Hi sifus, want to ask about MRTA/MRTT when buying house, how to check other than directly from Bank how long is the coverage period and which insurance company?

Thank you.

Most insurance company have MRTA/MLTA.

Just enquire them

Correct. Just visit their website and enquire.

1. MBB + Etiqa
2. PBB + Lonpac
3. UOB + prudential
4. HLB + HLA

The company above usually pair one la.

You should request a policy statement from the bank/insurer.

Actually, MRTA/MRTT period should be up to you also. Some people request for shorter period than the loan period as they'd clear the loan earlier.

Yeah, I figured so. Just thought if there are other ways than to request it from the bank, maybe online statement etc.

So, if shorter than there will be period the house no longer under any insurance/protection?

Ask the bank for the policy number and which insurer and I believed you can log in online to check after registration. If you have existing policy with the same insurer, you dont need to register again and can view after logging in.

Never under insured for whatever reasons as plans can change with time. If under insured, better take own risk.....insured macam tak insured. Use the premium to go for holiday.

Similar to one who cannot afford a property and yet procced to buy.

This post has been edited by mini orchard: Feb 21 2022, 10:18 AM

It's the Loan that's not under any insurance / protection. Not the House. Insurance for the house is a separate matter. Don't get mixed up here.

MRTA/MRTT is insurance for the loan amount, to help pay off the loan in the event of your sudden death or total permanent disablement. This is to prevent bank from pursuing your dependants for loan repayment that they might not be able to repay, which is burdensome for your dependants and risks them losing your house if they're unable to repay the loan.

This is separate from insurance for the house itself, which would be insurance like houseowner/householder insurance, fire insurance, and master fire policy, which are insurance to protect house from damages.

So "shorter than loan period" (or if you insure less than loan amount) carries risk of, if your coverage ends and after that you didn't settle loan, and if you meet an untimely demise or accident/illness that causes you severe disability, you may have issues to repay loan if you do not have a large enough sum of money saved elsewhere that your dependants can access to for loan repayment/settlement.

Is doesnt matter whether is mrta or fire policy. As long it is under insured, policy holder will have to bear the difference in the event of an happening.

Under insured for anything is not a wise decision.

If future can be predicted, insurance is not necessary.

This post has been edited by mini orchard: Feb 21 2022, 12:31 PM