Lets take real case study,
Azman 35 years old, an asisstant manager of one of Engineering Company in Southern Region of Malaysia.Married with 2 child. Property in hand included 1)A 250k double storey house with balance loan of 190k for another 21 year tenure. 2)Car Loan of Honda Accord with balance loan of 70k for another 4 years tenure and Honda Jazz with balance loan of 32k for another 3years. 3)Others type of loan which included Credit Card, Study and Education loan.
To mitgate the risk for his property,one should take the total up of 190k of MLTA to cover all the mortgage loan balance. However since the property+liability amount of Mr Azman far exceed the 200k. He opted to add another 100k coverage making up of 300k Total Coverage in case of Death or TPD(Total Permanent Disability).
It is normal for conventional housing loan to included MRTA(Mortgage Reducing Term Assurance) when signing up housing loan,but there are also option for us to upted for MLTA where we can opted for higher coverage to leverage the risk.If Mr Azman decided to take MRTA only and unfortunate event happen to him.The bank only pay for the mortgage balance whereelse with MLTA Mr Azman beneficiaries will received home and cash of 100k.
Please consult with your health/wealth agent to find out more about Prudential MLTA plan.
For Johor Bahru area can contact me at 0177458478(Durrah)Full Time Prudential
Imagine yourself as a pillar for family(financial foundation for property house,car,credit card,family expenses,etc)what will happen to those under your support when unfortunate things happen to you!
