Feb 6 2017, 04:42 PM
QUOTE(ssh2222 @ Feb 4 2017, 12:22 AM)
CLTA is basically a hybrid product of MRTA and MLTA. The main benefit it takes from MLTA is that it offers a fixed protection over the tenure, though there are still significant downsides to it, similar to MRTA, such as it not being transferable.
In summary:
MLTA:
- Has cash accumulation
- Transferable
- Can select beneficiary
- Coverage can be adjusted according to needs
- Flexible
CLTA:
- No cash accumulation
- Not transferable
- Coverage is fixed
- Beneficiary is bank
- Not flexible
Whether to choose the CLTA or MLTA will depend on your situation, but if you can support it, MLTA will be a better choice in the long run, especially if you buy another property later.
Cheers.
If what you mentioned is correct, the only different between MRTA and CLTA is the coverage is not fixed for MRTA and is fixed for CLTA. Am i correct to say so?In summary:
MLTA:
- Has cash accumulation
- Transferable
- Can select beneficiary
- Coverage can be adjusted according to needs
- Flexible
CLTA:
- No cash accumulation
- Not transferable
- Coverage is fixed
- Beneficiary is bank
- Not flexible
Whether to choose the CLTA or MLTA will depend on your situation, but if you can support it, MLTA will be a better choice in the long run, especially if you buy another property later.
Cheers.
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