Why do you need it?
- To help offset loans upon triggering events, making sure you leave a house to your family (while “you leave the home”);
- Unsettled loans where you stand as borrower /guarantor are prioritised creditors in estate settlement, thereby eroding the value of your wealth /estate;
- It is also especially important when your loan tenure runs beyond your retirement age, where there is a chance of death or disability well before the loan is paid off;
- High-skilled professionals like doctors, engineers, musicians, professional athletes benefit from Credit Protection Plan with “suited occupation disability” coverage.
What are the “Triggering Events”?
They are most commonly referred to (i) Death and (ii) Total & Permanent Disability, you may also extend to cover (iii) critical illnesses at marginal cost.
Common Myths
- “Should I just buy a 5-year MRTA to satisfy the bank?”
- “What if I am only an investor, flipping properties within a short time period?”
- “I have got life policies….!”