So let's say if you bough a 1.5 mil house at 30.9 yrs old.. and you took 40 yrs loan (I know now is 35 only).

Then at the 39th years serving the loan you die due to ageing (normal case la.. as male always die earlier).

So, the bank will pay your family 1.5m? Means they get 1.5mil + a house?

So they best time to buy in a few is @30 y/o with 40 years loan + MLTA?

So MLTA insurance us always better in this case?

(Sorry la, if you die 71y/o you lose 1.5mil)

This post has been edited by InF.anime: Sep 10 2014, 02:03 AM

For MLTA, whether you are gone at year 1 or year 39, your beneficiary will get your insured amount, says RM1.5 mil in this case.

If you buy the MLTA at older age, the annual premium will be higher.

well, i normally would get mlta/mrta at 1/4 to 1/2 duration of the loan rather than taking full duration of the loan.

what is the different? by that time the premium will be much higher cz of aging.

As ur loan term is say 40 years. When u died at 71 u already fully settle ur loan. But another good thing about mlta is u will get back wut u have paid for during the 40 years in the event u r still alive in 70 years old.

take MLTA like a life insurance policy.. then you will be understand them better.

MLTA for rm1.5m would not be cheap for sure.

+1

MLTA will costs you a bomb.

There are a lot of insurance packages in the market, just do some study and find the one that suits you most.

what i meant is to get the MRTA/MLTA at shorter duration as compared to the loan duration. ie a 40 years loan, taking only mrta of 8 years and settling the loan within the duration.
the insurance cost much higher when duration is longer.

At 39 years, yes your family will get 1.5mil and a house because your loan balance only left one year to pay and assume it can be neglect.

If you die at 1-10th year lets say, your family only get a house because they need to use the 1.5mil to pay off your loan (they can keep some balance after pay off the loan because your loan will be >1.5mil). Or they can keep the 1.5mil cash and use it to pay the installment slowly. Of cause do note that 1.5mil will not enough to pay for remaining installment tenure due to interest.

You may click my siggy below to get some example of different MLTA quotation for comparison with scenario.

If you get MRTA for 8 years, your mrta coverage table will follow the loan balance as of a 8years loan tenure, so the mrta will be way below coverage if you die at 5-8 years.

For example
Mrta at 8th year coverage only at rm100k, but your 40 years tenure 1.5mil mortgage loan at 8th year can be around rm1.3mil.

How to make sure your family have 1.2mil to pay the balance when it's happen?

Settle a 1.5mil loan in 8 year, you are talking about paying rm19k per month or rm230k per year just for paying installment. I believe not much people able can do so even they can get 1.5mil to approve.

Understood...

There is MLTA that can get back what you've paid as early as 11 to 14 years depend on entry age, after 11 year you will getting more then you've paid and it's guaranteed. No need to wait 40 years to get back.

Of cause it might cost higher but we can treat it as saving account with free life coverage. If something happen you get rm1.5mil in this case, if nothing happen you can get back your all the money paid in full just after 11year.

It's good if you have some spare money. 11 to 14 years can consider short duration to achive compare with mortgage loan tenure.

ah ic....

cause i was told by my banker that mrta would cover most of the loan in any event of death or tpd, if it covers according to an amount specified by the duration, then i think its fair to go for longer duration of years.

and i am not asking you to pay 1.5million within 8 years, hardly not many people is able to do it in malaysia. you have to think and have a good finance planning ahead of you (mind you, i did not state the amount there in my case here)

have a good finance plan and projectahead, of when you can settle the loan within if you plan to.

QUOTE(InF.anime @ Sep 10 2014, 12:35 AM)

So let's say if you bough a 1.5 mil house at 30.9 yrs old.. and you took 40 yrs loan (I know now is 35 only).

Then at the 39th years serving the loan you die due to ageing (normal case la.. as male always die earlier).

So, the bank will pay your family 1.5m? Means they get 1.5mil + a house?

So they best time to buy in a few is @30 y/o with 40 years loan + MLTA?

So MLTA insurance us always better in this case?

(Sorry la, if you die 71y/o you lose 1.5mil)

MLTA Protection Remain
MRTA Protection Reducing

MLTA Fully covered outstanding loan amount and Additional protection plan to family
MRTA Insufficient to cover whole out standing

MLTA Serve as for any new purchase or refinancing in future
MRTA Policy Terminated

MLTA can use cash value in acc to settle your loan earlier
MRTA not applicable

MLTA premium maintain
MRTA serve more premiums when finance by bank. Interest is tied up withBLR!! At the end premium Burn.

Regard
Fish 0169661681

It's misleading to say MRTA insufficient to cover whole outstanding. It depends on the coverage you bought. If MRTA policy is terminated earlier (says because the loan is settled earlier), you can still get back the "unused" premium.

Some more MLTA can transfer to another Property
But MRTA cannot!

Regard
Fish 0169661681

Boss out of curiosity, how much is the MLTA Premiums for TS case.

Assuming of course, no loading due to health issues.

MLTA Premium for RM1.5 mln Policy for 40-years assuming aged 30 and non-smoker

you should ask for same scenario, the cost of MLTA and also MRTA.
then forummers can really tell which to go for.

ah ic...
guess i need to check my coverage plan

this will soon become MLTA vs MRTA thread...

in a nutshell, get MRTA for own stay, while MLTA for investment...

I never believe in both MLTA and MRTA. why? MLTA costs a bomb. MRTA burns when i refinance or sell. I am very active with selling and refinancing. So both BS to me. For my age at least. For older generations, the scenario is different.

Now MLTA can do with affordable price.

Will work out the sample quotation base on TS scenario when I reach home. Everyone feel free to comment about it later.

Tks Bro, please also include MRTA.

Am pretty sure MRTA, RM1.5 mln + 40-yrs, premium > RM100K

MRTA premium > RM100k!? Tak mungkin lar bro.

Amint kor, certain banks impose the MRTA as loan approval condition, to enhance their income and to mitigate their risk. So not everyone can convince the banks, some may but perhaps pricing slightly lousy. But nowadays with stiff competition, some banks are willing to relax their rules.

For buyer itself, MLTA / MRTA could be a protection to his / her love ones if any unfortunate events happen to the buyer. Not many so deep pocket like you

really depends on how old u are and tenure of MRTA

The quote that I got for RM780K Loan

20-yrs = 40K
25 yrs = 60K

If RM1.5 mln, easily double right?

For 40 years of coverage probably the insured / borrower is young at the age of 30 (normally bank will only lend up to 35 yrs or up to age of 70, whichever comes first - but in this case the 40 yrs coverage seems above the normal term). I don't have the MRTA calculator but RM100k + premium for this scenario doesn't seem logical to me.

Base on info as below
Age: 31 (1984)
Male / Non-smoker
Loan Amount : Rm1.5mil
Loan Tenure : 40 years



Quotation for MRTA

Age: 37 (1984)
Male / Non-smoker
MRTA cover for Death & TPD (Total Permanent Disability)

MRTA coverage of Rm1.5mil for 40 years,
MRTA premium = RM100,350.00 (pay by cash) or Rm107,544.00 (premium will higher if finance into loan because you need to cover extra Rm100k for the MRTA)

So,
If you choose to finance the MRTA premium of Rm107,544.00 @ BLR-2.4% (4.45%) into the loan, the MRTA work out to be :

Monthly payment = Rm476.59 per month or
Yearly payment = Rm5719.08 per year.

Total cost for MRTA over 40 years will be Rm228,761.58. This is assuming BLR is fixed at 6.85% throughout 40 years period. If BLR rise, cost will become 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: 31 (1984)
Male / Non-smoker
MLTA type 1 , Cover Death & TPD (Total Permanent Disability)

MLTA type 1 coverage of Rm1.5mil for 40 years,
Monthly premium = RM857.06
Yearly premium = RM9795.00

MLTA type 1 coverage of Rm1.5mil for 30 years,
Monthly premium = RM572.25
Yearly premium = RM6540.00

MLTA type 1 coverage of Rm1.5mil for 20 years,
Monthly premium = RM362.25
Yearly premium = RM4140.00

MLTA type 1 coverage of Rm1.5mil for 10 years,
Monthly premium = RM229.69
Yearly premium = RM2625.00


As you can see the premium for this MLTA type 1 will be cheaper if the coverage tenure shorter and also if younger age. So this MLTA type 1 is not suitable for TS with 40 years tenure.


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



For MLTA type 2 with Guaranteed Surrender Value

Age: 31 (1984)
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 RM1.5mil, Cover Death & TPD only

Monthly premium = RM1391.25
Yearly premium = RM15,900.00

GUARANTEED
Surrender value at 40years = RM920,010.00 (total paid only RM636,000.00)
Surrender value at 35years = RM788,775.00 (total paid only RM556,500.00)
Surrender value at 30years = RM650,085.00 (total paid only RM477,000.00)
Surrender value at 25years = RM512,310.00 (total paid only RM397,500.00)
Surrender value at 20years = RM380,070.00 (total paid only RM318,000.00)
Surrender value at 14years = RM229,665.00 (total paid only RM222,600.00) <----- RM15,900.00 x 14years = RM222,600.00




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, 25, or at 40 years, you already get back more then you paid for the MLTA thus you can say you are getting FREE MLTA coverage of Rm1.5mil 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.


So, if you have some spare money to spend, this MLTA type 2 is worth consider as the surrender value is guaranteed and will breakeven as early as 14 years.

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.


P/S: Like it or not, everyone need to die once in a lifetime right? This MLTA type 2 is guaranteed cover Rm1.5mil until age 100.



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



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 (1984)
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 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 RM1.5mil, Cover Death & TPD only
Monthly premium = RM476.58
Yearly premium = RM5719.00

Projected Surrender value
At 14 years, High = Rm71,215.00, Low = Rm52,261.00
At 20 years, High = Rm117,806.00, Low = Rm70,073.00
At 25 years, High = Rm139,983.00, Low = Rm71,770.00
At 30 years, High = Rm148,318.00, Low = Rm54,472.00
At 35 years, High = Rm132,157.00, Low = Rm7711.00
At 40 years, High = Rm60,256.00, Low = Rm-




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

My suggestion for you,

1) You may choose MLTA type 3 as the premium is same as the MRTA and also give you extra benefit as below

-Level coverage of Rm1.5mil for 40 years instead of reducing coverage of MRTA.

-This MLTA type 3 is transferable when refinance or upgrade property. If you refinance let's say 5 years later, MRTA premium charge will be higher with same Rm1.5mil coverage due to elder age.

-The premium is fixed at Rm5719 per year for MLTA type 3 while MRTA will be increase if BLR rise.

-Free up Rm107k borrowing quota limit or commitment as you no need to pay or finance Rm107k in one lump sum. (bank will not count Insurance commitment when approve a loan.)

-Option to stop insurance payment in case of unfortunately happened like lose your job, sickness and etc. While if you take MRTA and finance into loan, you need to pay the installment in time and can't stop even if you seriously ill. Bank show no mercy if you own them money.

-Although MLTA type 3 surrender value is non guarantee, Some is better then MRTA that guarantee no value at the end of 40 years.

-Surrender value can be withdraw out in case of emergency, just leave a min Rm3k inside and the coverage of Rm1.5mil will be still in force. MRTA only can get back refund if you terminate it before coverage end.

-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. OAD coverage mean Rm1.5mil will be paid to you if you diagnose with 3 or of 5 by doctor that you :-

-can't eat by yourself
-can't move by yourself
-cant't go toilet by yourself
-can't shower by yourself
-can't wear cloth by yourself




2) Of cause,If the commitment is ok for you, then MLTA type 2 will be a good option 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 Rm1.5mil 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.


Please take note that i only compare apple to apple with given scenario in TS case.
Different scenario like shorter coverage tenure, or younger age can make some different outcome so others MLTA plan might be better choice to apply.


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

This is my sharing regarding pros and cons of MLTA and MRTA. Welcome everyone to share your opinion or feel free to ask if have any question.


There is more sample quotation with different scenario below my siggy there if interested to know more.



Cheers,
Onn

This post has been edited by onnying88: Sep 10 2014, 10:43 PM

You'r right, for TS case at 31 years old and coverage of Rm1.5mil for 40 years. MRTA premium workout to be Rm100,350.00.

tell me the pro and cons of mrta and mlta, thank you.
when i secure my loan with the bank, i was given the option to obtain mrta only (and i was told that in the event of tpd or death, that mrta would cover my loan as long as at it happens within the frame of my mrta duration, how true is that?)

make sure you don't die due to some virus/ sickness.

your family will get zero.

mlta is like 50:50

you die or you no die. I think a fair bet wo.

I like that, simple enough to understand.
But mind to elaborate a bit?

What kind of situation they won't compensate?
You too bro.

you go curi makan china chicken make sure wear protection la.

This post has been edited by tikaram: Sep 11 2014, 12:17 AM

Dear Onn, very nice sharing!
Will really look into it. Thanks

not everyone afford to settle within 8 years. some mid income has to serve 40 years loan to settle the house.

+1 good point.

IMO, 100K for MLTA is expensive. My Case is simple. 400K coverage at age 31. Yearly RM 1800. No fix year. When i terminate. i won't expect to get back much of the premium.

Please take a look at both MRTA coverage at the 8th year to see the different.

A) MRTA coverage of Rm1.5mil for 40 years




B) MRTA coverage of Rm1.5mil for 8 years



So if your loan duration is 40 years and somethings bad happened at the 8th years,

Option A pay out = Rm1,552,175.00

Option B pay out = Rm243,886.00


So do you think option B is enough to cover loan balance even MRTA is still under cover duration?

If the virus you get is after getting the MRTA/MLTA, it's still under coverage if you die. Even you commit suicide after 12 month the MLTA in force, you will still get paid too. You wouldn't get paid only if your death is cause by terrorist attack/war event and maybe some special individual case.

MRTA/MLTA both cover the same death and TPD, except it's specially stated when going underwriting. If MLTA can't claim, MRTA definitely also can't claim too.

If MRTA and MLTA both also same price in this TS case, will you still go for MRTA if the property is for own stay?

Please share your opinion.

No problem, LYN is a good sharing platform.

ic...well i would get MRTA for a duration that im confident of settling my loan within
for a 1.5million loan of course settling it within 8 years would be almost impossible for now.

Rm100k premium is for MRTA bro.

Of cause your 400k coverage is cheaper comparing with 1.5mil coverage.

Actually if your 400k coverage times 3, 1.2mil coverage = Rm5400 yearly. Almost same as the quotation i quote @ 1.5mil coverage = Rm5719 yearly

does it mean if i'm in MH17, then i won't get compensation ?

Until now still no party or authorities can 100% confirm it's terrorist attack right? (Although we all know it is)

By right if comfirm terrorist attack, no compensation will be paid. Imagine if a terrorist bom drop at a town, I think no insurance company will able to handle the compensation claim.

Currently all insurance company just pay out purely by humanity. As some of the victim even didn't found the body and by right need many procedure to get the death cert to be able to claim.

Yes MLTA payout amount is reducing according to home loan repayments...

bro just buy a 2mil Life only insurance.... then ur family is confirm secured lor.. for this matter.

hehe it depends on how you see the so called "same price", we should take into consideration for time value of money...

based on your schedule and surrender value, i have roughly worked out a "net cost incurred" at the end of Year 14.

Is just a rough working, shoot me if im wrong, as we are here to share opinion


Attached thumbnail(s)

Thanks for the info

how come my 2009 contarct policy with this line?

shall not cover : by fits, hernia, illness of any kind, veneral disease (including AIDS), intoxicating liquour, drugs, suicide, self inflicted injury, judicial pronouncement, unlawful act on the part of the Assured or willful exposeure of the assured to unnecessary danger except in an attempt to save human life.


j. by or arising out or consequent upon or contributed to by Acquired immune Deficency Sydrome AIDS or AIDS related complex ARD however and when the syndrome has been acquired or may be named.

http://www.property.cc/article/what-is-mrta

This post has been edited by tikaram: Sep 11 2014, 03:46 PM

Bro, don't get me wrong.

If the Insurance Company had a choice, I would most would not pay. Its more like they have been forced to pay by MY Govt.

Generally Insurance Company always find fault not to pay and War / Terrorist has always been the exclusion clause.

Even MH 370, under normal cases, it would take years before any payout but payout has been fast-tracked

double post.

This post has been edited by tikaram: Sep 11 2014, 03:47 PM

Ok la, i give you guys one hint...
Buy more house take MLTA, then always take MAS to travel

No need to shoot la, just sharing only.

Can elaborate more detail regarding the chart you come out? Can't understand what's PV and some value you getting.
By the way you should compare apple to Apple which is mrta vs MLTA type 3 as both also same price.


The MLTA type 2 is only for those who have spare money and wish to guaranteed get back total paid at 14th years.

Even with MLTA type 2, total paid for 14 years = Rm159000 x 14 = Rm222,600.00

Guaranteed surrender value for MLTA type 2 at 14th years = Rm229,665.00

Rm229,665 - Rm222,600 = Rm8,065 extra.

You get net cost of positive Rm8065 if you choose MLTA type 2. Can i count like this for net cost incurred?

This post has been edited by onnying88: Sep 11 2014, 04:40 PM

As i know and even i check in the product disclosure sheet, i didn't found it for Hong Leong MRTA or MLTA.

I've called back to office to double check with this AIDS issue and get back the answer here.

But for sure, Suicide is claimable if the policy is over 12month period. It's written in the MRTA product disclosure sheet under clause no.6





This post has been edited by onnying88: Sep 11 2014, 04:53 PM

Understand that hla has a very competitive insurance premium but also many hidden clause. So really need to read the journal thick t&c instead of 2 pages of disclosure sheet.

This shall apply to the rest of insurance policy as well.

Agree with you, all insurance company will have many hidden clause in insurance policy.

That's why insurance company offer 15 days of free look period for you to study the whole policy. If you found anythings you don't like in the clause, you just cancel the policy and get back your money minus out the medical checking fee (if applicable)

It's part of your responsibility to read up the T&C in every policy you getting, not just depend on insurance agent only. Just like signing S&P, it's our job to read up the T&C before sign and pay anythings. (But i believe many people lazy to do this part)

Just get a confirm answer from my leader and office. Yes, Death due to AIDS is under cover with condition that the virus is infected after the policy issued, not before.

do you noticed that the disclosure sheet have a small clause there mention the" policy contract prevail"

So I guess, My policy contract stated AIDS very clearly la.

This post has been edited by tikaram: Sep 11 2014, 06:17 PM

Should be different company different coverage. Or sometime old times policy enjoy lesser coverage and benefit too as insurance business become more competitive nowadays.

Can't be more agreed that we need to go through the T&C by not depending on insurance agent. However how many people can go through every single clause drafted by professionals & fully understand each & every sentences.

Thus there is where insurance agent come in to explain or highlight to us which we shall take note as how many people will sign more than 10 insurance policy. An experienced, an agent should able to fill in this gap.

But again, how many agent will be able to fulfill this role. Even worst for commission & sales they will give promising return (investment link product) without taking up the liability (It's the person own responsibility to go through ALL T&C & not depending on the agent).

Or comparison facts but keep some hidden. Eg. lower premium on medical & life policy but without explaining that in event death happen in less than certain years, only certain percentage will payout.

Same as signing SPA, how many lawyer do really explain each clause in the SPA page by page to buyer? They will just explain first few page (check name,ic,address,price) and the rest just tell us it's all standard SPA T&C and ask us sign it. Even worst we only get the signed SPA copy after months before we can really go through each page.

How many buyer here do really request for a SPA copy to read up prior to sign it. Some developer even force buyer to sign SPA in 14days to get extra discount. Do buyer have the chance to read the SPA?

So who to blame if somethings unfair clause hidden in SPA and we signed? Buyer? Lawyer? or developer?

As a sharing with you guys from Great Eastern that our MLTA and MRTA is at a very competitive price and most importantly, we are having a promotional period of up to RM1,200,000 are not required any medical checkup.

MRTA
Age: 31
Male / Non-smoker
Sum Assured: RM1,500,000
Tenure: 30 years
Premium term: 1 time
Premium: RM55,921 lump sum.

MLTA type 1 with non guaranteed surrender value(ILP), No medical checkup required
Age: 31
Male / Non-smoker
Sum Assured: RM1,500,000
Tenure: 30 years (age 61 for this example)
Payment term: 20 years
Monthly premium = RM500
Yearly premium = RM6,000

Projected Surrender value
At 14 years, High = Rm71,993.00, Low = Rm58,875.00
At 20 years, High = Rm116,717.00, Low = Rm83,642.00
Premium stopped
At 25 years, High = Rm102,670.00, Low = Rm57,550.00
At 30 years, High = Rm60,955.00, Low = Rm1,819.00

Or you can opt to higher premium with same sum assured for high cash value.

Age: 31
Male / Non-smoker
Sum Assured: RM1,500,000
Tenure: 30 years (age 61 for this example)
Payment term: 20 years
Monthly premium = RM750
Yearly premium = RM9,000
Projected Surrender value
At 14 years, High = Rm127,251.00, Low = Rm104,360.00
At 20 years, High = Rm218,608.00, Low = Rm159,838.00
Premium stopped
At 25 years, High = Rm230,505.00, Low = Rm148,996.00
At 30 years, High = Rm223,790.00, Low = Rm113,246.00


MLTA type 2 with non guaranteed surrender value(ILP)
Age: 31
Male / Non-smoker
Sum Assured: RM1,500,000
Tenure: until 99 years old
Payment term: until 99 years old
Monthly premium = RM450
Yearly premium = RM5,400

Projected Surrender value
At 14 years, High = Rm55,068.00, Low = Rm44,905.00
At 20 years, High = Rm81,934.00, Low = Rm57,224.00
At 25 years, High = Rm81,370.00, Low = Rm48,348.00
At 30 years, High = Rm51,896.00, Low = Rm9,829.00

Not undergo any medical checkup would always at upper hand as when we are purchasing sum assured as high as RM1million and above. Usually we would need to undergo a whole series of medical checkup including long medical examination, blood, urine and sometimes treadmill ECG for large sum assured as that.

Shall we think we are healthy but then we are diagnose with "little" high blood pressure or cholesterol or rising of blood sugar, our MLTA premium will be increased by at least 25-100% according to our health issue. This increase of premium will also affect our future insurance policy be it medical card or income replacement insurance as our record of medical checkup will be filed at the hospital and insurance system forever.

Nevertheless, MLTA type 1 is having a very competitive premium of RM9,000 for 20 years, that is your total premium paid would be RM180,000 and shall nothing happen to you, you are expected to have back RM223,790 for high return scenario investment return and RM113,246 at the low scenario investment return, this is non-guaranteed and depend on the investment return.

This post has been edited by ExpZero: Sep 13 2014, 05:50 PM

Any age also no need medical check up for rm1.2mil coverage?

What if after 3 month the person pass away due to heart attack or cancer? Full payment paid out or reduced?

Can pls give another simulation for 40 yrs tenure? Thanks.

This post has been edited by Jasoncat: Sep 13 2014, 05:34 PM

Hi,

Great Eastern cover up to 30 years only.

Checkup waiver is up to age 50.

Full sum assured of RM1,500,000 will be paid out shall policyholder pass away after the waiting period with full health disclosure.

Since there are some insurance agents / experts here. Can check with you guys for MRTA, if the basic parameters (gender, age, sum assured, tenure) are the same, bank/insurer A and bank/insurer B may have different premium, right? The diff in premium is due to diff in the actuarial assumptions, correct?

Yes, Actuarial assumptions as known as Cost of insurance.

As far as I know, the COI for sum assured in every company is not subject to change, only medical card COI is subject to change accordingly to claim experience.

So for the same parameters, premium for MRTA may be different for diff insurers?

Yes, even for all the other plans.

Some company do offer Large Sum Assured Discount, Great Eastern is giving 30% for sum assured higher than RM500,000. That's one of the reason you see GE pricing is so competitive.

Sum assured discount- it means if I want a policy with RM1M coverage, but with the 30% discount the premium calculation is based on RM700k coverage, though my actual coverage is RM1M?

What does it mean after waiting period with full health disclosure?

How long is the waiting period? And what if a person with cancer survived during waiting period but pass away after waiting period? Still cover full amount?

Yes, you are right. You can view the Cost Of Insurance in the original quotation. Basically COI and past year investment performance is among the few crucial factors to look at.

May I know how long is the waiting period for Hong Leong Assurance?

Thanks for the info bro.

Before sign for any mlta always remember is juz a high payout life insurance. Each agent (eg. hla, ge, etc) will show u their best in terms of etc etc in compare with others but keep some shit hidden.
so if u didn't read through urself like onnying88 mentioned is ur own fault. So u may opt to stop ur premium or blame urself y dun read the dictionary before sign as agent will juz wash hand after taken ur commission. Ps. Not all agent the same. But some have spoiled the market.

if I bought a house 3 years ago and insured it under MRTA, can I reinsured the house under MLTA now? Will I get anything from the remaining term under MRTA?

If u didn't plan to sell ur house n ur mrta cover the same period as ur house loan. Y bother to swap to mlta.
but if u plan to sell ur house n wan to buy a new one soon. U can opt to get mlta after tat.
bear in mind. Mlta is juz a high payout life insurance. If u than to buy a say 400k house in near 2 years. U can always buy it now as ur premium increase as per ur age.
again some insurance take a year or so to be effective. So if u buy earlier might have some benefit if u can afford.
Make sure u read all the t&c cos u r to blame should anything happen. We have an agent highlight that to us already.

As mentioned by Impulse10, there is no point to change your existing MRTA to MLTA as it's already protecting you for your debt in house. However, you are recommended to get yourself a MLTA in the future.

Shall you really would like to surrender your MRTA, usually there will be some Surrender Value at the MRTA unless you left the last 3 years from the maturity date.

+1, Great advise given.

I can't understand the meaning of waiting period with full health disclosure. As you mention no need medical check up. So i assume GE might have different T&C compare with standard one.

By the way below is my question previously

Of cause if the agent close a case by misleading term or over promise, then the agent should be the one to blame. So we all need to do our part and don't 100% believe on the agent's mouth only. Make sure those things that the agent's promise is black and white written in the policy.

A policy can't cheat, if the figure is guaranteed, 100% will be written guaranteed in the policy and vise verse.

No offence, but you sound like been trick by an agent before, can share the story if you don't mind?

Cheers.

This post has been edited by onnying88: Sep 15 2014, 05:57 PM

A waiting period is the period of time between when an claim is mandated and when it occurs. Incidents which occur during this time are not claimable.

For your information, in insurance we are practising utmost good faith, this means that all parties to an insurance contract must deal in good faith, making a full declaration of all material facts in the insurance proposal.

May I know how long is HLA's waiting period and would HLA payable shall the policyholder diagnose with cancer within waiting period and passaway after waiting period?

HLA will not cover the death due to existing cancer for sure if HLA do offer a plan as HLA need to undergo medical check up at first. Or subject to underwriting if HLA wanted to offer a plan to the cancer patient. So that a person clearly know what do they cover and what do not cover when they decide to choose the plan.

But GE no need medical check up up to age 50, i wonder how it's works and pay out like given scenario in my question below