MSV Life, Malta’s leading life insurance company, has launched three new innovative Group Benefit Plans which can be used to provide valuable financial protection to a business, its employees or both.
All three new plans provide financial protection against the death, disability or the diagnosis of a critical illness of an individual. The individual can be part of a group of employees, partners or shareholders or of an affinity group such as a labour union, professional association or business association. Employees can also choose to include their spouse under the plans.
The plans are unique in that they are specifically designed with each client, ensuring that the plan meets exactly the individual business needs.
The MSV Group Benefit Plan is designed to provide financial protection and emotional support to employees of medium to large companies by paying a tax-free lump sum directly to their beneficiaries.
The MSV Professional Group Benefit Plan has been specifically designed to meet the needs of smaller professional companies, such as accountants, lawyers, financial services firms, consultancy and advisory firms, but can equally be applied to a Board of Directors. The plan can be structured to provide a tax-free lump sum to the business, the remaining partners or the individual beneficiaries on the death, disability or critical illness of an individual. There are many potential uses of the plan, for example the lump sum can be used to help recruit a suitable replacement or to buy a partner’s shares back from their estate. The proceeds can also be used to provide valuable financial support to the deceased’s family.
The third plan, the MSV Group Credit Life Plan is ideal for banks, financial institutions and other finance companies offering small personal loans, credit cards, hire purchase and consumer credit. The Plan can be structured to repay the outstanding debts of customers on death thereby protecting the business against potential financial loss.
Speaking about the launch of the new Group Plans, David G. Curmi, and Chief Executive Officer at MSV Life said “MSV Life is pleased to extend its product portfolio with this launch of products that are aimed for corporate buyers rather than for individuals. The Company will be taking the opportunity to utilise worksite marketing in order to enhance its distribution network and combine employee benefits with private retail solutions”. We consider these Group Benefit Plans to be an ideal, flexible and special kind of life insurance product, which will address the needs of many employers and businesses”, concluded Mr. Curmi.
There are numerous benefits for businesses taking out Group Plans, such as providing valuable life insurance protection for all employees at a low cost and under one Plan. The plans are simple to administer and the benefits can be paid directly to designated beneficiaries. Moreover, such Group Plans also benefit employees, directors or partners and their families since the death benefit will be paid as a tax-free lump sum. The benefit may be used to maintain a family’s standard of living, help pay off outstanding loans or secure a child’s future.
Ultimately, one of the main highlights is that each Plan is designed with the employer/business to ensure that the benefits and cover meets its exact requirements.
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