The new product complements another free product “Free Life Insurance for New Parents”, which, as the name implies, provides €10,000 life cover to all new parents.
Speaking at the launch of the product Mr Stuart Fairbairn, Chief Officer Sales Management, explained MSV is committed to helping those who needed life insurance the most by offering a level of free cover with the option to increase the cover depending on individual circumstances.
Mr Fairbairn said, “Throughout our lives we all have differing needs for life insurance. The obvious times are when we take a car loan or a home loan and the lender may require a policy as security; however there are less obvious times when life insurance is a must. When we get married we commit to each other ‘til death do us part. We share our lives with each other and part of that involves our finances. We become financially dependent on each other and as such begin to rely on each other’s income or wealth.
We need to consider the impact on our spouse if we died yesterday. Apart from the immediate costs (funeral expenses and repaying debts) how would our spouse cope financially? Without our income will they be able to manage the household bills? Will they be able to maintain the same lifestyle we enjoyed together as a couple?”
Life Insurance is more affordable than some people think. For example a 25 year old couple can take a policy offering €100,000 cover for 10 years for less than €1 a day.
The Free Life Cover for Newly Weds is designed to help young couples start to think about their finances and how to plan for their future lives. Life insurance is only a small part of this planning process which includes budgeting, savings plans and planning for retirement. All licensed Tied Insurance Intermediaries and Insurance Brokers should be able to help young couples and families make the right choices today for a better life tomorrow.
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 051012