02/03/2023
🏡 May plano ka bang kumuha ng real estate investment anytime soon? 🔑
If you can pay the entire cost of the property in cash, AWESOME! ✨💯 Pero sa totoo, bihira lang ang nakakagawa nun ha. A real estate property is a big ticket purchase, kaya naman for a regular person, mas uso ang mag-loan sa bank, sa Pag-IBIG, o sa developer to finance such investment.
If you will be taking a housing loan, did you know na kailangan mo ng life insurance? 🔑 Yup! We call this MRI or Mortgage Redemption Insurance.
“Iba pa ba yung home insurance?”
👉🏻 Yes, different pa yun. Ang purpose ng MRI is to cover the loan payments kung sakaling mag pass away ka at hindi pa tapos ang pagbabayad ng loan. With MRI, you will avoid property foreclosure.
“Pwede ko ba gamitin yung existing life insurance policy ko for this?”
👉🏻 Usually, pwede naman. You will need to update the beneficiaries info to accommodate the lender. However, if the insurance coverage amount is not enough to cover the loan amount, kakailanganin magdagdag.
“Wala pa akong life insurance pero plano kong magloan for a property. What is my best choice?”
👉🏻 Without a doubt, the cheapest option in the short-term (5-15 years) out there is “term life insurance”. Ask your insurance advisor about your term plan options. Huwag mo na lagyan ng kung anu-ano pang rider masyado para tipid.
👉🏻 Some people may prefer longer payment terms when they loan. For this, i-double check nyo ang premium increase sa term insurance. If masyadong malaki, you may want to check other alternatives such as VUL.
“What if mag-pass away ako in the middle of loan payment period, may makukuha ba ang family ko sa MRI?”
👉🏻 Yes, meron! When you get a life insurance for the purpose of MRI, you may still elect your family members/dependents as your beneficiaries. Makukuha pa rin nila yung remaining amount ng insurance after maibigay sa lender ang loan payments. Double check with your FA to make sure na ganito ang arrangement.
