Mortgage Insurance question

[xdemolicx]

Hello guys.

If i am looking at getting a EC, i understand i cant get HPS so will need to find a insurance to cover myself either from bank or insurer.

However, is MRTA really necessary if i already have sufficient life insurance coverages? For example, 1 term of 300k + 2 life plans amounting to 300k gives me a total of 600k coverage if i pass away.

Can i opt not to take up anymore insurance to cover my loan?

 

[Arrowfish]

Hello guys.

If i am looking at getting a EC, i understand i cant get HPS so will need to find a insurance to cover myself either from bank or insurer.

However, is MRTA really necessary if i already have sufficient life insurance coverages? For example, 1 term of 300k + 2 life plans amounting to 300k gives me a total of 600k coverage if i pass away.

Can i opt not to take up anymore insurance to cover my loan?

If the loans requires you to take up one.. you do not have a choice.

Based on the amount, it should be suffice to pay off the EC but not enough for your love ones.

 

[Nystalia1990]

Hello guys.

If i am looking at getting a EC, i understand i cant get HPS so will need to find a insurance to cover myself either from bank or insurer.

However, is MRTA really necessary if i already have sufficient life insurance coverages? For example, 1 term of 300k + 2 life plans amounting to 300k gives me a total of 600k coverage if i pass away.

Can i opt not to take up anymore insurance to cover my loan?

U may want to check with your loan company and inform them that u have sufficient coverage from your insurer.

 

[JK1688]

Now got full premium refund mortgage insurance mah. But price will be higher la. Let me know if you wanna know more.

Sent from using GAGT

 

[furnaces1984]

Sure , use your existing life insurance to pay for the house. Then your family how leh?