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#1

Posted 20 February 2012 - 06:12 PM

Panerex77
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Pte Condo owners out there...while we know it is not compulsory to buy Mortgage Insurance for Pte Condos, do you still do it for your purchases?

I was wondering if such Mortgage Insurances (typically sum assured-reducing term plans with no cash value) are redundant, since we could already be covered for Life/ TPD/ Critical Illness from existing insurance policies.

One point of argument I feel is that if existing Life/ TPD/ Critical Illness' sum assured is less than value of the Pte Condo purchase, then it will be more prudent to get the Mortgage Insurances for the additional coverage. Not sure if you experts out there feel the same way.

And if you do purchase a Mortgage Insurance, will you advise to go for single or joint policy? Joint policy being cheaper overall but with one-half the coverage as compared to single.

And necessary to add Critical Illness coverage (which i think is very expensive) or simply a Critical Illness waiver coverage will do?


Well, you could be thinking no point for mme to ask this question since ultimately, it all boils down to my affordability level. If i can afford it, then just get the highest coverage possible.

I just want to seek further comments from a diversified pool of pple out there (assumingly without vested interests), rather than solely relying on my insurance agent's advice.


#2

Posted 20 February 2012 - 06:48 PM

Changman999
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Any banker worth his salt will be able to answer you

#3

Posted 20 February 2012 - 07:34 PM

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It depends really. It is generally true tt the coverage of usual insurance is much smaller than the value of a pte pty. I imagine tt one of ur main considerations might be whether it is ur primary residence. If for example, it is ur second pty used for investment, n can consider selling at the point where main mortgagor (breadwinner) is nt able to pay, then no nd to insure. That said, w new rules applicable to recent purchases, may want to insure for 1st 3 years because selling pty before 3 yrs got hefty seller stamp duty. If only insure 3 yrs, overall burden of paying premium is lighter.

#4

Posted 20 February 2012 - 07:48 PM

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"if existing Life/ TPD/ Critical Illness' sum assured is less than value of the Pte Condo purchase"

No point considering Mortgage Insurance if your main policy cannot even cover the value of your condo

unless you have the difference in cash or investments.

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#5

Posted 20 February 2012 - 08:11 PM

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How much premium does one nd to pay every month to obtain more than S$1m (approx pte pty value) insurance coverage?

#6

Posted 20 February 2012 - 09:21 PM

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How much premium does one nd to pay every month to obtain more than S$1m (approx pte pty value) insurance coverage?



Depends. For $200k loan amt without critical illness coverage is abt $500+ per annum. So $1m Probably abt $2k bah

#7

Posted 21 February 2012 - 09:12 AM

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I got the mortgage insurance. No point worrying all the time whether we will live or die
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#8

Posted 21 February 2012 - 09:15 AM

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Without mortgage insurance, every month save.a little winny amount of money.. with mortgage insurance, life will not be too stressful to myself n love ones if death occurs as they will not be left a big mortgage loan if something happens to me..
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#9

Posted 21 February 2012 - 09:16 AM

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i bought....but only at half my loan amount...
i think it is very expensive leh

#10

Posted 21 February 2012 - 09:18 AM

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Mortgage insurance as in once you die, the insurance coy pays up for the remaining mortgage rite?

Which is the cheapest insurance premium from which insurance company?

I just need plain vanilla without all the riders etc, cos me very well insured, die liao wife gets about a mil for herself and son.
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#11

Posted 21 February 2012 - 09:21 AM

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mine is joint....i was told it is the same as term policy.

is it true?

#12

Posted 21 February 2012 - 02:32 PM

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I think its a good idea not to be too well insured.

Since I took out a large insurance policy,

the morning coffee my wife makes for me

taste a little bit different.

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#13

Posted 21 February 2012 - 02:36 PM

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Mortgage insurance as in once you die, the insurance coy pays up for the remaining mortgage rite?

Which is the cheapest insurance premium from which insurance company?

I just need plain vanilla without all the riders etc, cos me very well insured, die liao wife gets about a mil for herself and son.


Go to those IFAs, they can find quotes for you for the cheapest MRTA, but if you are already covered for a million, why do you need more unless you have outstanding loans beyond that.

#14

Posted 08 March 2012 - 11:46 PM

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yeah second that..but the agents will always say "it is never enough considering inflation blah blah blah"

#15

Posted 09 March 2012 - 12:08 AM

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Go to those IFAs, they can find quotes for you for the cheapest MRTA, but if you are already covered for a million, why do you need more unless you have outstanding loans beyond that.

laugh.gif laugh.gif

maybe he dun wan the wifey to use the one million to pay for the house?


#16

Posted 09 March 2012 - 08:47 AM

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for real?

#17

Posted 09 March 2012 - 09:06 AM

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for real?

Sadly because of insurance,

my wife will be richer if I am dead than alive!

But I did put in a clause in my will.

My wife will get all my money but

only if she gets married again.

Then at least one person in the world

will be very sorry that I died!

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#18

Posted 26 September 2012 - 04:43 PM

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I got my home protection plan from posb. To be honest, what I pay every month for that mortgage insurance policy lets me sleep better at night knowing that my wife and kids are protected if anything happens to me. At least they will have a roof over their heads. My wife got married to me soon after she finished poly, she got 0 work experience. She's in her late 30s now. How is she gonna be able to keep up with the mortgage payments if something happens to me. She won't be able to get a job right now in this environment considering her age and nil work experience. So if it means every month i just need to eat/drink less, it's worth it.

#19

Posted 26 September 2012 - 04:46 PM

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I got my home protection plan from posb. To be honest, what I pay every month for that mortgage insurance policy lets me sleep better at night knowing that my wife and kids are protected if anything happens to me. At least they will have a roof over their heads. My wife got married to me soon after she finished poly, she got 0 work experience. She's in her late 30s now. How is she gonna be able to keep up with the mortgage payments if something happens to me. She won't be able to get a job right now in this environment considering her age and nil work experience. So if it means every month i just need to eat/drink less, it's worth it.

How expensive can your insurance be that

you have to be hungry and thirsty every month?

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#20

Posted 26 September 2012 - 05:31 PM

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Just realised i am replying to a old old thread.
--- super old thread---

Edited by ShepherdPie, 26 September 2012 - 05:38 PM.



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