i m buying mlta for my own house as well.

i also sell mlta. if anyone interested do pm me for further details.

cheers.

hi all,

need some advice here...

currently i own an insurance + CI with coverage at about 450k...
so, do u think i need to buy mrta or mlta for 300+k loan?

as i bought the house with my spouse, im thinking to buy mrta/mlta under her name instead...

**dilemma**

Ermm, do you know the break down of your RM450k coverage?
example:
life: RM 100k
CI: RM 100k
PA: RM 200k
heath, medical card? RM XXX? But this doesnot pay out cash.

Justify how much do your family need per year and how long can they live with the funds after minus the housing loan. If it is sufficient, then you can choose to buy MRTA rather than MLTA or even no need if your coverage is much more than your liability.

Depends on who is serving the loan. The one who serve more should cover more

bro.. thanks for the prompt reply...

Life - rm100k
Term - rm350k
Both with CI as rider...

i'm the main contributor (85% ) and plan to allocate rm50k per year for family...
thus, 5 years they need 250k... left 200k...

hmm... should i get a 100k of mrta instead for 20 years??

Quick question here. can we terminate our mrta with insurance comp anytime and get some of our premium paid? My mrta still has 20+ years to go..

depends which bank and it's insurance company.

Mostly now, are allow to cancel and redeem the surrender value, which is according to your MRTA table. Try find the policy out and I am assure the table/chart is there to show you.

Thanks, have called the bank which is the policyholder. They will cancel it for me and get back the remaining premium after I've redeemed the loan in full.

Great to hear that!~

Hi all need your advise
I am first time buyer. Curreny i am applying housing loan through hL bank around 300k.
They offer me MRTT and charge me aroubd 7k++ n my wife 5k++. How come it so high a? Is it an usual charges for this MRTT loan?

Mine one was charged 7k++ for 30 years tenure and loan amount is half of yours. But this is was many years ago.

it depends on tenure of coverage, age and loan amount....so it varies person to person....and for insurance products....charges more or less the same across insurance companies as they are regulated......so dun need to worry about overcharging you.....


is good to buy at least an MRTA / MRTT (if budget constraint) for your primary house, if have bigger budget......ask for Life insurance with critical illness will be the best....

This post has been edited by noswear: Jan 31 2012, 10:42 AM

Insurance premium is determined by 3 items;

1) Amount to be insured.
2) Age of insured
3) Tenure of insurance.

the higher of any of the above 3, the higher the premium. Also depending whether if its a annual premium or 1 time premium.

MRTT = MRTA (different bank has different terminology)

I guess your sum assured is 100% to your loan and tenure is 25 or 30 years and therefore the premium is high.

You can ask the bank to
1. Waive the requirement for MRTT , if compulsory to get the preferred rate, then
2. Lower the Sum Assured
3. Shorten the Term (from 30 years to 15 years)

Of course, by doing so you don't get a 100% coverage, but it all depends on your unique situation.

Need further analysis? get a personal financial consultant to help you.

can i conclude that mrta is cheaper than mlta bcos less coverage/benefit?

Reducing coverage will always cheaper in term of premium compared to level coverage given that both premium are paid in the similar method.

Hi all,

Need some advise... How much do I need to pay for MRTA & MLTA with the my details below:
DOB : year 1970
Gender: male
Occupation: Executive (non smoker)
Loan amount: 390k
Loan tenure: 23 years

Thanks.

I'm interested to know as well but I think different insurance companies/banks are charging different rates?

is good if someone can provide calculation table

For MRTA Prudential has an online calculator https://www.prubsn.com.my/bpp/kalkulator.php

also Aviva http://www.cimbaviva.com/BPP2/calculator1.asp

These are for govt loans, I think. Not sure if they use a different rate.
Quotes from these were more expensive than what I got from my home loan banker.

Caveat emptor. Use at your own discretion.

Sorry, I thought the links are used to calculate monthly repayment instead of MRTA.