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Saving for your child’s future… at the cost of a coffee a day
10 Feb 2017
Whether saving for a rainy day or putting money aside for their first car or furthering studies, the dilemma of how to start putting money aside for the little ones, when they stop being so little, is a reality that all parents face.

This issue becomes more pressing in the context of market research. Malta is definitely ‘not an island’. Like our peers across Europe, our generation is showing less propensity to save than the previous generation.

Until a decade or so, the answer was simple. One would open a savings account in the name of the child. However, there is a downside to this route.  The first problem is the persistently low interest rate scenario we are currently faced with, turning even keeping up with inflation into an uncertainty. The second is the fact that when the child reaches the age of 18, the parents have no control over the funds, meaning that the child could spend the money on anything.

What is the alternative? The MAPFRE MSV Life Child Savings Plan is an option which provides a way for you to save regularly for your child’s future in a flexible manner.  It is a medium to long-term Plan invested in the MAPFRE MSV Life With Profits Fund.

In layman’s terms it means that one can make modest payments starting from the equivalent of just EUR1.31 a day, yet the Plan also offers the flexibility to make any number of top-ups during its term. Furthermore, by flexibility, we mean that you may choose how much to save and how often; take breaks from making payments should circumstances change without forfeiting any of the savings, and access up to EUR1,000 annually to cover any related costs.

Since the MAPFRE MSV Life Child Savings Plan is an insurance product, it also includes important benefits such as the Death Benefit and the Terminal Illness benefit.

The With Profits part means that the savings are invested in a With Profits Fund, aimed at providing the insured with conservative but steady returns. Thus the savings are protected from short term volatility in the market, whilst enabling them to grow in line with annual bonuses that may be declared.

The MAPFRE MSV Life Child Savings Plan gives the parents, and incidentally even grandparents and loved ones the possibility to plan for the future financial needs of the child in a disciplined and convenient manner. The insured would then be able to receive a lump sum in the future, if the policy owner so decides. The Plan can make a great gift, and a certificate would also be provided, which can be given to the child without conveying any rights to them – you will remain in control. 

Should anyone wish to learn more about the MAPFRE MSV Life Child Savings Plan or prefer to discuss the different options available, one may contact Bank of Valletta on 21312020, or inquire online here
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