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MRTA - Investment Property

 
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jadeker



Joined: 18 Apr 2006
Posts: 22

PostPosted: Sat Jun 10, 2006 9:10 pm    Post subject: MRTA - Investment Property Reply with quote

Do you think you will buy MRTA for the "short term investment" property which you plan to sell it off in next 6-8 years??
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yowchuan



Joined: 06 Jun 2006
Posts: 15
Location: Malaysia

PostPosted: Sat Jun 10, 2006 10:31 pm    Post subject: Reply with quote

In this case, it's recommended that you get yourself an MRTA that is tied to your name, not to the property.

This is especially true if you foresee yourself buying and selling properties in the long run.

Hope that helps.
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jadeker



Joined: 18 Apr 2006
Posts: 22

PostPosted: Sat Jun 10, 2006 10:55 pm    Post subject: Reply with quote

hi yowchuan, thanks for the reply. the insurance that tied to my name instead of property is also MRTA? or it is the term life insurance??

another question is, do we need to go through some procedure when we sell and buy new property? is there any charges??
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yowchuan



Joined: 06 Jun 2006
Posts: 15
Location: Malaysia

PostPosted: Mon Jun 12, 2006 1:37 am    Post subject: Reply with quote

Hi Jadeker,

Yup, an insurance with the proper coverage that is tied to your name can be used as an MRTA. The concept of MRTA is just to ensure that in the event of your default (unable to service your homeloan) due to pre-mature death or total permanent disability, the MRTA will help you cover up for it.

Yup, you can use term life as your MRTA also if you are looking for lower premium. Using a term life also meant that you won't be getting any money back at the end of the term. If budget is a constraint to you, go for this one! Make sure you get a term life policy that also covers dread diseases, and check whether the term life is on a guaranteed renewal basis. Some term life policies are guaranteed renewal for 5 years, or 10 years or X number of years.

Your other alternative probably is to use an Investment-linked Policy (ILP). This option is much more pricier that term but it's also much more affordable than a traditional whole life policy). With an ILP, you'll get to refund the premium you pay. Also, remember to add a dread disease rider to the policy.

I am sure when your properties are changing hands, you'll have lots of paperwork to deal with your lawyers (that's where they make money...hehehe). Those are the stuff you will need to ask the real estate experts around here. (I only specialized in risk management Razz )

For the MRTA coverage of the property, you don't need to do any changes to the policy. You either terminate the policy if you don't need it, or in the case of an ILP, you will have the flexibility to either top up the sum assured or reduce the sum assured according to your next property purchase. I hope that's what you meant by "charges".

Hope that clears some of your doubts.

Cheers!
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xen



Joined: 25 Apr 2006
Posts: 26

PostPosted: Fri Jun 16, 2006 1:07 pm    Post subject: Reply with quote

Basically most insurance policies (Term, ILP, traditional life etc) can be used as a coverage for your property. It is not recommended to "share" you life policy however, what this mean is the policy is bought for the purpose of giving protection to your family AND protection to the property etc.
It is better to buy policies for protection of your family memebers and seperate policy (MRTA, term, ILP or life) for your house.
For short term protection, you can
1. get a 10 year term life w CI OR
2. get ILP (make sure you read carefully the informative articles posted by yowchuan, important)
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Scott123



Joined: 25 May 2008
Posts: 45

PostPosted: Sat Feb 28, 2009 3:38 pm    Post subject: Re : Reply with quote

Hi ,
I agree with you. Nice information that you have shared with us. It was really very helpful for me. Thanks for Nice posting!!!
Thanks!!!!!




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