MSV Life, Malta’s leading life insurance company, has dedicated the month of September to its Life Insurance Awareness Campaign. The initiative, the first of its kind in Malta, aims to raise public awareness on the benefits and importance of life insurance.
Joanna Azzopardi, Senior Executive at MSV Life explained “Everyone’s circumstances are unique but we all need life insurance at different stages in our life. From covering our first loan, to protecting our family and ultimately planning for succession (inheritance) tax, we all need to consider the financial impact of our death on those we leave behind.”
MSV will be launching a specific campaign entitled “What if you died yesterday?” focusing on the financial implications on our family once we are gone.
“Life insurance gives you peace of mind that your family can continue to live the life you have created for them and ensures your future plans are fulfilled, even if you are no longer around to share them,” continued Ms Azzopardi. “We all have dreams for ourselves and our family, from seeing our children grow and study abroad, to their wedding day, a first deposit on their home or our own retirement. While we can save towards these goals they will become derailed if we don’t protect them. This is where life insurance plays such an important role. By combining savings and life insurance we know the plans we make today will become reality whatever happens in the future.”
Statistics show the majority of people either have no insurance or are under-insured since most life policies are simply used to cover loans. David G. Curmi, chief executive officer of MSV Life said: “Less than 35 per cent of the working population have any form of life protection and since most of the policies will be used to repay bank loans, many Maltese families will find themselves woefully under-insured and face unnecessary financial risks.”
Life insurance should be the foundation of every individual’s financial planning since it helps to protect people at any stage in their life. It is the only financial instrument that provides an immediate tax-free benefit on death.
Mr Curmi added: “As the leading provider of life insurance in Malta, we want to be pro-active in raising awareness among the Maltese of the need for life insurance. Protection Plans should be everyone’s choice for safeguarding the future of their family and heirs. MSV has a wide range of life insurance products designed to suit the needs of both individuals and businesses to provide the best possible protection for its clients.”