Its very hard to answer that "If you are me" question as we dont know your current situation, preferences, etc.

You can get those information here (check the "Is it worth having?" part for consideration):
https://www.imoney.my/articles/mrta-vs-mlta-need

Premium, of course MRTA cheaper (one time payment spread across your loan tenure versus annual payment for life insurance), but you need to fork out big amount on first place.

First of all, you need to plan what to do with your property and debts if (sorry) TPD/death comes.

My opinion, don't buy MRTA, just continue with what you have now. Take care of your own health, eat well, exercise more, use your money for other investment, enjoy your life while you can.
Tell all your dependents if anything happens, ask them to sell the house, get the amount and pay off all your debts including loan or other debts.
Hopefully all the amount left (including all your savings, investment, etc) can cover all your debts and any cost incurs.
Your dependents continue to live and learn how to survive by themselves.

If you afraid to do so, either option is okay. If you co-buying your house, increase your life insurance until cover your part.
You might consider taking critical illness coverage too. Once you get cancer or stroke (one of the critical illness), the hospital bills can be a bomb.

CMIIW

This post has been edited by iluvcalculus: Aug 5 2015, 02:05 PM