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The Life Insurance Trust – MSV launches new concept on the use of Life Insurance Middlesea Valletta Life (MSV) and Bank of Valletta p.l.c (BOV) have launched the first co-branded insurance product aimed at offering a new concept in the use of Life Insurance as an effective financial planning tool. The product, which is known as Life Insurance Trust (LIT), is available and can apply to all new as well as all existing life insurance policies issued by MSV. The LIT offers three important benefits in financial planning, namely confidentiality, asset protection and estate planning.
Speaking about the new Life Insurance Trust, Mr David G. Curmi, Chief Executive Officer at Middlesea Valletta Life stated “MSV as the leading provider of life insurance in Malta and BOV Trustee Services Unit, a leading Trustee offering trust administration services in Malta, have combined their experience in the areas of life insurance and trust administration to develop a new concept in the local market and a new service to our respective customers”.
Mr. Curmi added, “this is another first from MSV in our continued endeavours to provide investment and protection products and services that meet the needs of our customers.”
The issuing or placing of a life insurance policy in a LIT can provide a number of special benefits to the policyowner as well as to the beneficiaries. For example, a LIT preserves family wealth, avoids the need to disclose the policy in a will, avoids spendthrift children from dissipating the proceeds payable under the policy, avoids disruption on death, protects family members by creating an immediate estate in the event of death and creates immediate liquidity to settle any estate taxes due upon one’s demise.
Persons who are interested in receiving more information about the Life Insurance Trust can contact Middlesea Valletta Life or any of its authorized Tied Insurance Intermediaries or call at any BOV branch.
Middlesea Valletta Life Assurance Company Limited is licenced by the Malta Financial Services Authority to carry on long term business under the Insurance Business Act 1998. Bank of Valletta p.l.c. is enrolled as a Tied Insurance Intermediary of Middlesea Valletta Life Assurance CompanyLtd. Bank of Valletta p.l.c. is licenced by the Malta Financial Services Authority to provide trustee services under the Trusts and Trustees Act(Cap.331 of the laws of Malta). COM 070809 231
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