Mortgage loan insurance takes care of unpaid home repayments, should any unforeseen event such as death or total and permanent disability happen to the homeowner.
Homeowners with Mortgage loan Insurance will not be burdened with mortgage repayments or face the possibility of losing their home.
An example using AIA Mortgage Reducing Term Assurance (MRTA):
A 27-year old servicing a mortgage loan of $400,000 at an interest rate of 3%, only needs to make a one-time premium payment of $5,528 to ensure that should anything happen to him, his remaining home repayments will be handled by the Insurance company.
For more information on MRTA Insurance please send me a email: mark.lim@aia.com.sg
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