Sep 14 2019, 10:06 AM
QUOTE(valerie.wen @ Sep 14 2019, 12:40 AM)
I am 29, non-smoking female. And will soon be owning my first property with loan slightly below 400k. No dependants (very lucky!).
Am I the only person here who support using term life insurance to cover instead? I don't really like the concept of MRTA, feel like I kena penalised for not dying and staying OK.
How I see it, if it's life insurance, when I pass on, my beneficiary can get the amount insured to do whatever he/she wants - one of the options being pay off the housing loan right away.
Feels like the beneficiary has more options and control rather than let bank control lah.
But I still waiting agents to quote me for comparison. As far as I know, MRTA is the cheapest option in the long run. And since bank is the beneficiary to MRTA, they tend to offer lower interest rates to encourage people taking MRTA. And many people also are misguided thinking MRTA is compulsory, when in reality it's only the most commonly used option.
Still dislike the concept.
As for MLTA hmm. Can anyone explain what's the difference between MLTA vs term life insurance? Why I read left read right macam same thing only one?
MLTA is a VERY EXPENSIVE coverage compared to MRTA. MLTA does not reduce the amount overtime and you can move it to other property once you sell your current prop. Am I the only person here who support using term life insurance to cover instead? I don't really like the concept of MRTA, feel like I kena penalised for not dying and staying OK.
How I see it, if it's life insurance, when I pass on, my beneficiary can get the amount insured to do whatever he/she wants - one of the options being pay off the housing loan right away.
Feels like the beneficiary has more options and control rather than let bank control lah.
But I still waiting agents to quote me for comparison. As far as I know, MRTA is the cheapest option in the long run. And since bank is the beneficiary to MRTA, they tend to offer lower interest rates to encourage people taking MRTA. And many people also are misguided thinking MRTA is compulsory, when in reality it's only the most commonly used option.
Still dislike the concept.
As for MLTA hmm. Can anyone explain what's the difference between MLTA vs term life insurance? Why I read left read right macam same thing only one?
Personally i have 4 props, 3 investment i did no buy MRTA as the rental is sufficient to cover installment, touch wood i mati, my family still can use the rental income to cover my installment.
Whereas, for my own stay prop, i have full coverage MRTA (Because it is cheap). If anything happen to me, my family don't have to worry as it's fully covered.
As for life insurance, i do buy them and my family can use this money to do other stuff instead of using it to pay the bank (since bank has MRTA)
Ask yourself, do you want your family to use the full sum of life insurance to pay the property ? How much do they left if they do so ? Is it sufficient for them to survive 3-5 years, so they get to plan things out?
Quote
0.0165sec
0.69
6 queries
GZIP Disabled