MRTA vs MLTA

uforlife — Wed, 08 Feb 2017 21:32:23 +0800

I believe most of us when applying for bank loans, bankers will always try to sell hard one of this 2 products to us, or even "force" us by saying it's compulsory.

Yes, i'm sure we need to have insurance just in case we, the breadwinner that is doing the loan repayment faced unforeseen circumstances, for instance death or permanent disabled, our family will need to "inherit" the debts we left behind, and that's the place where insurance come in, our family can use the proceeds of claims to repay all the debts left behind.

For people that not familiar with MLTA and MRTA can read article by imoney here https://www.imoney.my/articles/mrta-vs-mlta-need

Basically the difference between MRTA and MLTA is:-
[attachmentid=8473283]
credits to imoney

However, is MRTA and MLTA the only options we have for housing insurance?

No, life insurance can be another option as well, or more specifically term life insurance, is the closest product that offering the similar kind of protection.

MRTA is cheap, is also a kind of term insurance (no cash value), but it's only the cheapest option when you paying for it lump sum instead of including it in your total loan amount. The payout will be the leftover, unpaid loan amount you had left, which means insurance company helps your family to settle the remaining loan, and your family gets the house.

MLTA is expensive, but there is a cash value and transferable. It's not able to be included in total loan amount and can up to RM few thousand a month. The payment will be as the sum assured. Insurance company will help your family to settle the remaining loan, and your family gets leftover cash and the house.

Term Life insurance is cheap and has no value, but you pay less when younger and more when older. The premium structure is similar to MRTA but it's more flexible as you can continue the protection as long as you pay, and terminate it when don't need it. The payout will be as the sum assured (similar to MLTA). Your beneficial gets the lump sum cash and proceed with clearing your loans, using the money.

So now you can see, a term life insurance plan is somehow the best of two worlds between MLTA and MRTA. You paying lower premiums like MRTA but the protection is like that of MLTA, but without surrender value.

Of course, there is no right or wrong in choosing either of these three options, it's depending on what kind of protection you need after all!

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uforlife — Tue, 20 Sep 2016 13:30:18 +0800

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MRTA vs MLTA

>RM100k SumAssured from RM9.85 a month!