This new product is available as a Loan Protection Plan (decreasing sum insured) or as a Protection Plan (level sum insured).
Fast Track Life Protection Plans give clients immediate life cover if they meet certain criteria mainly related to age and health. Clients have to be aged between 18 and 40 (single life and joint life basis) and requesting a maximum sum insured of €150,000. The new Plans apply to persons who are in good health, and have been so for the past 5 years; not taking any medication or undergoing any medical treatment and have not done so for the past 5 years. Also, applicants should have not tested positive for HIV, Hepatitis B or C and are not waiting for the results of such test. Another requisite for eligibility is that persons are not engaged in a dangerous occupation and do not participate in any hazardous activities; and should have never had any previous life insurance applications declined, postponed or accepted at special terms or increased premiums.
Stuart Fairbairn, Chief Officer – Business Development at MSV Life said that ‘the MSV Fast Track Life Protection Plans have been launched to provide a straight forward and efficient service to customers. Clients meeting the set criteria do not have to answer any further medical questions when applying for life cover. They will not have to attend medical examinations and will have their policy issued and cover confirmed immediately’. Mr. Fairbairn added that ‘these Plans will definitely help to improve our customers experience by speeding the purchase process and consequently satisfy customer needs more effectively ’.
The first of such policies has been issued by Mrs Irene Bonello, Business Relationship Officer from Bank Of Valletta plc, Republic Street. Mrs Bonello commented “The application was very easy to follow. Furthermore, it was very convenient for our customers who are taking the life policy against a facility which is being granted, not to go through the medical procedure being that most of them have deadlines to sign the contract. Basically the product is very useful and I am sure we will be making use of it on a frequent basis.”
The first client to take out such a policy was Ms Claire Azzopardi, who explained she was impressed with the speed and ease of the application process without the need to answer lots of medical questions.
Ms Azzopardi and Mrs Bonello can be seen receiving a small gift from Mr Fairbairn in recognition of the first policy being taken out, together with Mr Mario Falzon, Manager of Business Banking from Bank of Valletta.
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. Bank of Valletta p.l.c. is an enrolled Tied Insurance Intermediary of MSV Life p.l.c. COM 220513