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Early Termination MRTA, partial refund of premium?, Possible?
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lifebalance
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 May 3 2016, 05:35 PM
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QUOTE(hardworkingguy @ Apr 29 2016, 10:08 AM) Example if I take 100K loan, and buy 100K MRTA for 30 years. let say during second year i pay a lump sum 50K extra to settle the loan, and I passed away on third year. Does MRTA insurance help me to settle remained loan and refund extra amount back to my love one? if there is balance, because MRTA, you can't put any nominee (in this case the bank is the beneficiary), so upon death, it will follow the Will. Which is why MLTA will be better because you can assign nominee of your choice. |
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Petre
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May 10 2016, 03:03 PM
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lets say i bought mrta for 20 years. can i terminate it lets say after 2 years and buy my own insurance instead?
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lifebalance
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May 13 2016, 07:00 PM
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QUOTE(Petre @ May 10 2016, 03:03 PM) lets say i bought mrta for 20 years. can i terminate it lets say after 2 years and buy my own insurance instead? Yes you can, it's called unused premium. Why not opt for MLTA instead then ? you save more money that way than buying MRTA and then 2 years later cancel it . If not mistaken u lose atleast 15% of the unused total premium |
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Petre
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May 18 2016, 11:47 AM
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QUOTE(lifebalance @ May 13 2016, 07:00 PM) Yes you can, it's called unused premium. Why not opt for MLTA instead then ? you save more money that way than buying MRTA and then 2 years later cancel it . If not mistaken u lose atleast 15% of the unused total premium my mrta is tied to my loan so the bank can allow to terminate mrta? was told by my loan banker that i cant  |
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lifebalance
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May 18 2016, 12:22 PM
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QUOTE(Petre @ May 18 2016, 11:47 AM) my mrta is tied to my loan so the bank can allow to terminate mrta? was told by my loan banker that i cant You cannot terminate the mrta until you fully pay off the housing loan. |
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Petre
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May 18 2016, 12:28 PM
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QUOTE(lifebalance @ May 18 2016, 12:22 PM) You cannot terminate the mrta until you fully pay off the housing loan. thanks for the info  |
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manoj84
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May 23 2017, 04:41 PM
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Getting Started
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Usually how many percent of the premium will be refunded?
I refinanced after 7 years?
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giggs_509
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May 31 2017, 11:58 AM
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Is it adviseable to increase personal insurance coverage and terminate MRTA for refinancing?
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MrGeex
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Nov 2 2019, 10:57 AM
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Hi all, can i terminate my MRTA and get premium refund? My MRTA is bundled with my home loan.
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WahBiang
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Nov 2 2019, 08:50 PM
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QUOTE(MrGeex @ Nov 2 2019, 10:57 AM) Hi all, can i terminate my MRTA and get premium refund? My MRTA is bundled with my home loan. ady crossed the 15 days?? some banks bundle it, dun allow buyer terminate it directly with insurance company... |
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MrGeex
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Nov 2 2019, 10:16 PM
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QUOTE(WahBiang @ Nov 2 2019, 08:50 PM) ady crossed the 15 days?? some banks bundle it, dun allow buyer terminate it directly with insurance company... If within 15 days still manage to terminate it and get premium refund? |
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WahBiang
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Nov 5 2019, 12:13 AM
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QUOTE(MrGeex @ Nov 2 2019, 10:16 PM) If within 15 days still manage to terminate it and get premium refund? free look period still.. but usually bank will block it... |
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CindyLam P
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Jun 4 2020, 10:26 PM
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New Member
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If our loan is settled earlier than the loan's maturity date, the bank will inform the insurance company to refund us the surrender value? or we need to apply for refund of the surrender value at the insurance company?
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gashout
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Jul 1 2024, 04:57 PM
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hi, bringing this thread back. same with previous post.
if we sell our property earlier, how should we claim back some of the payment
thanks.
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rumahwip
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Jul 2 2024, 06:01 PM
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MLTA is better but more expensive
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ahkit123
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Jul 2 2024, 08:10 PM
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Mrta no refund value, so it's cheaper. Term insurans
This post has been edited by ahkit123: Jul 2 2024, 08:11 PM
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ahkit123
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Jul 2 2024, 08:13 PM
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QUOTE(kwaick @ Apr 8 2016, 03:01 PM) Thanks lifebalance. However, I checked with my new bank (Refinance), they said it will be lapse, as no cash value of MRTA. That's right |
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ahkit123
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Jul 2 2024, 08:16 PM
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QUOTE(rumahwip @ Jul 2 2024, 07:01 PM) MLTA is better but more expensive Yes, this got cash value life insurance |
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ahkit123
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Jul 2 2024, 08:17 PM
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QUOTE(gashout @ Jul 1 2024, 05:57 PM) hi, bringing this thread back. same with previous post. if we sell our property earlier, how should we claim back some of the payment thanks. There is a form to fill, ask ur snp lawyer. |
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ahkit123
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Jul 2 2024, 08:19 PM
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QUOTE(gashout @ Jul 1 2024, 05:57 PM) hi, bringing this thread back. same with previous post. if we sell our property earlier, how should we claim back some of the payment thanks. There is a form to fill notifying insurance abt the surrender n refund to account if any, ask ur snp lawyer or insurance company This post has been edited by ahkit123: Jul 2 2024, 08:19 PM |
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