Yes you have the option to not accept the MRTA and opt for MLTA. Do take note that MLTA will be more expensive but then again if you take MLTA you are able to get all your premium back after keeping it for the full term.

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Added on March 18, 2009, 1:44 pm

erm.. with no insurance? Who's covered?

Depends on the coverage you pay for.

E.g. 1
If loan amount = 100k for 30 years.
Borrower 1 : cover 50% = RM1101
Borrower 2 : cover 50% = RM1101

Either one TPD on first year, you will get 50% of 100k = 50k.
Either one TPD on 15th year, you will get 50% of (principle, e.g. 50k) = RM25k.

E.g. 2
If loan amount = 100k for 30 years.
Borrower 1 : cover 100% = RM2202
Borrower 2 : cover 100% = RM2202

Either one TPD, you will get 100% of 100k = 100k.
Either one TPD on 15th year, you will get 100% of (principle, e.g. 50k) = RM50k.

Estimation only, ok? But once claimed, all your debts will be paid first before any amount of $$ reach your hand (if there's any left).

The premium is an example only.

The difference is coverage, full or half or whatever you wanna choose, 80:20 also can.

If 1 ppl borrow, then buy 1 person, premium RM2202 for 100% coverage. Means if buy yourself, if anything happened to you then your beneficiary can claim. If anything happen to your beneficiary.. erm, too bad.