i think best to take MLTA, pay extra for protection against 36 critical illnesses at least safer, because nowadays a lot of diseases and better to be safe than sorry. for me i dont want to burden my family with expenses when i go (touch wood) so safest bet take MLTA if can afford. at the end of tenure at least got cash value back even though the money u get back is suppose to worth more due to inflation but better than nothing. also can lower down your loan tenure with the amount in there at least, so I think the pros kinda outweigh the cons for MLTA. what do u guys think?

I dont agree that there is BEST policy...i do believe each policy have pros and cons, and suits everyone accordingly...

Let's say a family have tight cash flow monthly, MLTA monthly commitment will be quite a burden for them...few hundreds a month for them means alot, they will rather settle kids school bills/tuition/foods with the money... coz i myself from a medium low family...this is what i undergo before...

Just my opinions...no offence

Pardon my ignorance, as i'm new at this.
I'm just curious pertaining MRTA and MLTA, I've read the thread and found out there are pros and cons for these 2 "assurance".

As mentioned, may i know why is it MRTA is more practical compared to MLTA if you purchase for your own stay?

Is it only because that you have already purchased the medical cards, 36 illlness stuff and because MRTA is a one off payment?

Do help to enlighten and convince me on this?

Thank you.

OK well.
Let's assume you have own personal life insurance for 36 illness, medical card and etc (Personal)
Now, the house value is 400k, loan tenure 30 yrs.

MRTA - 30 yrs, One shot payment around 6k (depends on bank and also age of buyer). If you really have no more cash in hand, you may loan in together as well. If ONE DAY touchwood, you say "ByeBye" to this world, the insurance company pay the remaining housing loan on behalf of you and your partner/family need not pay for the remaining. MRTA is not transferable, u pay the 6k only for the house you purchased.


MLTA - 30 yrs, let's assume monthly (u may pay quarterly/half yearly/yearly) pay minimum RM200 commitment RM200 x 12 months x 30 yrs = RM72000 (not include other premiums etc).
There are some plan indicated that you can claim back what you've paid, but bear in mind that cash value of money will depreciate. Of course, the monthly commitment will higher as well. If ONE DAY touchwood, you say "ByeBye" to this world, the insurance company pay the 400k to the beneficiary , your partner/family may use it to pay for the remaining housing loan or for other usage. MLTA is transferable, you may add value when you buy 2nd/3rd/so forth houses.

I cant say whichever is better, you may just choose whichever suits you well.

This post has been edited by ASSASINS: May 13 2011, 07:07 PM

Ah... thank you for the detailed explanation..

And still, just curious does this MRTA or MLTA covers the fire insurance or something like that too?

MRTA or MLTA is different from fire insurance. Fire insurance is cover the property from accident and is under general insurance while MRTA/MLTA is cover the property owner and it's under Life insurance.

Assasins is so pro...

Assasins is so pro...

but what i can say is... MRTA is like D*Gi - 1 plan for all,

MLTA is like M*Xis - different plan for different need

No la No la....haha...coz I myself also confused before for 1st property, do alot research and asking around...
so, can explain to some newbies lor...not pro not pro...

don't forget MLTA has 36 Critical Illness coverage...which MRTA doesn't cover

yes correct and MLTA can add TPD as well.

MLTA is just a like another life insurance.
MRTA covers TPD as well.

To me, choosing between MRTA or MLTA is very simple.
U have the money to spend, buy MLTA
Else you go for MRTA since it is way cheaper compared with MLTA (finance in the loan, u pay interest, pay by cash u save on the interest)..
or if you think you dont need any protection... dont go for any.

AGREED!
Very simple to decide indeed.

one question about MRTA. Let's say I insure for 5 years only...after the 5 years...can I buy another MRTA?

Yes you can ** T&C applys..but if you get 5 years, the reducing rate is way too fast compared to your outstanding balance loan

This post has been edited by MaxWealth: May 17 2011, 03:26 AM

ok guys, need help!

now im in the process of getting the home loan from AIA (Fixed rate), and within the LA (Loan Agreement) stated one of this specified condition which disturbs me:-

"The new AIA life policy(ies) or new AIA GMRTA purchased must be in force throughout the entire loan duration, failing which AIA reserves the right to revise the applicable interest rate accordingly for the loan at the discretion of AIA with immediate effect from the date of lapse or cancellation of such policy or policies without any prior notice or reference (whether in writing or otherwise) to the borrower(s). For the avoidance of doubt, any subsequent reinstatement of an AIA life policy(ies) or AIA GMRTA which has lapsed or been cancelled will not entitle the borrower(s) to any reinstatement of the applicable interest rate under the AIA Mortgage Save package."

.... is this condition appropriate and normal/standard case?
im not sure as im 1st time house buyer, need some advise from you all.
and by the way, is GMRTA = MLTA for AIA? cause i told the agent that i wanna get MLTA for my home insurance.

TQ very much! >.<

This post has been edited by runaway1234: May 17 2011, 04:31 AM

Hi, any can roughly estimate how much is the mlta will look like? thanks
Loan: 290k and 350k
Age: 27
Tenure: 33 years

Total loan amount 290k + 350k = RM640k?
Or you mean 290k or 350k only?

Sorry, can you explain on this?

I got a quote for 30 years for 340k...between RM10k-11k. Some banks charge just over RM11k. 25 years is only 6500-7000. So if you take 33 years (for 350k)...I'd expect it to be around 15k

hmmm...
very hard to choose between MLTA and MRTA
MLTA need alot of $$ for each month...
for my case : properties > 460k > loan 414k
if MLTA > each month need pay like RM313
if go for MRTA > sekaligus pay 19k++ (add to the loan each month pay around +80)
I'm 26 years old.. work as software engineer
different 313 vs 80++

My problem is, I'm buying this for own stay.. but then I might maybe after 10 years or 15 years sell this unit(condo) and then get another landed one... if i go for MRTA, i will rugi 18k (not including interest)
I might as well do refinance > If the bank .. let say la.. BLR - 3.5 (currently is 2.4 rite)

or is it i look too positive ? that the bank won't even up till 3.5 ~

any sifu sifu can give some comment ?