Life Insurance

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Description

Life assurance provides for the payment of a sum of money in the event of the death of the Life Assured. You may arrange a life assurance policy for protection, savings or a combination of both. Products available in the market are designed to address various preferences.
Level Term

This is a relatively low cost life assurance policy issued for a predetermined period of time to protect your family from an early or untimely death, say in the case of the existence of long term financial commitments.

Convertible Term

A life assurance policy similar in scope as the Term Policy but that includes an option for you to convert to a with-profit Savings Plan at some point in the future.

Whole Life

You may arrange this type of policy that lasts for the whole of your life rather than for a preset term.

Decreasing Term or Loan Protection

In such a plan the Sum Assured chosen is reduced every year. Such a plan is usually issued to pay off your mortgage in case of death providing financial security for the family.

Child Policy

A child policy is designed to help parents and/or guardians to start a saving plan on behalf of their child.

Savings / Investment Life Plans

Various products are available on the market ranging from unit-linked equity investments exposed to Worldwide Stock markets to more conservative medium to long-term with-profit type of investment. Such policies can take the form of regular premium savings vehicles or single premium investment.

Combined Plans

This is a product that adjusts to your needs addressing protection, savings and retirement planning.

Key Contacts

David Bell

Assistant Divisional Director

CII ICFA

Frequently Asked Questions

What is the difference between a Level Term Policy and a Decreasing Term Policy?

Level Term Policy – The sum insured remains the same throughout the term of the Policy.
Decreasing Term Policy – This type of Policy is usually requested by clients who have a Bank Loan and wish to pledge the Policy to the Bank.  In this instance the sum insured will decrease year by year until the term of the Loan.

Will I need to undergo a Medical Examination?

In most instances, yes.  This depends on the sum insured, age and term required.  Apart from a Medical Examination, blood & urine tests may also be required.

What is the difference between the Assured and the Beneficiary?

The Assured is the owner of the policy and is the person responsible for paying the premium and for determining who the beneficiaries are. The Assured is also the person whose life is being covered. The Beneficiary is the person or persons or institution that will benefit from the sum insured under the policy in the event the Assured’s death. This may be the partner, the children or a bank or any other institution as determined by the Assured.

How do you pay for a life policy?

You usually have the options of annual, half-yearly or quarterly payments. The more payments you effect in one year the higher the administrative charges levied.

What happens with the medical information given in my application?

All information is processed in strict confidence and in line with the guidelines set out by the Data Protection Act. There are heavy penalties for any insurers caught in breach of this Act so various security measures are put in place to protect any data held by insurers on your behalf. No such data is divulged to any other person or entity unless the insurer first obtains your written consent to this effect.

Can someone else take out a policy covering my life?

Subject to your written consent and a detailed explanation of the relationship between you and the person taking out the policy, another person may indeed take out a policy to cover your life. This is typical of husband and wife and parents and children relationships but may also apply in certain business relationships.

Renew Insurance

To effect renewal you may:

Pay over the internet using APS, BOV or HSBC Internet Banking and quoting the payment reference appearing on your renewal notice

Call on +356 234 33 234 and provide us with your Credit Card or Debit Card details

Send a cheque payable to Mediterranean Insurance Brokers (Malta) Ltd. by post

Visit our offices and talk to one of our advisors