Compare Mortgage Insurance Singapore

No. The premium will simply remain the same, but premium will typically be cheaper than a level term insurance of the same sum assured and tenure during the initial purchase.

Yes, you may buy a mortgage reducing insurance to cover for death and disability or even critical illness without having any outstanding mortgage liability. Mortgage insurance is just term for reducing term insurance, in most circumstance unless the amount is substantial, you will not need to proof you have a home loan to purchase a mortgage insurance.

Your HPS is already a Mortgage Reducing insurance protection, if you were to buy another mortgage insurance policy to protect the same property covered by HPS then you are essentially double covering the same mortgage liability.

You can also seek exemption from HPS if you are already covered by a private insurer mortgage reducing term insurance if the private mortgage reducing insurance coverage is adequate for exemption.

No. The policy can only be paid using cash.

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 levelled coverage.

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

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.

No, you will need to inform the insurer that you wish to terminate the plan. The Mortgage reducing insurance protects your life and you may choose to leave it in force after selling off the property.