What is MRTA? (Part 2)
MRTA is an insurance policy that provides protection to the insured party’s next of kin ensuring that the outstanding mortgage will be settled should there be an untimely death or total permanent disablement of the insured party. The sum insured of the Policy will match the loan of the mortgage.
This policy is on a reducing term life that corresponds directly to the loan amount and length of time remaining on a loan. If the insured party dies during the loan period, the insurance company pays the balance remaining on the loan to the Bank.
MRTA is a single premium payment at the inception of the Policy and financing is also made available where required.
The advantages of taking up a MRTA policy are:
This policy is on a reducing term life that corresponds directly to the loan amount and length of time remaining on a loan. If the insured party dies during the loan period, the insurance company pays the balance remaining on the loan to the Bank.
MRTA is a single premium payment at the inception of the Policy and financing is also made available where required.
The advantages of taking up a MRTA policy are:
- It offers your family financial security i.e. the outstanding housing loan will be fully settled from the policy
- It protects your family from having to sell the property in order to settle the housing loan
- It is also tax deductible
posted by ebazaar at 6:38 PM
2 Comments:
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