Hi Bro, still need any quotation?

those consultant please do give some 2cents views..

assuming u have 2 person getting a loan. of let say 500k.

would it be advisable to take MLTA for each person at 250k or 500k?

It depends on u. If u take 2 both r life assured. Get it?

coverage against? death and tpd or critical illness, death and tpd?
Should insured more on the person who serve the loan more..

We always advise our customer to insured on both borrower instead of one. However, it's a bit risky if you spilt the amount to 50% + 50%. Assume 1 of the borrower is passed away, the loan will only reduce to half. Your partner/family still need to pay the balance.

You can buy the MLTA at 70% of the loan amount as your loan outstanding will be reduced yearly & your MLTA will accumulate some cash value. Meanwhile, if anything happens, your partner/family can use the 70% cash to reduce the loan & then ask for loan restructuring. This will reduce your loan instalment to very low so that your partner/family is able to serve the loan without too much commitment.

Btw, I'm a mortgage broker with various banks as panel. Please email me your contact no. to khhong88@gmail.com so that I can explain further. Thanks.

There is another option that you can consider.

Buy Life Insurance and finance it thru the bank. That will lower your monthly commitment for 8 to 10 years.

If you want to know more, please PM me

The nature of MRTT is same as MRTA. Only different terms they use.

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Added on October 16, 2010, 3:42 amYes. The MLTA is not compulsory. You need to access your risk then only decide on the amount to buy.

Pls email me your contact no. at khhong88@gmail.com for more details.

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Added on October 16, 2010, 4:02 amHi fren, MRTA & PA is different thing. MRTA is protecting your loan amount while PA is insured on your life in accident. If you passed away or permanent disable due to disease like stroke or heart attack, your PA will not cover while MRTA will pay off your loan.

The MRTA amount vary due to the sum insured based on the factor insurer used to project the future borrowing rate & your entry age.

Pls email me your contact no. at khhong88@gmail.com so that we can discuss further. Thanks. Hong.



This post has been edited by khhong88: Oct 16 2010, 04:02 AM

Hi..

My housing loan approved without mrta. Can i choose any agent to buy mrta or mrta should the same with the bank?
If loan 300k, how much should i pay for mrta?

you may browse fiscal wise calculator to get an approximate figure of ur MRTA

You can buy MRTA from any others insurance company or agent for sure.
Pm me your gentle, age, i can give you MRTA and MLTA quotation. No obligation

Let's me explain some of the pros and cons for both MRTA and MLTA.

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
- premium can be finance into the loan (but interest count in)

Cons of MRTA
- 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
- premium can be use for tax relief (Max RM6000 per year)

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

thanks for advise on this...and i plan not take MRTA or MLTA...

they will pay only when i died or permanent disable...

currently i'm single and i really died, my house will inherit to my parents or siblings...whether they want to keep or sell it to pay my existing loan...

if i'm really permanent disable, and not afford to pay, i can either sell it to pay the loan...or use life insurance settle some

honestly, i know if died also die far far...don't burden family but i really don't think burden ...they can opt to sell it...

second if really permanent disable, i think we all already no mood to think on what debt we have....i think this more burden ur family rather the unsettle loan amount....

for me, MRTA/ MLTA or any life insurance just similar to Toto / Magnum.

pls gimme quotation for MLTA of 300k
31y.o
tenure:35y

can top up in the future?

I totally agree. Only paid for MRTA because it's required to, if not, bank will not loan me the $.

when you are permanently disabled, i think you don't want to burden your parents with additional expense of having to pay off the monthly repayment. at least the mrta can cover your monthly repayment or your parents can sell off your property to fund your living when you are permanently disabled....my two cents

wta if AIA or Chartis Insurance offer MRTA?

actually, MRTA normally covers death only, some will add in total permanent disability rider at higher cost.

what if 36 critical illnesses struck and you are unable to work and you are not dead yet? you dont get compensated.

there are pros and cons of MRTA, MLTA or other term life... what we actually need is a contingency plan. if you do not think the 36 critical illnesses or total permanent disability is important, then you better prepare a sum that aid you in maintaining the same life should such things occur.

There is no right or wrong, there is only a question of where should we stand?

seeking advice on coverage

Loan: 400k together with wife
Age: 27 wife same age
Tenure: 35-40 years
Plan to rent out the property for now and possibly either sell or refinance in 3-5 years time. Also planning on acquiring another property within the same time frame.

approached by a mortgage broker to proposed insurance instead of MRTA, basically it was a monthly installment of RM400 p/month (200 me, 200 wife) by ING. Broker told me that by servicing the insurance we can use the amount to repay the loan in full by the 26-28th year, it is also transferable.

My question is this, instead of paying RM400 a month for 26-28 years. What if I put the extra 400 into servicing the loan thus reducing the tenure and buy MRTA instead.

Would also appreciate some quotes on MRTA or MLTA.

isnt either of this necessary to apply for loan?