Friday, January 15, 2010

Mortgage Reducing Term Assurance (MRTA)

How much should I pay for insurance?
That’s exactly how much you need to find out - The MRTA calculator gives you the figure you need to calculate your mortgage reducing term assurance or MRTA. First, the definition of MRTA.

MRTA is defined as Mortgage Reducing Term Assurance; reducing term life assurance specially designed to protect a loan borrower against death or TPD (total permanent disability) due to natural or accidental causes.

Firstly, check your MRTA Premium and how much you should pay for your insurance.

MRTA is very often a lump sum and the lending institution will arrange fire and Mortgage Reducing Term Assurance of insurance cover. Should anything happen to you during the period of the loan requested/applied, the Insurance Company which issued the policy will pay the outstanding balance of the repayment to the bank/finance institution.

How will MRTA benefit you?

1. Premium financing
Pay a small sum to accumulate over with the plan. It’s affordable and reliable.
2. Single premium payment
Full protection for a one-time fee. For life.
3. Liberal TPD explanatory
If you cannot perform your regular work for six (6) consecutive months, TPD benefits will be feasible. Some packages offer only permanent disability.
4. Guaranteed acceptance
Acceptance is guaranteed for loan borrowings up to RM150,000 and entry ages up to 50 years next birthday. Subject to other terms and conditions.
5. 24 hours worldwide coverage
Anywhere in the world you’re covered, not only in the respective country you apply.
6. Guaranteed benefit to settle your balance mortgage
The repayment of your housing loan will be settle should there be any causes of death of TPD.



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