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Financial MRTA vs MLTA vs Term Plus..., whatever they call it
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MaxWealth
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 Mar 28 2012, 06:33 PM
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QUOTE(ldanesh @ Mar 28 2012, 05:45 PM) Just met a sales person from UOB. Taking loan for 404k. The guy informed that you can purchase minimum MRTA for 50k (5yrs). The premium is RM 167. This is just to meet the min criteria for home loan application. Sounds too good for me. Of course, I have myself covered with life insurance with my wife as beneficier, just in case. What do u guys think? RM 167 per year? 50k mrta + 5 years only seems hardly cover your loan. If you have > RM 400k coverage + excess to cover family expenses for at least 3 years, then you can consider getting it just to meet the min critiria for taking the loan.  |
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MaxWealth
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Apr 11 2012, 09:13 AM
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QUOTE(Blues03 @ Apr 11 2012, 08:08 AM) I'm looking for MLTA..can someone list down which insurance company offer this MLTA?mostly when I check insurance company website, I cannot see MLTA in their product section  MLTA= mortgage level term assurance, as long as the coverage for life/ci policies is leveled throughout the term, when u use for mortgage coverage, it is called MLTA |
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MaxWealth
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Apr 14 2012, 10:34 AM
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QUOTE(pilotHans @ Apr 14 2012, 02:04 AM) Hi, I was thinking. Let's say if one wants to buy and flip / sell in a few yeasr, 1) can I not take any insurances at all? is it possible?  2) down the road, suddenly i think i want to take mrta/mlta. would there be any banks offering loans for it, heard bout insurance company like AIA / ING offering MLTA...hmmm  1) Depends on bank requirements. If they offer you better rate, then you might need to take MRTA. 2) For bank, not sure. Anyway, you can get from insurance company. Actually MLTA is just a life policy. |
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MaxWealth
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Jun 8 2012, 01:49 AM
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QUOTE(noswear @ Jun 7 2012, 04:25 PM) sorry cause investment link not my preference..i only buy it for medical card.... the fund performance depends on the unit trust performance i selected... i prefer something more conventional ie life insurance which depends on the overall performance of the life insurance company....  I think you mean traditional participating policy? For same sum assured compared to the investment-linked, the premium for this kind of policy will be much more higher. However, the actual policy value is near to the projected value. |
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MaxWealth
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Jun 22 2012, 12:51 AM
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MLTA/MRTA = Life insurance. Because it will pay the sum assured on death and TPD.
However, since we assign it to bank/financial company and use for mortgage loan cancellation purpose, we name it MLTA or MRTA.
For house burn down, you can check on houseowner policy or fire policy.
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MaxWealth
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Jul 17 2012, 11:26 PM
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QUOTE(Meganly @ Jul 17 2012, 10:55 PM) To be frank,my bank loan is public,they need us to get the least mrta of 5 years around 1k plus since I'm only late 20s The say can change to Mlta but the package is not the same as the Mlta that we separate buy....and the Mlta insurance company they offer is ING The person did advise me to get min mrta and get Mlta outside... What u guys think? Maybe MRTA of 5 years just to qualify for the loan. MLTA from Public bank eventhough is from ING, the plans will be slightly different from the plans selling by agents. |
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MaxWealth
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Mar 8 2014, 01:47 AM
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QUOTE(judojuddy @ Mar 7 2014, 10:17 AM) guys, need your help. im applying for home loan. bank says it's compulsary to take mrtt and cant choose mltt instead because of the house price is below 400k. is it true? any other way for me to get mltt instead of mrtt? Emm, please check at your offer letter. Some bank offer better rate with mrta.. |
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