MRTA (MORTGAGE REDUCING TERM ASSURANCE)
is an insurance to secure the repayment of
the outstanding loan in the event of the
death of a borrower. The liability of a loan
may cause much financial hardship on your
family in the event of your death, unless
you are already otherwise insured
adequately.
Some
lenders impose as a condition of the loan
that you take up an MRTA with one of their
panel insurers. In most instances, the
interest rates may be higher if you choose not
to take up an MRTA. You should:-
1.
weigh the saving of the interest
against the cost of an MRTA;
