Hi, I had various connection with different bank and banker. May I know do you have any question or need help on loan?
Which housing loan protection to choose?
MRTA
Purpose : Protection against property loan.
Coverage: Cover the outstanding property loan on a decreasing sum assured basis.
Payment : Lump sum payment or finance with property loan.
Total premium : Lower
Nomination : Bank or finance institute.
Transferability : No.
Suitability : Property to be owned for long term.
Cash Value : No.
Claims : The outstanding loan will payout from insurance company to the bank and beneficiary receive property only.
* (certain cases, MRTA claim is less than outstanding amount, the different of the sum shall be paid by beneficiary. )
MLTA
Purpose : Protection/Investment/Saving.
Coverage : Cover the hosing loan in a fix level sum assured basis.
Payment : Paid by monthly, quarterly, semi yearly and yearly.
Premiun : Higher.
Nomination : Beneficiary can be anyone/company.
Transferability : Yes.
Suitability : Property to be owned for long/short terms.
Cash value : Yes.
Claims : At maturity tenure, beneficiary will receive property and cash value.
*In the event of death/TPD, the beneficiary will received (extra cash = Protection
Value - loan outstanding) + property.
Actually you cant say the premium is higher for MLTA, in the actual case. The actual payment amount should be calculate according to finance standard than you will be able to see which one is worth to buy and which one is actually lower in cost
Aug 18 2010, 02:17 AM
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