Hi,
Please think before make decision of buying home insurance :-
MRTA : Mortgage Reducing Term Assurance
MLTA : Mortgage Level Term Assurance
1. MLTA = flexi insurance, MRTA = term insurance
2. PROTECTION :
MLTA = protection, savings and/ or guarantee returns (cash
value)
MRTA = reducing protection
3. PAYMENT :
MLTA = periodic. Can be paid on monthly, quarterly, half
yearly / yearly basis
MRTA = lump sum payment by cash / finance into housing loan
4. MLTA = tax relief up to RM6000 every year, MRTA = no tax
relief
5. MLTA = cash return(asset) MRTA = no cash return (expense)
6. TRANSFERABILITY :
MLTA = transferrable & able to upgrade protection value
MRTA = non transferrable (lapse when tend to refinance/ new
purchase)*when buying new property/ refinancing, MRTA premium will be higher
because of age*
7. MLTA = death/tpd/critical illness + premium waiver,
MRTA = death and tpd only
8. MLTA = level premium, MRTA = higher premium if financed
by bank as it is tied to BLR
9. Nomination :
MLTA = Beneficiary can be anyone
MRTA = Beneficiary is Bank
If you are tend to investment/ refinancing, MLTA from PruBSN
is suitable because you no need to re-purchase your home insurance after few
years. Any further inquiry, please don't feel hesitate to email me at
hasmizie@gmail.com
Thank you.
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