Hi, I called the bank officer today afternoon. She sound like not so entertain me. She said will check n let me know. Can I direct call to GE and ask for them since I got the proposal no.

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.

ok make it simple, what my banker told me is, for early years of repayment, its better to get MLTA. Why?

Because in early years, the principle is high, so the interest will also be high. So in this case MLTA is definately better.

Thanks!

Yes, You can call the customer careline directly.

Hi, I called the GE care line. They told me need to talk to banker directly. So is it need the banker to quote instead of insurance company?

If the banker haven't submit the plan and no enforce yet then GE customer service cannot trace it.By the way, are you plan to cancel it or switch it to MRTA? May be you can PM me your case i will see what i can help on my side.Good day.

I called the banker and they tOld me cannot change cause they already submit n approved by GE. If want to change then have to resubmit again the bank loan again. But I had signed the offer. So just want to know is it got such case that cannot be change since I haven't pay single cents yet

You need to check your offer letter to see if this is one of the term include or not.Unless, you go for a special GE MLTA plan associate with OCBS,else you should be able to appeal.If the loan offer letter didn't stated the MRTA must be buy from the bank, you can decide what & who to buy for.

Currently I am in dilemma as to purchase MRTA or MLTA.

I am a first time buyer and is still trying to understand both MRTA vs MLTA.

My purchased price is 370,800 so loan 90% is @ RM333,720.

As I need to take MRTA in order to get -2.4%, judging from the MRTA is going to cost me about RM12k for an aged 28 person.

I am considering to take 50% of the loan amount into MRTA for 10 years.

While perhaps 50-70% of the loan amount for 30 years.

What do you all think???

The reason I have this idea is:-
- I am not sure if I will sell this house in 5-10 years, although my current idea is to make it my home.

- MRTA finance into loan is really pain for interest while MLTA you are paying monthly as in taking another insurance for yourself. Judging by the extra in interest, perhaps an adjustment into taking a mixed of this may be a better choice?

- MLTA can help me to get some tax relief

- I am still young, at aged 28 and is my first house perhaps it is good to buy since it is transferable to my another property in future.

- MLTA covers 36 illnesses as well, another life insurance since I won't be ending with only 1 insurance policy with me anyway.

I am still waiting for my insurance agent to get back to me on the table/quotation to fully decide.

Perhaps any input from you guys will help.

This post has been edited by davidlow7: Jun 1 2012, 04:45 PM

Don't forget, MLTA got cashback. after 15 years you can drop policy and you will get back everything you paid for. unless you have rider like CI, then you won't get all, probably slight deduction.

Yeah long term wise MLTA is whole lot better.....ie better coverage, cash back, etc.....

if you on budget...then take at least MRTA.

even if short term also it's ok. can use investment link where you can change the sum assured with different premiums. so it's also good. transferable from one property to another.

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....

well that depends on your agent what units to choose. depends on their advise

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.

do take note on MRTA. It's REDUCING BALANCE. meaning,

50% of loan amount = RM 166,860 for 10 years MRTA. Kindly refer to the "Sum Assured" of the proposal.

The Sum Assured could be as below:
Year 1 - RM 166,860
Year 2 - RM 135,000
Year 3 - RM 105,000
Year 4 - RM 75,000
Year 5 - RM 45,000
Year 6 - RM 25,000
Year 7 - RM 15,000
Year 8 - RM 10,000
Year 9 - RM 5,000
Year 10 - RM 2,000

just my illustration only. you still have to refer to Sum Assured in the proposal chart. if you are considering buying this scheme, i would suggest you to take MLTA without Rider Option (36 CI). cover the sum assured for 150K first. when your financial is getting better, increase the sum insured and eventually you have to pay more every month. now, you can also consider this as ur saving. imagine, after 25 years, you can cancel your MLTA and use the money to fully settle your loan. it could be 1 alternative as well.

haha...i am also an insurance agent myself.....

The % is also important when they are drafting a proposal for your MRTA.
Usually it should be in the range of 6-8% due to the non-guaranteed rate of floating BLR.

Currently I am requesting for a 150k for 10 years which should be sufficient for me at the time being as I have company insurance and other benefit. My beneficiary gets 36 months pay if anything happens to me. (touch wood) plus an 150k sum assured (<RM15 per month)that I am planning to take with my company for long as I am still with the company until I have better budget for a better MLTA hopefully next year before my birthday month.