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Life insurance offers valuable financial protection in the event of your early death to family members dependent on your earnings. However, you may also use certain life insurance products as a means of saving and retirement planning. This combination of protection and saving makes life insurance unlike any other financial product. Some policies protect you and your family, some help you to save and some do both.
With a life insurance policy in place, you can:
Life Insurance Protection plans are offered in various options. Of these, the most popular products are ‘Decreasing Term’, ‘Level Term’ and ‘Whole of Life’ cover.
A Decreasing Term life insurance plan covers you with a Sum Insured which reduces over time. Usually, the Sum Insured reduces each year and roughly in line with outstanding loan or mortgage debts. You will be covered for a fixed duration (referred to as a ‘term’) under this type of plan.
Under a Level Term life insurance plan, you will be covered with a fixed Sum Insured, over an agreed and fixed term. Under this type of plan, the Sum Insured does not decrease for the entire duration of the policy.
If you would rather not be tied down with a fixed term, you may choose a Whole of Life plan. This will pay out your Sum Assured when you eventually pass away, whenever that may occur.
Life Insurance Savings plans are designed to help you save money to reach certain goals or to help you in your retirement. Simply put, they can help to make your future more rewarding!
A Life Insurance Savings plan also offers you a minimal amount of life insurance cover, over and above your savings fund. Normally, your family will receive 101% of your savings fund in the case of death before maturity of your plan. This nominal life cover (1%) is an important feature which classifies such a plan as a life insurance policy. Because of this, under current Maltese legislation, your heirs will not have to pay any tax in the case of a death payout.
Pension plans are designed to help you save money and supplement your retirement income. You may take out a Pension Plan individually (known as a Personal Pension Plan), or via your employer (known as Voluntary Occupational Pension Schemes).
Similar to the traditional savings plans, a Pension Plan will also offer the added advantage of minimal life cover.
You may also benefit from tax incentives under these plans, which were introduced to encourage both personal savings and corporate contributions.