Financial Advice needed BADLY
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I need some financial advice on MRTA.
May I ask if this type of insurance can only be bought after the property has TOP?
Dh and I have bought a new condo and took a bank loan. We intend to repay this loan for x years. Is there a type of insurance to cover this period of x years, so that anything happen to the borrower (dh), the bank loan can be settled by the insurer? -
Belle2011:
I took out a home protection plan with an insurer. Basically it covers x amount in event of death. The x amount will reduce over time since loan should be reducing. Not that ex. And I understand that in event of death, the proceeds may be used to pay for any other debts (I completed one home loan sometime back but have another hanging over my head, so kept the plan going).I need some financial advice on MRTA.
May I ask if this type of insurance can only be bought after the property has TOP?
Dh and I have bought a new condo and took a bank loan. We intend to repay this loan for x years. Is there a type of insurance to cover this period of x years, so that anything happen to the borrower (dh), the bank loan can be settled by the insurer? -
hquek:
I took out a home protection plan with an insurer. Basically it covers x amount in event of death. The x amount will reduce over time since loan should be reducing. Not that ex. And I understand that in event of death, the proceeds may be used to pay for any other debts (I completed one home loan sometime back but have another hanging over my head, so kept the plan going).
Hi,
Has your property TOP or just started building when you bought this insurance? -
Actually I bought a resale. Best to check with an insurance advisor.
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Really sorry to hear ur story. The best way is to sit down and calculate how much r u indebt.
Set a realistic target to pay off. As long as u are able to pay off more than the interest then u’ll be able to clear off asap.
It is like being overweight and u need to lose wt. There’s no fast route to get out of this.
Just have to move on and not give up. -
Belle2011:
MRTA can be bought nowI need some financial advice on MRTA.
May I ask if this type of insurance can only be bought after the property has TOP?
Dh and I have bought a new condo and took a bank loan. We intend to repay this loan for x years. Is there a type of insurance to cover this period of x years, so that anything happen to the borrower (dh), the bank loan can be settled by the insurer?
Personally I would buy a level term instead of a decreasing term. At least over the years I can still have the same level of coverage.
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