9 Products Found
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Single or Joint Life
POLICYHOLDER OPTIONS
Amount of Housing Loan
MAX SUM ASSURED
10 years
POLICY TERM
75% of policy term
PREMIUM TERM
1% to 7&
INTEREST RATE
Single Life
POLICYHOLDER OPTIONS
$350,000
MAX SUM ASSURED
10 to 99 years
POLICY TERM
Full policy term
PREMIUM TERM
1% to 9%
INTEREST RATE
Single or Joint Life
POLICYHOLDER OPTIONS
$5,000,000
MAX SUM ASSURED
10 to 30 years
POLICY TERM
Full policy term
PREMIUM TERM
1% to 15%
INTEREST RATE
Single or Joint Life
POLICYHOLDER OPTIONS
$5,000,000
MAX SUM ASSURED
10 to 30 years
POLICY TERM
3 years less than Policy Term for Regular Premium
PREMIUM TERM
1% to 15%
INTEREST RATE
Single Life
POLICYHOLDER OPTIONS
Amount of Housing Loan
MAX SUM ASSURED
6 to 40 years
POLICY TERM
90% of policy term
PREMIUM TERM
1% to 4%
INTEREST RATE
Single or Joint Life
POLICYHOLDER OPTIONS
Amount of Housing Loan
MAX SUM ASSURED
10 years
POLICY TERM
80% of policy term
PREMIUM TERM
5%
INTEREST RATE
Single or Joint Life
POLICYHOLDER OPTIONS
Amount of Housing Loan
MAX SUM ASSURED
25 years
POLICY TERM
Full policy term
PREMIUM TERM
1% to 5%
INTEREST RATE
Single Life
POLICYHOLDER OPTIONS
Amount of Housing Loan
MAX SUM ASSURED
5 to 35 years
POLICY TERM
2 years less than Policy Term
PREMIUM TERM
1% to 7%
INTEREST RATE
Single Life
POLICYHOLDER OPTIONS
Amount of Housing Loan
MAX SUM ASSURED
10 to 35 years
POLICY TERM
3 years less than Policy Term
PREMIUM TERM
1% to 7%
INTEREST RATE
Single or Joint Life
POLICYHOLDER OPTIONS
Amount of Housing Loan
MAX SUM ASSURED
10 to 35 years
POLICY TERM
3 years less than Policy Term
PREMIUM TERM
1% to 7%
INTEREST RATE
Single or Joint Life
POLICYHOLDER OPTIONS
Amount of Housing Loan
MAX SUM ASSURED
10 to 30 years
POLICY TERM
3 years less than Policy Term
PREMIUM TERM
0% to 9.75%
INTEREST RATE
I believe we have all heard of Mortgage loans, but few know what a mortgage insurance is about. As the term already explains itself, a mortgage insurance, or more commonly known as Mortgage Reducing Term Assurance (MRTA), is one that insures your family members for your mortgage loan in an unfortunate event of death or total and permanent disability.
You may think – “Huh? I just spent money on a mortgage loan, but now I need to fork out even more money for Mortgage Insurance? Do I really need it? Don’t need one lah, I not so suay one!”
Sometimes, the more you don’t wish for it to happen, the more you will jinx it.
So, just imagine an event of death or total permanent disability. Without your help, can your family service the mortgage loan themselves? Because if they can’t, your house may be taken away by the bank, leaving no roof for your entire family’ head. I believe, your heart has an answer now.
If you are now convinced to get one, the next problem comes in. What type of Mortgage Insurance should you get?
All 3, be it Mortgage Insurance, Home Protection Scheme or Term Insurance, all have one thing in common. Their main purpose is to help protect members and their families against losing their flats in the event of death, terminal illness and total permanent disability while during paying off home loans.
Are they complementary of each other or substitutes? If so, which is better?
We have summarised some of key points of the 3 insurance policies, namely Mortgage Insurance, Home Protection Scheme and Term Insurance. We have also compared the Pros and Cons of the following 3 for you to make a more informed decision.
For all owners of HDB flats, paying off home loans using CPF Ordinary Account (OA)
Type of Insurance: Decreasing Term Insurance
Coverage Term: Up to 65 years old or until housing loan is paid up/ HDB is sold
Pros:
Should an unfortunate event happen, the outstanding amount of your home loan would be paid by the CPF Board. "Under Government should be cheaper"
Cons:
Compulsory for owners of HDB using CPF who applied for exemption, and Recommended for owners of condominiums and private properties
Type of Insurance: Decreasing Term Insurance
Coverage Term: At least up to 65 years old or until the housing loan is paid up
Pros:
Cons:
Compulsory for owners of HDB using CPF who applied for exemption, and Recommended for owners of condominiums and private properties
Type of Insurance: Level Term Insurance
Coverage Term: At the end of the term
Pros:
Cons:
Yes, for all HDB owners paying their loans using CPF, it is compulsory for you to get either the Home Protection Scheme or a Mortgage Insurance, unfortunately or fortunately. If you are a private property owner, don’t think that you can siam having to buy a mortgage insurance just yet.
Before you start to gloat at them, it is still highly recommended to be insured because the higher price of private property poses a potential larger financial burden in an unfortunate event. Unless you have psychic’s power that you know you will not meet any unfortunate event in your life, it still better to be safe than sorry.
We have compiled the best Mortgage Insurance companies available in Singapore:
Ultimately, it depends on your personal preference to determine which Mortgage Insurance Plan to get.
But the cheapest Mortgage Insurance Plan would be the one that is free. FREE?
Close your jaw.
Yes, the best and cheapest Mortgage Insurance Plan would be the OCBC Mortgage Insurance Plus/ Advantage refunds premium paid if there are no claims by the end of the policy term. So while you get the coverage, given that you do not have any claims, you get your money at the end of it, as if you did not spend it in the first place!
However, the price point may not be your biggest factor as there are greater coverage offered by other companies that may suit your needs even more. You can refer to the products to find out more.
Now, you can have a peace of mind and roll the pineapple into your new house for some HUAT.
If you have questions about which Mortgage Insurance Plan to get after reading our Real User Reviews, why not ask our community of experts and experienced members at Seedly QnA? Best of all, you can even ask your questions anonymously if you're really, really shy!