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.

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
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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

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.

May I know how much do you get back for your MLTA and is it guaranteed at 14th years?

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.

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?

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.

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

Then it's investment link product already. That's why the premium is cheaper a lot as investment link product coverage premium is come from fund value available and it will increase year by years.

Coverage term until age 99 which is 69years in your case. But please bare in mind your 'insurance charge' may not be able to cover the  rm400k coverage until 69 years. It might stop at maybe 30-40years depend on fund value available.