MSV Life, Malta’s leading life insurance company has launched a product which provides Free Life Insurance for New Parents. This initiative aims to help parents take the first step in protecting their child’s financial security.
Through this plan, new parents are being offered €10,000 of free life cover to anyone who registers before their child is six months old. Cover will run until the child’s first birthday.
Chief Officer – Sales Management, Stuart Fairbairn, explained that MSV strongly believes that life insurance and family protection are the cornerstones to successful financial planning and security.
Mr. Fairbairn stated that “Protecting one’s family should be the number one financial priority. The trouble is that many of us think we’ve got all our protection bases covered, when in fact there’s a huge shortfall in the cover one really needs. We believe it’s essential that parents consider how best to protect their new family”. Mr. Fairbairn went on to explain that “although MSV Life can never replace the love of a parent, the company firmly believes that our offer is well designed to give families a helpful start in replacing one’s income in the event of early death”.
David G. Curmi, Chief Executive Officer of MSV Life stated that “the majority of Maltese do not have adequate life protection. Indicators show that only around 36% of the working population in Malta have some form of life protection, and that most of this protection is used as collateral against bank borrowings. Therefore, most families are either uninsured or inadequately insured against the death of their primary income earners. This leaves a significant gap in the market – and due to this fact people could face unnecessary financial risks”.
Mr. Curmi added that “as the leading provider of life protection, long term savings and retirement planning in Malta, we want to play a leading role to increase the awareness among the Maltese for basic voluntary life protection. MSV has a wide range of life insurance and savings-related insurance products designed to suit the four principal demands for life insurance: protection, savings, investments and retirement. Our product portfolio is regularly reviewed to ensure we continuously meet the needs of our very large customer base. In designing our products we ensure that we offer the greatest possible flexibility to our clients”.
MSV Life p.l.c. is authorised by the Malta Financial Services Authority to carry on long term business under the Insurance Business Act 1998. COM 010611
