Get a Term life insurance instead of MRTA/MLTA?
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 Mar 20 2022, 09:42 PM
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#1
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14,511 posts Joined: Sep 2017 
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QUOTE(Created On 21/1/2021 @ Mar 20 2022, 09:04 PM) Let's say I'm buying a RM500k house, instead of buying MRTA/MLTA, would it be better(and cheaper) to just get a term life insurance which assured RM500k(To cover the housing loan)? Mortgage policy payout goes to bank first. Term life policy payout goes to beneficiary first. This post has been edited by mini orchard: Mar 20 2022, 09:45 PM |
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Mar 21 2022, 06:09 AM
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#2
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QUOTE(Created On 21/1/2021 @ Mar 20 2022, 10:26 PM) It seems like term insurance is better and cheaper too, but I'm sure there are TnC that I'm still not aware off. Waiting for sifu to give their insight. MRTA / MLTA / TERM / WHOLE life insurance premiums are basically life coverage of the insured. It has nothing to do with the property.A policy is base on individual requirements and the reasons why there are few types to suit a person. Affordability and coverage are NOT related. As long it meets insured requirements, is considered 'better and cheaper'. Cheaper premium goes in tandem with coverage. For example ... One can buy any of the 3 types of car insurance with different premium... 1. Third party 2. Third party, fire and theft 3. Comprehensive |
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Mar 23 2022, 05:59 PM
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#3
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QUOTE(magika @ Mar 23 2022, 05:04 PM) Do i need insurance for property loan ? My brother in law says dunid and he is above around 65 yrs old. It would be expensive for his age group or so i imagine. If owner can take up own risk, there is no need for any insurance. Same for fire, car, medical etc.The purpose of any insurance is to 'push' the responsibility to the insurer. As for property, the bank will proceed to auction when borrower cannot repay the loan, albeit a longer process. The good is that the bank can cont to charge interest until the borrowed sum is fully settled This post has been edited by mini orchard: Mar 23 2022, 06:00 PM |
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