In Singapore, mortgage insurance is known as Mortgaged Reduced Term Assurance or MRTA. The policy is essentially a life insurance against your home loan. If you are no longer able to fulfil your home loan obligation, your family will still have the mortgage insurance payout to pay off the outstanding home loan.
Comparing to other types of life insurance, mortgage insurance premium is the lowest. This is because the sum assured of mortgage insurance is reduced gradually along the years.
Since mortgage insurance has no return, the cheaper the premium it is normally better.
However, many people did not pay much attention to their mortgage insurance. You may have just bought it from the bank where you took the home loan or never compare the mortgage insurance premiums in the market.
Do you want to know if you have overpaid your mortgage insurance policy?
I am going to make your life easier. Use our mortgage insurance premium calculator to find the best mortgage insurance in Singapore.
Simply key in your outstanding loan, tenure and interest below. This mortgage insurance calculator will help you find the best mortgage insurance premium.