (loan 90%)
House loan tenure = 30 years or 35 years
Property type = sub sale
DOB = 1979
Male and non smoking

-------------------------------------------------------------------------------------------------

Quotation for MRTA

Age: 35 (1979)
Male / Non-smoker
MRTA cover for Death & TPD (Total Permanent Disability)


MRTA coverage of Rm400k for 30 years,
MRTA premium = RM23,832.00

If you finance the MRTA premium of Rm23,832.00.00 @ BLR-2.4% (effective 4.45%) into the loan, the monthly payment will be Rm120.05 per month. Total cost over 30 years will be Rm43,216.65


---------------------------------------------------------


MRTA coverage of Rm400k for 35 years,
MRTA premium = RM32,016.00

If you finance the MRTA premium of Rm32,016.00.00 @ BLR-2.4% (effective 4.45%) into the loan, the monthly payment will be Rm150.53 per month. Total cost over 35 years will be Rm63,221.77

Do note that if the BLR increase in future, the installment and total cost will increase too.




-----------------------------------------------------------------------------------------------------------------------


Quotation for MLTA

For MLTA type 1 with NO Surrender Value (but will have some value only if you surrender this policy earlier)

Age: 35 (1979)
Male / Non-smoker
MLTA type 1 , Cover Death & TPD (Total Permanent Disability)

MLTA type 1 coverage of Rm400k for 35 years,
Monthly premium = RM290.15
Yearly premium = RM3316.00

MLTA type 1 coverage of Rm400k for 30 years,
Monthly premium = RM237.65
Yearly premium = RM2716.00

MLTA type 1 coverage of Rm400k for 25 years,
Monthly premium = RM194.95
Yearly premium = RM2228.00

MLTA type 1 coverage of Rm400k for 20 years,
Monthly premium = RM156.80
Yearly premium = RM1792.00





--------------------------------------------------------------------------------------------------------------------


For MLTA type 2 with Guaranteed Surrender Value
Age: 35 (1979)
Male / Non-smoker
MLTA Tenure: There is NO term for this MLTA type 2 so it can be use up to age 100, just surrender this policy at any year you want to terminate or when the loan fully paid.
MLTA coverage type 2 coverage of RM400k, Cover Death & TPD only

Monthly premium = RM465.15
Yearly premium = RM5316.00

GUARANTEED
Surrender value at 40years = RM269,120.00 (total paid only RM212,640.00)
Surrender value at 35years = RM236,696.00 (total paid only RM186,060.00)
Surrender value at 30years = RM199,284.00 (total paid only RM159,480.00)
Surrender value at 25years = RM160,060.00 (total paid only RM132,900.00)
Surrender value at 20years = RM121,268.00 (total paid only RM106,320.00)
Surrender value at 15years = RM82,520.00 (total paid only RM79,740.00) <----- RM5316.00 x 15years = RM79,740.00




This MLTA type 2 surrender value will let you break even at 15 years guaranteed. Meaning you will get back what you've paid at 15 years guaranteed. Let's say if you settle the loan earlier at 15, 25, or at 35 years, you just need to surrender this policy back and you already get back more then you paid for this MLTA thus you can say you are getting FREE MLTA coverage of Rm400k and earning some extra too. And in the middle, you may refinance or change/upgrade to bigger property as you wish without burn the MLTA.

Beside you have the option to continue this MLTA until age 100 and treat this as your saving account with guaranteed return or even a extra life insurance after the loan settle.


---------------------------------------------------------------------------------------------------------------------



For MLTA type 3 with non guaranteed surrender value
(This is an investment link plan which the surrender value will base on investment fund performance thus the surrender value is not guaranteed)

Age: 35 (1979)
Male / Non-smoker
MLTA Tenure: There is NO term for this MLTA type 3 also, so it can be use up to age 100 (If surrender value is sufficient), just surrender this policy at any year you want to terminate or when the loan fully paid.
MLTA type 3, Cover Death & TPD and OAD (old age disability)


MLTA coverage type 3 coverage of RM400k, Cover Death & TPD and OAD only
Monthly premium = RM200.00
Yearly premium = RM2400.00

Projected Surrender value
At 15 years, High = Rm32,371.00, Low = Rm22,801.00
At 20 years, High = Rm48,052.00, Low = Rm28,059.00
At 25 years, High = Rm57,633.00, Low = Rm28,909.00
At 30 years, High = Rm62,970.00, Low = Rm22,879.00
At 35 years, High = Rm57,300.00, Low = Rm2504.00



------------------------------------------------------------------------------------------------------------

My suggestion for you,

1) The cheapest and value for money MLTA plan for you would be the MLTA type 3 as the premium is the lowest among all MLTA option which extra benefit as below

-You only pay extra Rm49.47 per month ( MLTA type 3 of Rm200/mth - MRTA of Rm150.53/mth = Rm49.47) compare with MRTA Rm400k coverage for 35 years.
- Level coverage throughout the whole coverage tenure. Mean 35 year also cover Rm400k. (MRTA coverage decreasing each year)
- Option to continue the MLTA for when refinance, upgrade bigger house or use it as extra life coverage.
- Bonus with non guaranteed surrender value, although it's non guaranteed, it's still a bonus and better then MRTA that's guaranteed ZERO surrender value at the end of 35 years.
- Premium does not tide up with BLR so worry free for BLR rise.
- Free up your commitment as finance the MRTA premium into the loan, you are lower down your borrowing quota for future investment.


2) If the commitment is ok for you, then MLTA type 2 will be a good choice too, as you guaranteed can get back all your premium paid as early at 15 years. So you will not lose your money to get the protection of Rm400k right after 15 years. After 15 year, the longer you continue this MLTA type 2, more extra surrender value (beside your total paid) you will get back and it's black and white guaranteed.

Hi, Raymond. Sorry for my late reply. Below are the quotation base on your detail provided.


----------------------------------------------------------------------------------------------------------------

Quotation for MRTA

Age: 27 (1987)
Male / Non-smoker
MRTA cover for Death & TPD (Total Permanent Disability)


MRTA coverage of Rm427k for 35 years, premium will be RM16,793.91 or Rm78.96 per month

If you finance the MRTA premium of Rm16.793.91 @ BLR-2.4% (effective 4.45%) into the loan, the monthly payment (MRTA only) will be Rm78.96 per month. Total cost (principle+interest) over 35 years will be Rm33,162.82


Do note that if the BLR increase in future, the installment and total cost will increase too.


----------------------------------------------------------------------------------------------------------------


Quotation for MLTA

For MLTA type 1 with NO Surrender Value (but will have some value only if you surrender this policy earlier)

Age: 27 (1987)
Male / Non-smoker
MLTA type 1 , Cover Death & TPD (Total Permanent Disability)


MLTA type 1 coverage of Rm427k for 35 years fixed,
Monthly premium = RM159.54
Yearly premium = RM1823.29



--------------------------------------------------------------------------------------------------------------------------




For MLTA type 2 with Guaranteed Surrender Value
Age: 27 (1987)
Male / Non-smoke
MLTA Tenure: There is NO term for this MLTA type 2 so it can be use up to age 100, just surrender this policy at any year you want to terminate or when the loan fully paid.
MLTA coverage type 2 coverage of RM427k, Cover Death & TPD only

Monthly premium = RM365.03
Yearly premium = RM4171.79

GUARANTEED
Surrender value at 40years = RM247,365.00 (total paid only RM166,871.60)
Surrender value at 35years = RM208,671.00 (total paid only RM146,012.65)
Surrender value at 30years = RM169,088.00 (total paid only RM125,153.70)
Surrender value at 25years = RM131,866.00 (total paid only RM104,294.75)
Surrender value at 20years = RM97,621.00 (total paid only RM83,435.80)
Surrender value at 15years = RM65,741.00 (total paid only RM62,576.85)
Surrender value at 14years = RM59,238.00 (total paid only RM58,405.06) <----- RM4171.79 x 14years = RM58,405.06


This MLTA type 2 surrender value will let you break even at 14 years guaranteed. Meaning you will get back what you've paid at 14 years guaranteed. Let's say you settle the loan earlier at 14, 25, or at 35 years, you already get back more then you paid for this MLTA thus you can say you are getting FREE MLTA coverage of Rm427k and earning some extra too. And in the middle, you may refinance or change/upgrade to bigger property as you wish without burn the MLTA.

Beside you have the option to continue this MLTA until age 100 and treat this as your saving account with guaranteed return or even a extra life insurance after the loan settle.

Note: The surrender value can be withdraw anytime and the coverage will be remain at Rm427k as long the inside value remain at min Rm3k.



--------------------------------------------------------------------------------------------------------------------------



For MLTA type 3 with non guaranteed surrender value
(This is an investment link plan which the surrender value will base on investment fund performance thus the surrender value is not guaranteed)

Age: 27 (1987)
Male / Non-smoker
MLTA Tenure: There is NO term for this MLTA type 3 also, so it can be use up to age 100 (as long as there is sufficient fund), just surrender this policy at any year you want to terminate or when the loan fully paid.


MLTA coverage type 3 coverage of RM427k, Cover Death & TPD and OAD (old age disability)
Monthly premium = RM200.00
Yearly premium = RM2400.00

Projected Surrender value
At 10 years, High = Rm20,102.00, Low = Rm16,491.00
At 15 years, High = Rm38,263.00, Low = Rm27,688.00
At 20 years, High = Rm61,179.00, Low = Rm38,184.00
At 25 years, High = Rm80,464.00, Low = Rm46,859.00
At 30 years, High = Rm100,122.00, Low = Rm52,095.00
At 35 years, High = Rm119,737.00, Low = Rm52,552.00
At 40 years, High = Rm136,722.00, Low = Rm43,795.00



--------------------------------------------------------------------------------------------------------------


My Suggestion:


1) If you looking for cheapest alternative for MRTA, then the MLTA type 1 with only RM159.54 per month or RM1823.29 per year will be the cheapest alternative for MRTA


2) For the best option which is value for money, then MLTA type 3 with only Rm200 per month or Rm2400 per year will be the best.

Compare with Rm200 per month for MLTA type 3, with Rm78.96 per month for MRTA, you only pay extra Rm200 - Rm78.96 = Rm121.04 per month.
And you can get extra :-

- Level coverage of Rm427k throughout the whole coverage tenure.
- Option to continue the this MLTA for refinance, upgrade bigger house or extra life coverage.
-flexible coverage tenure which can cover more then 35 years in your case.
- Bonus with non guaranteed surrender value, although it's non guaranteed, it's still better then MRTA or MLTA type 1 that's guaranteed ZERO surrender value at the end of 30 years.
- Premium does not tide up with BLR so worry free for BLR rise.
- Free up your commitment as finance the MRTA premium into the loan, you are lower down your borrowing quota for future investment.


3) If the commitment is ok for you, then MLTA type 2 will be a good choice too, as you guaranteed can get back all your premium paid as early at 14 years. So you will not lose your money to get the protection of Rm427k right after 14 years. After 14 year, the longer you continue this MLTA type 2, more extra surrender value (beside your total paid) you will get back and it's black and white guaranteed regardless of company or fund performance.


--------------------------------------------------------------------------------------------------




Regards,
Onn
017-6100337

Hi, below are the quotation as your request.


Quotation for MRTA

Age: 26 (1988)
Male / Non-smoker
MRTA cover for Death & TPD (Total Permanent Disability)


MRTA coverage of Rm500k for 35 years, premium will be RM18,165.00 or Rm85.41 per month (if finance MRTA into loan)

If you finance the MRTA premium of Rm18,165.00 @ BLR-2.4% (effective 4.45%) into the loan, the monthly payment (MRTA only) will be Rm85.41 per month. Total cost over 35 years (premium+interest for MRTA) will be Rm35,870.30


Do note that if the BLR increase in future, the installment and total cost will increase too. And also MRTA coverage is REDUCING according to 35 years loan yearly balance.


----------------------------------------------------------------------------------------------------------------


Quotation For MLTA

For MLTA type 1 with NO Surrender Value (but will have some value only if you surrender this policy earlier)

Age: 26 (1988)
Male / Non-smoker
Loan: RM500k
MLTA coverage type 1 coverage of RM500k, Cover Death & TPD (Total Permanent Disability)


MLTA type 1 coverage for 35 years,
Monthly premium = RM171.94
Yearly premium = RM1965.00

More detail info for the MLTA type 1
[attachmentid=4207505]

------------------------------------------------------------------------------------




For MLTA type 2 with Guaranteed Surrender Value


Age: 26 (1988)
Male / Non-smoker
Loan: RM500k
MLTA Tenure: There is NO term for this MLTA type 2 so it can be use up to age 100, just surrender this policy at any year you want to terminate or when the loan fully paid.
MLTA coverage type 2 coverage of RM500k, Cover Death & TPD only

Monthly premium = RM405.12
Yearly premium = RM4630.00


GUARANTEED
Surrender value at 40years = RM281,465.00 (total paid only RM185,200.00)
Surrender value at 35years = RM236,485.00 (total paid only RM162,050.00)
Surrender value at 30years = RM191,290.00 (total paid only RM138,900.00)
Surrender value at 25years = RM148,730.00 (total paid only RM115,750.00)
Surrender value at 20years = RM109,675.00 (total paid only RM92,600.00)
Surrender value at 14years = RM66,170.00 (total paid only RM64,820.00) <----- RM4630.00 x 14years = RM64,820.00


More detail info for the MLTA type 2
[attachmentid=4207510]


This MLTA type 2 surrender value will break even at 14 years. Meaning you will get back what you've paid at 14 years guaranteed. Let's say you settle the loan earlier in 14,25 years, or at 35 years, you already get back more then you paid for the MLTA thus you can say you are getting FREE MLTA coverage for RM500k and earning some extra too. And in the middle, you may refinance or change/upgrade to bigger property as you wish without burn the MLTA.


Beside you have the option to continue this MLTA until age 100 and treat this as your saving account with guaranteed return or even a extra life insurance after the loan settle. This will be cheaper a lot compare that you getting a new RM500k life insurance at older age (with same guarantee return) and and the new insurance will subject to approval depend on your health condition at that time too.




------------------------------------------------------------------------------------




For MLTA type 3 with non guaranteed surrender value
(This is an investment link plan which the surrender value will base on investment fund performance thus the surrender value is not guaranteed)


Age: 26 (1988)
Male / Non-smoker
Loan: RM500k
MLTA Tenure: There is NO FIXED term for this MLTA type 3 also, It's subject to surrender value availability and in your case, the minimum coverage tenure will be 45 years. So you may just surrender this policy at any year you want to terminate or when the loan fully paid.
MLTA coverage type 3 coverage of RM500k, Cover Death & TPD and OAD (old age disability)

Monthly premium = RM200.00
Yearly premium = RM2400.00


Projected Surrender value
At 14 years, High = Rm33,079.00, Low = Rm24,642.00
At 20 years, High = Rm59,159.00, Low = Rm37,036.00
At 25 years, High = Rm77,441.00, Low = Rm45,128.00
At 30 years, High = Rm95,311.00, Low = Rm49,263.00
At 35 years, High = Rm111,675.00, Low = Rm47,625.00
At 40 years, High = Rm123,637.00, Low = Rm36,010.00


More detail info for the MLTA type 3
[attachmentid=4207517]


--------------------------------------------------------------------------------


From above quotation for MLTA, i would suggest to get :

1)MLTA type 2 if the commitment is ok for you as you can guaranteed get back the money after 14 years. If somethings happened to you or either, your loved one will get RM500k or if nothing happened, you get back all your money with extra guaranteed. So you will get free coverage of RM500k and will not lose your money at the end. Just treat this as a saving account with FREE RM500k insurance coverage.


2) If you looking for the value for money and provide best protection and flexibility, then MLTA type 3 with only RM200 per month will be better for you as it only cost you extra around RM28 per month compare with if you get MLTA type 1.

By paying just Rm200 per month, you get :-
-extra optional Rm500k life protection until age 71 or 45 year minimum in your case, compare with MRTA or MLTA type 1 that have fixed 35 years coverage only.
-cover for death, TPD and also extra one OAD (Old age disability) coverage.
-Surrender value, although the surrender value is not guaranteed, It is still better then nothing or zero surrender value as MRTA or MLTA type 1. Just treat any surrender value you get as bonus point.
-optional to withdraw the surrender value out in case or emergency. Just keep a minimum of Rm3k and the coverage of Rm500k will be still remain.


--------------------------------------------------------------------------------------------------------------------------



If you have further question or need adjustment for the MLTA. Feel free to let me know ya.


Regards,
Onn

Senario,
Property purchase price Rm1,015,145
Loan 85% = Rm862,873.25
Loan tenure = 35 years

Borrower 1
Male / Non-smoker
Age: 33 (1981)

Borrower 2
Female / Non-smoker
Age: 34 (1980)

----------------------------------------------------------------------------

Quotation for MRTA

Male / Non-smoker
Age: 33 (2/8/1981)
Purchase price : Rm1,015,145 - 15% = Rm862,873.25 net
MRTA cover for Death & TPD (Total Permanent Disability)


MRTA coverage of Rm862k for 35 years,
MRTA premium for non-financed = RM52,383.74 (mean you pay by cash) or
MRTA premium for Financed = Rm55,773.00 (mean you finance the MRTA into the loan)

If you finance the MRTA premium of Rm55,773.00 @ BLR-2.4% (effective 4.45%) into the loan, the monthly payment (MRTA only) will be Rm262.23 per month. Total cost over 35 years (principle + interest) will be Rm110,134.55

Detail of the MRTA and the reducing coverage schedule please refer to attachment
(mrta_male_rm862k_35yrs)



----------------------------------------------------------

Female / Non-smoker
Age: 34 (7/11/1980)
Purchase price : Rm1,015,145 - 15% = Rm862,873.25 net
MRTA cover for Death & TPD (Total Permanent Disability)


MRTA coverage of Rm862k for 35 years,
MRTA premium for non-financed = RM43,763.74 (mean you pay by cash) or
MRTA premium for Financed = Rm46,104.00 (mean you finance the MRTA into the loan)

If you finance the MRTA premium of Rm46,104.00 @ BLR-2.4% (effective 4.45%) into the loan, the monthly payment (MRTA only) will be Rm216.76 per month. Total cost over 35 years (principle + interest) will be Rm91,041.25

Detail of the MRTA and the reducing coverage schedule please refer to attachment
(mrta_female_rm862k_35yrs)




----------------------------------------------------------------------------------------------------------------------------


Quotation For MLTA


For MLTA type 1 with NO Surrender Value
(but will have some value only if you surrender this policy earlier)


Male / Non-smoker
Age: 33 (2/8/1981)
Purchase price : Rm1,015,145 - 15% = Rm862,873.25 net
MLTA coverage type 1, Cover Death & TPD (Total Permanent Disability) only


MLTA type 1 coverage of RM862k, for 35 years,
Monthly premium = RM521.94
Yearly premium = RM5965.04

MLTA type 1 coverage of RM862k, for 25 years,
Monthly premium = RM346.20
Yearly premium = RM3956.58

MLTA type 1 coverage of RM862k, for 15 years,
Monthly premium = RM206.66
Yearly premium = RM2361.88

Detail quotation of MLTA type 1 for Male please refer to attachment
(mlta type 1_male_rm862k_35yrs)



--------------------------------------------------


Female / Non-smoker
Age: 34 (7/11/1980)
Purchase price : Rm1,015,145 - 15% = Rm862,873.25 net
MLTA coverage type 1, Cover Death & TPD (Total Permanent Disability) only


MLTA type 1 coverage of RM862k, for 35 years,
Monthly premium = RM569.46
Yearly premium = RM6508.10

MLTA type 1 coverage of RM862k, for 25 years,
Monthly premium = RM379.39
Yearly premium = RM4335.86

MLTA type 1 coverage of RM862k, for 15 years,
Monthly premium = RM227.78
Yearly premium = RM2603.24

Detail quotation of MLTA type 1 for female please refer to attachment
(mlta type 1_female_rm862k_35yrs)


----------------------------------------------------------------------------------------------------------------------------




For MLTA type 2 with Guaranteed Surrender Value



Male / Non-smoker
Age: 33 (2/8/1981)
Purchase price : Rm1,015,145 - 15% = Rm862,873.25 net
MLTA Tenure: There is NO term for this MLTA type 2 so it can be use up to age 100, just surrender this policy at any year you want to terminate or when the loan fully paid.

MLTA coverage type 2 coverage of RM862k , Cover Death & TPD only
Monthly premium = RM910.38
Yearly premium = RM10,404.34


GUARANTEED
Surrender value at 40years = RM569,006.00 (total paid only RM416,173.60)
Surrender value at 35years = RM493,917.00 (total paid only RM364,151.90)
Surrender value at 30years = RM411,829.00 (total paid only RM312,130.20)
Surrender value at 25years = RM325,931.00 (total paid only RM260,108.50)
Surrender value at 20years = RM243,679.00 (total paid only RM208,086.80)
Surrender value at 14years = RM149,143.00 (total paid only RM145,660.76) <----- RM10404.34 x 14years = RM145,660.76


Detail Quotation for MLTA type 2 for male please refer to attachment
(mlta type 2_male_rm862k)





-----------------------------------------------------


Female / Non-smoker
Age: 34 (7/11/1980)
Purchase price : Rm1,015,145 - 15% = Rm862,873.25 net
MLTA Tenure: There is NO term for this MLTA type 2 so it can be use up to age 100, just surrender this policy at any year you want to terminate or when the loan fully paid.

MLTA coverage type 2 coverage of RM862k , Cover Death & TPD only
Monthly premium = RM836.46
Yearly premium = RM9559.58


GUARANTEED
Surrender value at 40years = RM582,186.00 (total paid only RM382,383.20)
Surrender value at 35years = RM507,503.00 (total paid only RM334,585.30)
Surrender value at 30years = RM424,863.00 (total paid only RM286,787.40)
Surrender value at 25years = RM337,137.00 (total paid only RM238,989.50)
Surrender value at 20years = RM252,342.00 (total paid only RM191,191.60)
Surrender value at 15years = RM172,788.00 (total paid only RM143,393.70)
Surrender value at 11years = RM108,457.00 (total paid only RM105,155.38) <----- RM9559.58 x 11years = RM105,115.38


Detail Quotation for MLTA type 2 for female please refer to attachment
(mlta type 2_female_rm862k)



This MLTA type 2 surrender value will break even at 14 years for Male and 11 years for female. Meaning you will get back what you've paid at 14 and 11 years guaranteed. Let's say you settle the loan earlier in 14,25 years, or at 35 years, you already get back more then you paid for the MLTA thus you can say you are getting FREE MLTA coverage for RM862k each person and earning some interest too. And in the middle, you may refinance or change/upgrade to bigger property as you wish without burn the MLTA.


Beside you have the option to continue this MLTA until age 100 and treat this as your saving account with guaranteed return or even a extra life insurance after the loan settle.




-----------------------------------------------------------------------------------------------------------------------------------------





For MLTA type 3 with non guaranteed surrender value
(This is an investment link plan which the surrender value will base on investment fund performance thus the surrender value is not guaranteed)



Male / Non-smoker
Age: 33 (2/8/1981)
Purchase price : Rm1,015,145 - 15% = Rm862,873.25 net
MLTA Tenure: There is NO FIXED term for this MLTA type 3, It's subject to surrender value availability and in your case, the minimum coverage tenure will be 35 years. So you may just surrender this policy at any year you want to terminate or when the loan fully paid.
MLTA coverage type 3 , Cover Death , TPD and OAD (Old age disability) only


MLTA type 3 coverage of RM862k, cover for minimum 40 years
Monthly premium = RM400.00
Yearly premium = RM4800.00

Projected Surrender value
At 15 years, High = Rm69,450.00, Low = Rm49,235.00
At 20 years, High = Rm105,100.00, Low = Rm62,529.00
At 25 years, High = Rm128,823.00 Low = Rm67,438.00
At 30 years, High = Rm146,786.00, Low = Rm60,802.00
At 35 years, High = Rm148,569.00, Low = Rm30,576.00



Detail quotation of MLTA type 3 for Male please refer to attachment
(mlta type 3_male_rm862k)



---------------------------------------------------



Female / Non-smoker
Age: 34 (7/11/1980)
Purchase price : Rm1,015,145 - 15% = Rm862,873.25 net
MLTA Tenure: There is NO FIXED term for this MLTA type 3, It's subject to surrender value availability and in your case, the minimum coverage tenure will be 45 years. So you may just surrender this policy at any year you want to terminate or when the loan fully paid.
MLTA coverage type 3 , Cover Death , TPD and OAD (Old age disability) only


MLTA type 3 coverage of RM862k, cover for minimum 45 years
Monthly premium = RM250.00
Yearly premium = RM3000.00

Projected Surrender value
At 15 years, High = Rm41,104.00, Low = Rm30,393.00
At 20 years, High = Rm67,496.00, Low = Rm43,395.00
At 25 years, High = Rm89,691.00, Low = Rm54,155.00
At 30 years, High = Rm110,950.00, Low = Rm60,034.00
At 35 years, High = Rm128,186.00, Low = Rm57,355.00
At 40 years, High = Rm138,611.00, Low = Rm42,782.00
At 45 years, High = Rm133,101.00, Low = Rm 5896.00


Detail quotation of MLTA type 3 for Female please refer to attachment
(mlta type 3_female_rm862k)


--------------------------------------------------------------------------------


From above quotation for MRTA and MLTA, i would suggest to get :

1) MRTA
If you are just looking for cheapest coverage, then you may option for MRTA which is the cheapest among all coverage.

You may choose to pay cash for the MRTA but if you finance the premium into the loan, then the monthly premium for MRTA will be Rm262.23 per month for Male and Rm216.76 for Female.

Do note that the MRTA coverage is reducing yearly and if BLR increase in future, your MRTA cost will increase too if you finance into loan.



2) MLTA type 3
If you looking for best alternative plan to replace the MRTA, then you may consider the MLTA type 3 which is only cost Rm400.00 per month for male and Rm300 per month for female

The different between MRTA and MLTA type 3 is only
Rm400.00 - Rm262.23 = Rm137.77 per month for male and
Rm300.00 - Rm216.76 = Rm83.24 per month for female

Total you pay extra per month is only Rm221.01 if you take MLTA type 3, and you will get extra benefit as below:-

-Level Coverage of Rm862k throughout the tenure, while MRTA coverage is reducing each year.
-longer coverage period with minimum 35 years coverage for male and 45 years coverage for female.
-Flexible to terminate or surrender the MLTA at anytime you wish.
-Option to continue use this MLTA type 3 to cover your future investment/refinance or even treat it as extra life coverage protection.
-It will be cheaper by a lot to continue instead of getting another Rm862k coverage plan at later age. And it's also subject to your health for approval if you get a new plan at later age.
-Come with non-guaranteed surrender value. Although the value is not guarantee, it's still better then zero surrender value as MRTA.
-Surrender value can be use as emergency fund. You may withdraw the surrender value out and just need to keep a minimum of Rm3000 in it and the Rm862k coverage will still in force.



3) MLTA type 2
- If the commitment is ok for you, then MLTA type 2 will be a good choice too, as you guaranteed can get back all your premium paid as early at 14 years for male and 11 years for female. So you will not lose your money to get the protection of Rm862k right after 14 and 11 years. After 14 year, the longer you continue this MLTA type 2, more extra surrender value (beside your total paid) you will get back and it's black and white guaranteed regardless of company or fund performance.

This post has been edited by onnying88: Dec 18 2014, 05:28 PM

Quotation for MRTA

Age:28 (13/11/1987)
Male / Non-smoker
MRTA cover for Death & TPD (Total Permanent Disability) only


MRTA coverage of Rm550k for 35 years,
MRTA premium for non-financed = RM19,981.50 (mean you pay by cash) or
MRTA premium for Financed = Rm20,734.00 (mean you finance the MRTA into the loan)

If you finance the MRTA premium of Rm20,734.00 @ BLR-2.4% (effective 4.45%) into the loan, the monthly payment (MRTA only) will be Rm97.48 per month. Total cost over 35 years (principle + interest) will be Rm40,943.28

Detail of the MRTA for MALE and the reducing coverage schedule.



----------------------------------------------------------

Age: 25 (13/1/1990)
Female / Non-smoker
MRTA cover for Death & TPD (Total Permanent Disability)


MRTA coverage of Rm550k for 35 years,
MRTA premium = RM14,410.00 for non-financed (mean you pay by cash) or
MRTA premium = Rm14,797.00 for Financed (mean you finance the MRTA into the loan)

If you finance the MRTA premium of Rm14,797.00 @ BLR-2.4% (effective 4.45%) into the loan, the monthly payment (MRTA only) will be Rm69.57 per month. Total cost over 35 years (principle + interest) will be Rm29,219.53

Detail of the MRTA for FEMALE and the reducing coverage schedule.





----------------------------------------------------------------------------------------------------------------------------


Quotation For MLTA

For MLTA type 1 with NO Surrender Value (but will have some value only if you surrender this policy earlier)


Male / Non-smoker
Age:27 (13/11/1987)
Loan : Rm550k
MLTA type 1, Cover Death & TPD (Total Permanent Disability) only


MLTA type 1 coverage of RM550k, for 35years,
Monthly premium = RM203.09
Yearly premium = RM2321.00



--------------------------------------------------


Female / Non-smoker
Age: 25 (13/1/1990)
Loan : Rm550k
MLTA type 1, Cover Death & TPD (Total Permanent Disability) only


MLTA type 1 coverage of RM550k, for 35years,
Monthly premium = RM176.62
Yearly premium = RM2018.50



----------------------------------------------------------------------------------------------------------------------------



For MLTA type 2 with Guaranteed Surrender Value


Male / Non-smoker
Age:27 (13/11/1987)
Loan : Rm550k
MLTA Tenure: There is NO term for this MLTA type 2 so it can be use up to age 100, just surrender this policy at any year you want to terminate or when the loan fully paid.
MLTA type 2 coverage of RM550k, Cover Death & TPD only

Monthly premium = RM462.96
Yearly premium = RM5291.00

GUARANTEED
Surrender value at 40years = RM318,621.00 (total paid only RM211,640.00)
Surrender value at 35years = RM268,780.00 (total paid only RM185,185.00)
Surrender value at 30years = RM217,795.00 (total paid only RM158,730.00)
Surrender value at 25years = RM169,851.00 (total paid only RM132,275.00)
Surrender value at 20years = RM125,741.00 (total paid only RM105,820.00)
Surrender value at 15years = RM84,678.00 (total paid only RM79,365.00)
Surrender value at 14years = RM76,302.00 (total paid only RM74,074.00) <----- RM5291.00 x 14years = RM74,074.00


This MLTA type 2 surrender value will let you break even at 14 years guaranteed. Meaning you will get back what you've paid at 14 years guaranteed. Let's say if you settle the loan earlier at 14, 25, or at 35 years, you already get back more then you paid for this MLTA thus you can say you are getting FREE MLTA coverage of Rm550k and earning some extra too. And in the middle, you may refinance or change/upgrade to bigger property as you wish without burn the MLTA.

Beside you have the option to continue this MLTA until age 100 and treat this as your saving account with guaranteed return or even a extra life insurance after the loan settle.

Note: The surrender value can be withdraw anytime and the coverage will be remain at Rm550k as long the surrender value remain at min Rm3k.



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Female / Non-smoker
Age: 25 (13/1/1990)
Loan : Rm550k
MLTA Tenure: There is NO term for this MLTA type 2 so it can be use up to age 100, just surrender this policy at any year you want to terminate or when the loan fully paid.
MLTA type 2 coverage of RM550k, Cover Death & TPD only

Monthly premium = RM394.15
Yearly premium = RM4504.50

GUARANTEED
Surrender value at 40years = RM300,575.00 (total paid only RM180,180.00)
Surrender value at 35years = RM251,565.00 (total paid only RM157,657.50)
Surrender value at 30years = RM203,187.00 (total paid only RM135,135.00)
Surrender value at 25years = RM157,405.00 (total paid only RM112,612.50)
Surrender value at 20years = RM115,599.00 (total paid only RM90,090.00)
Surrender value at 15years = RM77,094.00 (total paid only RM67,567.50)
Surrender value at 12years = RM54,505.00 (total paid only RM54,054.00) <----- RM4504.50 x 12years = RM54,054.00


This MLTA type 2 surrender value for FEMALE will break even at 12 years guaranteed.





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For MLTA type 3 with non guaranteed surrender value
(This is an investment link plan which the surrender value will base on investment fund performance thus the surrender value is not guaranteed)



Male / Non-smoker
Age:27 (13/11/1987)
Loan : Rm550k
MLTA Tenure: There is NO FIXED term for this MLTA type 3, It's subject to surrender value availability and in your case, the minimum coverage tenure will be 40 years. So you may just surrender this policy at any year you want to terminate or when the loan fully paid.
MLTA type 3 , Cover Death , TPD prior to age 65, OAD after age 65 (Old age disability) and CIWP cover for 35 years .

OAD
Old age disability, This OAD will start cover after age 65 and company will pay you Rm550k once you diagnose 3 out of 5 by doctor, that you cannot perform Eat or Bath or Toilet or Move or Wear cloth by yourself.

CIWP
Critical waiver of premium, in between the 35 years coverage, if you diagnose with any 36 critical illness, company will help you to pay the Rm2400 premium per year for the remaining years. So you no need to pay this MLTA anymore once you diagnose with 36 critical illness.


MLTA type 3 coverage of RM550k, cover for minimum 40 years
Monthly premium = RM200.00
Yearly premium = RM2400.00

Projected Surrender value
At 15 years, High = Rm34,926.00, Low = Rm25,231.00
At 20 years, High = Rm54,712.00, Low = Rm33,818.00
At 25 years, High = Rm69,543.00 Low = Rm39,305.00
At 30 years, High = Rm81,958.00, Low = Rm39,431.00
At 35 years, High = Rm90,528.00, Low = Rm32,411.00
At 40 years, High = Rm89,945.00, Low = Rm12,061.00



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Female / Non-smoker
Age: 25 (13/1/1990)
Loan : Rm550k
MLTA Tenure: There is NO FIXED term for this MLTA type 3, It's subject to surrender value availability and in your case, the minimum coverage tenure will be 45 years. So you may just surrender this policy at any year you want to terminate or when the loan fully paid.
MLTA type 3 , Cover Death , TPD prior to age 65, OAD after age 65 (Old age disability) and CIWP cover for 35 years


MLTA type 3 coverage of RM550k, cover for minimum 35 years
Monthly premium = RM180
Yearly premium = RM2160

Projected Surrender value
At 15 years, High = Rm29,886.00, Low = Rm22,022.00
At 20 years, High = Rm48,768.00, Low = Rm31,227.00
At 25 years, High = Rm64,708.00, Low = Rm38,962.00
At 30 years, High = Rm80,525.00, Low = Rm43,748.00
At 35 years, High = Rm94,594.00, Low = Rm43,445.00
At 40 years, High = Rm105,495.00, Low = Rm36,070.00
At 45 years, High = Rm107,804.00, Low = Rm14,982.00



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From above quotation for MRTA and MLTA, i would suggest to get :

1) MRTA
If you are just looking for cheapest coverage, then you may option for MRTA which is the cheapest among all coverage.

You may choose to pay cash for the MRTA but if you finance the premium into the loan, then the monthly premium for MRTA will be Rm97.48 per month for Male and Rm69.57 for Female

Do note that if BLR increase in future, your MRTA cost will increase too if you finance into loan. And also the coverage for MRTA is reducing by years. You may check the coverage table in my MRTA quotation attachment.



2) MLTA type 3
If you looking cheapest alternative to replace the MRTA, then you may consider the MLTA type 3 which is only cost Rm200 per month for MALE and Rm180 per month for FEMALE

By paying just extra Rm102.52 (Rm200 - Rm97.48 = Rm102.52) for MALE and Rm110.43 (Rm180 - Rm69.57 = Rm110.43) for FEMALE, you both will get extras as below :-

-Extra coverage for OAD (Old age disability) and CIWP (Critical Illness Waiver Of Premium for 35 years coverage)
-Level coverage of Rm550k for minimum 40 years compare with MRTA that will have reducing coverage. For example the coverage of MRTA at 30th years is only Rm226k while this MLTA type 3 will still cover for Rm550k.
-Able to transfer or continue the MLTA if you refinance or change other property in future.
-Option to continue use this MLTA type 3 to cover your future investment or even treat it as extra life coverage protection.
-Come with surrender value. Although the value is not guarantee, it's still better then zero surrender value as MRTA
-The surrender value can be withdraw out to shorten the loan tenure or use for any emergency. You just need to remain a minimum of Rm3000 and the life coverage of Rm550k will be still remain.



3) MLTA type 2
If the commitment is ok for you, then MLTA type 2 will be a good choice too, as you guaranteed can get back all your premium paid as early at 12years for female and 14 years for male. So you will not lose your money to get the protection of Rm550k right after 12 and 14 years. After 12 and 14 years, the longer you continue this MLTA type 2, more extra surrender value (beside your total paid) you will get back and it's black and white guaranteed regardless of company or fund performance.





Regards,
Onn
017-6100337

This post has been edited by onnying88: Mar 17 2015, 03:26 PM