Just to share my view on MRTA refund.

I'll never ask for refurn if insurance company allow to reassigned the policy. We definately keep buying, selling, refinancing, apply top up loan or even full settlement. Whenever you apply for another new MRTA/MLTA/Life insurance, the premium will be calculate on your next birthday. Which means, the insurance cost will be higher & higher. We've to understand, the MRTA/MLTA purchased will be absolutely assigned to the loan provider, they'll received the proceed money & the extra will be distribute to our heirs. Therefore, i'll request the bank reassigned the policy back to me (if the MRTA is issue by insurance company directly). As a result, my heirs will received the proceed money in full amount according to my nomination or will. Furthermore, i do not need to get another new policy with higher premium for next property investment.

Comparing MRTA/MLTA/Life insurance, it's depends on individual needs & affordability. I spent 10% of my gross income for life insurance, critical illnesses, medical card & personal accident policy. If the death & total permanent disability coverage are higher than my actual needs. The extra amount will be my mortgage protection.

Below are the breakdown for my mortgage loan protection

MRTA: 50%
Life: 30%
Employer: 20% (some may say, insurance from employer should be excluded, but to me it is still an insurance, proceed money will go to my heirs)

That's 2 types of MRTA as mentioned early in this thread

Old type: usually insure by the bank itself (not re-assignable)
New type: insure by partner insurance company of the bank (UOB -> Uniasia, PPB -> ING, OCBC -> GE if not mistaken)

Those new type MRTA is re-assignable according to the insurance policy. However, most bank may not favorable to do those re-assign job.
but we can approach insurance company to process it (that's our right).

*This is the reply from staff of insurance company & i managed to do it even though given troublesome from bank. As mentioned, most bank are not favorable to do that.

BTW, please ensure the MRTA is re-assignable before accept it. Then we can fight for our right thereafter.

That's why, i prefer to approach insurance agent for MRTA than bank. But, please know what you need before approaching them, else, you'll be channel to certain expensive "fancy name" mortgage policy, but actually is a life insurance