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6.10.11

MLTA vs MRTA




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.

1 comment:

  1. Hmm, After so many years of looking for home loan, only now I know that MRTA/MLTA premium paid burns everytime I refinance or sell house. If I knew about the disadvantages of MRTA/MLTA earlier I would have bought RM1mil worth of life insurance since 2009 to cover any of my property loan until end of my life.

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