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pay MRTA in one lump sum ?

 
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ronan



Joined: 02 May 2006
Posts: 29

PostPosted: Wed May 03, 2006 10:01 am    Post subject: pay MRTA in one lump sum ? Reply with quote

Hi guys,

the loan officer told me that it is better i paid one lump sum fo the MRTA instead of putting the amount into the total loan amount that I gonna take.. she said by using this way, I can save some money.. my property is still under construction.. expected to complete end of this year..

i am thinking to include MRTA into the loan becaue i can always pay extra when I have extra money to save the interest right ?

ur advice will be appreciated... thanks.
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xen



Joined: 25 Apr 2006
Posts: 26

PostPosted: Wed May 03, 2006 3:21 pm    Post subject: Reply with quote

One factor banks or insurance companies (ING, AIA) decide whether to approve the loan is to look at the percentage of loan amount to your income (some use gross income, some use net income). If you are at the border, adding MRTA into the loan might affect the approval.
Another reason is of cause interest, bank loans you the MRTA with interest as well.
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ronan



Joined: 02 May 2006
Posts: 29

PostPosted: Wed May 03, 2006 6:08 pm    Post subject: Reply with quote

yeah.. i am thinking to go for MRTA but the loan officer suggest me to take life insurance instead.. which one is better ?? but life insurance costs more right ?

besides, if anything happen to me, my family members need to claim from the insurance company to settle the loan whereas MRTA doesn't need to... is that so ?
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xen



Joined: 25 Apr 2006
Posts: 26

PostPosted: Thu May 04, 2006 10:39 am    Post subject: MRTA or life Reply with quote

ronan wrote:
yeah.. i am thinking to go for MRTA but the loan officer suggest me to take life insurance instead.. which one is better ?? but life insurance costs more right ?

besides, if anything happen to me, my family members need to claim from the insurance company to settle the loan whereas MRTA doesn't need to... is that so ?


It depends on your budget. Life policy has value, can be transferred to another property if you pay off this loan and buy another (Refer to the topic: MRTA, term life and life insurance for a lot of useful info).
The most important thing is you must be clear the purpose of this policy (be it MRTA, term or life etc). The purpose is to “protect” the property, means if anything happens (dead, lost of job due to disabled or critical illness etc), your family and you will not lose the property and ALL previous investments on this property. So if you choose a MRTA with CI coverage, NEVER believe that you are covered for CI, only your this property is covered. That’s why a lot of people buy MRTA/life policies for properties, life policies for him/her and medical card too.
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Scott123



Joined: 25 May 2008
Posts: 45

PostPosted: Mon Jul 14, 2008 8:13 pm    Post subject: Reply with quote

Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium. An insurer is a company selling the insurance. The insurance rate is a factor used to determine the amount, called the premium, to be charged for a certain amount of insurance coverage. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice.
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duncan1580



Joined: 25 Sep 2008
Posts: 7

PostPosted: Thu Sep 25, 2008 4:02 pm    Post subject: Reply with quote

I would say that a term life insurance is definitely a good investment in any case, but especially if obtained in connection with a property.

The problem that I see at the moment that so many companies are offering so many different deals concerning term life insurance that as a normal consumer you can hardly see the forrest because of the trees.

I can only advise people to inform themselves well before hand. This website for instance is a governmental guide on buying life insurance. Everyone interesting in buying that kind of insurance should have a look at this or alike brochures before they decide for an agent or insurance deal.
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