Mortgage Insurance

5 Good Reasons to Get Mortgage Insurance

Premiums End Before Loan Tenure:
For example, AIA only makes you pay premiums for 75% of your home loan. So if you’ve taken a 30 year home loan, you’ll only be paying premiums for only 22 years.

Comparatively Low Premiums
Standard life insurance can also shield your family from homelessness. But life insurance involves extensive coverage, which translates to high premiums. Because MRTA is specific, you can expect premiums to be 20 – 30% lower.
It’s possible to add medical reimbursement, weekly indemnities, and debilitating injuries as riders.
Before adding all these riders though, do compare it to the cost of general insurance. Remember that MRTA gets a bit pointless, if the premiums end up costing you as much as full blown life insurance.

Transferable Insurance
A MRTA is transferable. In other words, if you sell your currently insured property and buy another, you can continue with the same MRTA plan.