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MAPFRE MSV Loan Protection Plan
A simple and affordable life protection solution for your home loan. 
Overview
Benefits
Terms & Conditions
Apply Now

The MAPFRE MSV Loan Protection Plan aims to repay any outstanding home loan on your death. This means that you are safe in the knowledge that the roof over your partner and children’s heads is safe even when you are no longer around.

These are the main features of an MAPFRE MSV Loan Protection Plan 

Type of Plan 

Decreasing Term Policy 

Minimum Premiums

Annually - €48 Half-Yearly - €24 
Quarterly - €12 Monthly - €4

Age at Entry

Minimum 18 years, maximum 70 years

Term

Minimum of 5 years, maximum 57 years. The plan must terminate by age 75 

Basis of Life Cover

Single Life or Joint Life First Death

Protecting your Dependents

Outstanding Loan balance will be settled in full upon the death of the Person covered

Additional Benefits

·       Accidental Death

·      Waiver of Premium - an option designed to protect your contributions in case of injury or illness.

Funeral Expenses Benefit

A free pre-paid amount to cover funeral expenses up to a maximum of €2500 or the value of the policy.

Beneficiary

You can appoint one or more beneficiaries to receive the benefit under the Plan, when this is due. There is no charge for this arrangement to be implemented and it requires only the completion of a simple form. The appointment of a beneficiary (and acceptance thereof) under a life insurance contract does not need to be confirmed in a will and it also supersedes the provisions of a will if there is any conflict between the two.

 

Interested in knowing more about the MAPFRE MSV Loan Protection Plan? Learn more about the benefits it will offer you by clicking on the next tab. You may also request a quote by clicking on Apply Now.

With an MSV Loan Protection Plan, you get all this:

 

Death Benefit

Payment of the guaranteed lump sum (which is decreasing under the Loan Protection Plan) that you choose at the start of the Plan in the event of death of the Person Covered during the term of the Plan.

Funeral Expenses Benefit

Payment of the cost of funeral expenses (subject to a maximum of €2,500) in the form of partial pre-payment of the Death Benefit.

In addition, you may opt for any of the following additional benefits, against payment of an additional premium.

Accidental Death Benefit

Payment of an additional amount equal to the initial Death Benefit if death occurs as a result of an accident. The annual cost of this Benefit is calculated at the rate of 0.10% of the initial Death Benefit.

Waiver of Premium Benefit

We will waive the premium due under the policy if the Person Covered is totally disabled and unable to work. The waiver of premium will continue for as long as the disability continues subject to a waiting period of 6 months and up to a maximum age of 65 years. The annual cost of this Benefit is calculated at the rate of 3.75% of the premium payable under the Plan.

 

The Premium for your MAPFRE MSV Protection Plan will be determined by
• the amount of cover you want,
• the duration of the Plan and
• any Additional Benefits that you select.

The Premium is also calculated on the age, health and smoker status of the Person Covered and the result of any information we have requested.

All charges are reviewable by MAPFRE MSV Life plc and may be changed after the Plan has started, subject to them providing you with at least 90 days notice.
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Bank of Valletta p.l.c. is a public limited company regulated by the MFSA and is licensed to carry out the business of banking and investment services in terms of the Banking Act (Cap. 371 of the Laws of Malta) and the Investment Services Act (Cap.370. of the Laws of Malta).