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Free Life Insurance for New Parents

Life insurance and family protection are the cornerstones to successful financial planning and security. The MSV Free Life Insurance for New Parents is there to help make life that little bit easier by giving our clients the peace of mind they deserve.

Plan description

A life insurance plan that pays out €10,000 if you die on, or before, your child’s first birthday

Your commitment

  • Simply give us all the information we ask for in the application process and if you have to make a claim
  • The life cover is free to all new parents so there are no premiums to pay 

Risk factors

  • The plan has no cash surrender or maturity value
  • If you do not truthfully provide all the information we ask for we may not pay out under the plan
  • If you stop living in Malta your plan will end

Who may apply?

  • You can take out the plan if you are a new parent aged 18 to 65, living in Malta
  • You can take out the plan once the child has been born and before they are 6 months old
  • The plan will be issued on the lives of both parents and will pay on the first death only
  • Single parents may apply, although only one policy can be issued per child 

When will the plan pay out?

  • The plan will pay out on death of a parent before the child’s first birthday
  • The plan will pay out only once so for joint life plans we will only pay on the first death of a parent
  • The plan will end on the earliest of the child’s first birthday or once the death benefit has been paid

When will the plan not pay out?

  • The plan will not pay out if you commit suicide, or if you die as a result of a HIV-related illness,non-prescribed drug abuse or if it is related toor caused by a history of alcohol excess
  • The plan will stop once your child has passed their first birthday
  • Full details of the exclusions are covered in the Policy Document

When will the cover start?

The cover will start once you have completed the application form and we have confirmed your plan has started

What about tax?

  • The cash sum paid on death is currently free from income tax and capital gains tax
  • Tax rules may change

Can I change my mind?

The life cover is free until your child’s first birthday, however if for whatever reason you decide you do not want to proceed with the plan you can notify us in writing and we will cancel the policy.

Call us for more info and terms and conditons