Apr 14 2017, 12:16 AM
QUOTE(yhlim93 @ Feb 8 2017, 11:30 AM)
sometimes i really hate how those banker work, bancassurance is the culprit of this. Near recent i took up a housing loan and my banker jz add in MRTA to my loan agreement without me or my dad's concern (I use both me and my dad's name for the property) Unfortunately when I told my dad, he just feel too hassle to make the banker remake a new loan agreement. Free commission to the banker woohoo!
SO basically i made a 350k housing loan with cimb and i got 'forced' to take up MRTA of about 12.5k (35 yrs) by sunlife (cimb's banca partner). Banker also gave me just a not too low not too high interest rate, 4.45%. And the mrta is to be included in the loan, so in the long run i'm not just paying for 12.5k, but more! But well, i'm too late to do anything, not really too late as I noticed this before signing the loan agreement, but my partner aka my dad is too lazy to make changes, so bo bian lor D:
While i'm 'mourning' for my 'loss' I checked around everything in finance world, and found out actually, why not people reject mlta/mrta and take up term life insurance instead. Yes it will be a little more hassle when come to claim procedure( you need to claim from insurance company and make payment to bank loan on ur own), but it seems from this way it's cheaper and having benefit of both MRTA and MLTA. Why I feel term life is cheaper? Here i will be taking UforLife as an example. By taking a term life insurance, it's almost similar or cheaper than what you paying for MRTA, but, MRTA only settles the remaining loan due, while life insurance will pay u the sum assured you chose, similar to MLTA. For example if in my case, my loan is 350k, i chose 350k Sum Assured from UforLife, when i died, my family gets the lump sum 350k. Plus I can stop the policy from UforLife whenever I feel dont need it. It gives me a flexibility on this.
However, IF you are paying the MRTA in one lump sum, as in you did not include the amount in loan like me, MRTA might still be a good option. After all it's depending on what you want in the end, then you choose which. I hope this will benefit some people in exploring options other than MRTA and MLTA.
ANDDDD Dammm those unethical bankers that slot in products without ur acknowledgement so that they can hit their target in banca RAWRRR!
No choice. I've heard from one senior banker (who doesn't handle mortgage loans, hah) that MRTA is a good source of income for the banks. Hence the hard sell of it. But if you understand more about these, then assigning your life insurance and/or opting for mlta instead would be a better 'financial' choice. Unless you're only buying one property for the rest of your life.SO basically i made a 350k housing loan with cimb and i got 'forced' to take up MRTA of about 12.5k (35 yrs) by sunlife (cimb's banca partner). Banker also gave me just a not too low not too high interest rate, 4.45%. And the mrta is to be included in the loan, so in the long run i'm not just paying for 12.5k, but more! But well, i'm too late to do anything, not really too late as I noticed this before signing the loan agreement, but my partner aka my dad is too lazy to make changes, so bo bian lor D:
While i'm 'mourning' for my 'loss' I checked around everything in finance world, and found out actually, why not people reject mlta/mrta and take up term life insurance instead. Yes it will be a little more hassle when come to claim procedure( you need to claim from insurance company and make payment to bank loan on ur own), but it seems from this way it's cheaper and having benefit of both MRTA and MLTA. Why I feel term life is cheaper? Here i will be taking UforLife as an example. By taking a term life insurance, it's almost similar or cheaper than what you paying for MRTA, but, MRTA only settles the remaining loan due, while life insurance will pay u the sum assured you chose, similar to MLTA. For example if in my case, my loan is 350k, i chose 350k Sum Assured from UforLife, when i died, my family gets the lump sum 350k. Plus I can stop the policy from UforLife whenever I feel dont need it. It gives me a flexibility on this.
However, IF you are paying the MRTA in one lump sum, as in you did not include the amount in loan like me, MRTA might still be a good option. After all it's depending on what you want in the end, then you choose which. I hope this will benefit some people in exploring options other than MRTA and MLTA.
ANDDDD Dammm those unethical bankers that slot in products without ur acknowledgement so that they can hit their target in banca RAWRRR!
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