cos its not written by an ethical and honest agent like youtself who does not want to paint an inccurate picture about their products.

for the record, i bought a MLTA policy from onnying88 and he gave me a very good explaination about the pros and cons of both products. highly recommended for those lookimg for a MLTA product.

Bro i have confusion here, for an example you quoted for below..

MLTA coverage type 2 coverage of RM480k, Cover Death & TPD only

Monthly premium = RM515.32
Yearly premium = RM5889.60

GUARANTEED
Surrender value at 40years = RM316,848.00 (total paid only RM235,584.00)
Surrender value at 35years = RM275,035.00 (total paid only RM206,136.00)
Surrender value at 30years = RM229,325.00 (total paid only RM176,688.00)
Surrender value at 25years = RM181,493.00 (total paid only RM147,240.00)
Surrender value at 20years = RM135,691.00 (total paid only RM117,792.00)
Surrender value at 14years = RM83,050.00 (total paid only RM82,454.40) <----- RM5889.60 x 14years = RM82,454.40
---------------------------------------------------------------------------------------


if i calculate monthly premium RM515.32 for below number of months, the total paid amount varies than your amount.
I believe you multiply with yearly premium.. so yearly premium cheaper than monthly ?

515.32 x 12 months = RM6183.84, but yearly premium u have quoted is RM5889.60... So which is correct ?

515.32 X 168 months (14years) = RM86573.76
515.32 X 240 months (20years) = RM123676.80


This post has been edited by GHOSTVIC: May 21 2014, 03:38 AM

Yes, for this MLTA type 2 the premium will be cheaper for yearly premium. And my calculation is base on yearly payment as we want to get more benefit from the discount of rm6183.84 - rm5889.60 = rm294.24 per year.
Of cause you may still option for monthly payment but it will delay for another 2-3 years to meet the break even point.

Wta about mlta. When do we start paying actually? Just refinance a property, n done signing all relevent docs. But it is still in process. The bank agent already asked a 2 month advance.

But to my logic, its still not finalised yet, so y do I need coverage during the process of the refinancing?which to my knowledge can take 3 month or longer. the money is yet to be disbursed, so technically, I still have no commitment to the new bank right?

Is this normal? The bank guy said I took the loan which include the insurance, which is y need to pay now. Is this true? Or I have the right to pay after the money have been disbursed?

For MLTA, you will need to pay start from the day you apply it. First payment will be 2 month advance premium if the MLTA.

Even the loan haven't done the process, you actually committed in black and white. So it's better to have the coverage from the day you start sign the Loan agreement. Of cause, it's up to your choice when to start the coverage.

hi onnying88 bro, which insurance company you attached with ? i see the price for same loan amount, from each insurance companies are vary... some quoting higher and some lower...

hi onnying88 bro, which insurance company you attached with ? i see the price for same loan amount, from each insurance companies are vary... some quoting higher and some lower...


previously ur Quotation for MRTA

Age: 33 (1981)
Male / Non-smoker
Loan: RM275k
MRTA coverage of RM275k for 15 years, Cover Death & TPD (Total Permanent Disability)

MRTA premium will be RM3811.00 (one time payment only).

Coverage table for 15 years




i noticed AMBANK quoted me below that price for 280k loan











This post has been edited by GHOSTVIC: May 22 2014, 08:51 PM

My quotation is from Hong Leong. The quotation I quote to you is base on 8% interest rate so that you have more room for adjustment toward blr increase.

The quotation from Ambank seem reducing base on 4.4%. If that's the rate, whenever blr increase a little in future, there might be under cover for the loan. Please check the reducing rate is it base on 4.4%. Or if can please pm me the reducing coverage amount from Ambank

Could you quote me MLTA /MRTA for
600k loan
25years
age 24

Thanks

Sure, will get it done asap.

Very useful information in this topic because many other bank officer they just couldn't tell u exactly the different between MRTA & MLTA to suit customer needs.

Nowadays is very difficult to find a professional in any line therefore as a consumer must do a lot of research/survey about the product or services before we buy any from the incompetent person.

wow...6K per annum. That's a big chunk of money. i took MLTA form GE 2 years ago. RM 400K coverage for Death & TPD only. RM 1710 per annum. I'm 30 years old when i took that package and i'm non-smoking male. Price could be change but 6K per annum, seems expensive for me. just my 2 cents.

The price expensive because of the guaranteed surrender value that you get break even of the total money paid in just 14 years. Mean you get back all the money paid after 14th years and enjoy the free rm480k coverage. Also come with guarantee renewal until age 100.

There is also cheaper option MLTA, which is also around the premium you paid. It's all depend on what you prefer and benefit you getting. Not depend on coverage amount alone. You must consider the surrender value (guaranteed or non guaranteed), coverage period.

We just choose the suitable product for ourself, just like buying car a rm50k Myvi or buying rm500k bmw. Both can bring you from A to B but both give you different enjoyment.

This post has been edited by onnying88: Jul 1 2014, 05:11 PM

yup. mine also the same thing. Between 10-15 years. Can't remember cos i have few policies. i always look at Surrender Value in every Insurance Policy. That's why I skip some of the Investment Policies. I also understand that Insurance company not charity organization. But 6K per annum is a bit too high. That's what my "Closed" insurance agent quoted me 3 years ago. After 1 year of surveying thru few insurance agent from same company and other company, i managed to get 1 with the amount i mentioned. There is no right or wrong. IMO, 6K per annum is expensive. Some will say Fair.

You mean your premium will break even at 10-15th years? is it guaranteed? and how long for the coverage period? Is it a fixed term coverage?

Yup. Based on the Surrender Value. Since it'd printed out in Policy, it is consider guaranteed. There is no fix coverage period. I can stop next year. But of course Surrender Value will be low. I also can stop in 10 years time when i feel i want to. No "locked" time frame. But i think there is capping such as Max of 70 years old or something which i need to dbl confirm on that again. What do you mean by fixed term coverage? Fix premium? Should be.

Printed out doesn't mean guaranteed. You should be able to see 'guaranteed' this word in the surrender value if it's guaranteed. Some printed out but it's just stated 'projected' like in the investment link product. Better check ya.

All policy will not have lock in period, we can terminate any policy at anytime we like. Just that some product we need to commit a certain period to enjoy the full benefit.


Fixed term coverage mean for term policy that will provide a fixed coverage like 10 years, 20 years, or 30 years fixed. Can't extend automatically. Normally this kind of policy will be cheaper for short coverage period as coverage age is young.

There is too much variable to determine the premium price beside the coverage amount alone. So we just choose the best package that suitable to each person.

Correct. I agreed with you. I will have to dig back my policy and dbl check on Surrender Value. I take in what is stated in Official Policy. No Fixed term for my policy. I can terminate now as well and get back very very little Surrender Value. But that's not in my plan. Max capping not too sure. Have to check my policy. maybe 30 years max.

Feel free to ask or share any information regarding to MLTA or MRTA ya.

Bro, already send the quotation to your inbox. Please check ya.