By Mortgage Insurance
A Mortgage insurance or Mortgage reducing term assurance (MRTA) is a financial risk management tool a typical home owner should not live without. After buying a home worth several hundred thousands or millions of dollars, the last thing you want is to lose your ability to pay due to death, illness or disability and cause your family to be heavily debt ridden.
Your house is your most important asset. Protect it, for your loved ones.
Don’t let your home loan liability be your dependent’s liability. The last thing they want to lose after losing you is their home. Get a Mortgage Insurance
Get the Best Mortgage Insurance plan
A mortgage reducing term insurance is a low-cost way to protect your home mortgage in the event of your death, disability and critical illness.
Available filters for Comparison on our aggregator.
- Coverage Term of 20 and 30 years
- Sum Assured of $500000, $1000000 or $1500000 for Death and TPD
- Rider Options can be added at full sum assured for Advance Stage CI
- Age Range from Age 20, 25, 30-50, 55 & 60
- Gender options for male and female
We will further customize a quote for you once we receive your enquiry to cater to your individual preference.
Rider options
Enjoy your one size fit all life coverage with the following riders on your mortgage reducing insurance plans
- Total and Permanent Disability
- Advance Stage Critical Illness
- Critical Illness Premium Waiver
Mortgage Insurance Plans We Compare
- Aviva MyDecreasng Term
- NTUC Mortgage Term
- AXA Decreasing Term Assurance
- ManuProtect Decreasing
- Tokio Marine Mortgage Protection
Get the Best Mortgage Insurance
The biggest advantages of getting a mortgage reducing term insurance is that it is a low cost way of protecting your home loan liabilities.
Make use of our Moneyline.SG web comparison tool to find the most suitable coverage base on your needs. Upon your request, a licensed FA representative will draft you a customized plan based on the information you have communicated. Their service is 100% free and there is no obligation to take up any products from them.
Alternatively, answer 3 Specific Mortgage Reducing Insurance Questions to Customize Your Preference
FAQ
What is a Mortgage insurance?
Also known as a reducing term insurance is a term insurance product catered mainly to pay-down a home owner’s home loan in the event of his/her death, disability or critical illness diagnosis.
How does it work?
The sum assured of a mortgage reducing term insurance plan is usually pegged to the home loan amount of the life assured. the coverage should ideally decrease proportionately to the assured’s home loan amount and interest rate.
How is it different from a level term insurance?
The sum assured of a mortgage decreasing term reduces each year in proportion to the loan amount and loan tenure of the life assured. A term insurance on the other hand provides a leveled coverage throughout the policy term.
What are the other features and benefit?
An interest rate can be added in to decide how fast the sum assured of the mortgage term insurance reduces over time, the higher the interest rate, the slower the reducing rate.
What are the riders available?
Some riders include but are not limited to:
- Total and Permanent Disability
- Advance Stage Critical Illness
- Premium Waiver Rider for Critical Illness
What are the coverage period like?
Most company provides up to 35 years term of coverage to match the bank’s maximum loan tenure
Are the premiums guaranteed?
For most companies, the premium for the death benefit and total and permanent disability benefits are guaranteed.
Premiums for riders such advance stage critical illness and critical illness waiver are not guaranteed and may be subjected to change in relation to the insurer’s future claim experience.
Are mortgage reducing insurance only applicable for home owners?
No, most insurers allows them to be taken up by anyone like a normal life insurance policy, some insurers may request the life assured shows his/her mortgage statements whilst most do not have this requirement if your sum assured is below a certain amount.
I have CPF Home Protection Scheme (HPS), can i still apply for a mortgage insurance?
Yes, you can. You can also seek exemption from HPS if you are already covered by a private insurer mortgage reducing term insurance if the coverage is adequate enough for exemption.
Can I pay for mortgage insurance through my CPF OA?
No. The policy can only be paid using cash.
Why should I get Mortgage Reducing Insurance?
If you ever wish to seek a low-cost way to protect your mortgage liabilities, mortgage reducing insurance may be the best option for you, alternatively, you may consider getting a term insurance if you prefer a leveled coverage.
Must the sum assured be the same as my loan amount?
If you are owning a private property or executive condominium, the sum assured do not have to be the same as your loan amount. Similarly, the tenure of the coverage is not required to be the same
Are mortgage insurance compulsory for all home owners with home loan?
Yes, if you own a HDB and wish to seek HPS exemption. Otherwise, it is not compulsory for private property owners for now. However, some banks may still require you to take up their insurance if you wish to enjoy their special home loan rate.
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