Fatimah Daud@Petaling Jaya: Is it okay not to buy MRTA (Mortgage Reducing Term Assurance) for my loan?Q/A1
RED: It depends on whether you have enough coverage in your other insurance policy. I always encourage loan borrowers to buy MRTA even though you have your own insurance policies. MRTA protects you in the event of death and permanent disabilities. If this happens, the outstanding loan of the house will be paid for by the insurance company.