Life insurance company MSV Life has launched a product that provides free life insurance for new parents to help parents take the first step in protecting their child’s financial security.

New parents are being offered €10,000 of free life cover if they register before their child is six months old and the 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 of successful financial planning and security.

“Protecting our family should be our 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 we really need. We believe it’s essential that parents consider how best to protect their new family”, said Mr Fairbairn. “Although MSV Life can never replace the love of a parent, the company firmly believes that its offer is well-designed to give families a helpful start in replacing one’s income in the event of early death”.

MSV Life CEO David G. Curmi said: “The majority of Maltese do not have adequate life protection. Indicators show that only around 36 per cent of the working population have some form of life protection, and 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 earner. This leaves a significant gap in the market – and due to this fact, people could face unnecessary financial risks”.

He added: “MSV wants to play a leading role in increasing 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 and ensuring that we offer the greatest possible flexibility to our clients”.