The MAPFRE MSV Protection Plan provides an immediate tax-free payment* to your estate or beneficiaries in the event of death during the term of the Plan.
The MAPFRE MSV Protection Plan provides you with an option to designate one or more beneficiaries to ensure that the policy pays out quickly and directly to where you want the money to go. The process of getting the money to your designated beneficiaries will, as a result, be significantly improved.
*The tax treatment of all plans is subject to the legislation in place at the time and individual circumstances.
Why should you opt for an MAPFRE MSV Protection Plan?
- to provide the amount of cover you choose for the period of time that you choose;
- to pay the guaranteed Death Benefit if the Person Covered dies during the period of cover.
What is the MAPFRE MSV Protection Plan
- A non-participating regular premium Plan that provides for the payment of a guaranteed Death Benefit in the event of death of one or more Persons Covered by the Plan. The Plan provides protection only and does not participate in our distribution of profits.
- You choose the amount of the guaranteed Death Benefit and the duration of the Plan.
These are the main features of an MAPFRE MSV Protection Plan:
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Type of Plan
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Level Term Policy
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Minimum Premiums
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Annually - €72 Half-Yearly - €36
Quarterly - €18 Monthly - €6
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Age at Entry
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Minimum 18 years, maximum 70 years
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Term
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Minimum of 5 years, maximum 57 years. The plan must terminate by age 75
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Basis of Life Cover
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Single Life or Joint Life First Death
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Protecting your Dependents
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Upon the death of the Person covered, the Death Benefit will be paid to the heirs and/or beneficiaries.
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Additional Benefits
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Accidental Death
Permanent Total Disability
Waiver of Premium - an option designed to protect your contributions in case of injury or illness.
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Funeral Expenses Benefit
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A free pre-paid amount to cover funeral expenses up to a maximum of €2500 or the value of the policy.
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Beneficiary
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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.
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Interested in knowing more about the MAPFRE MSV 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 MAPFRE MSV Protection Plan, you get all this:
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Death Benefit |
Payment of the guaranteed lump sum (which is fixed under the Protection Plan, but 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. |
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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.
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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. |
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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. |
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Permanent Total Disability Benefit |
Payment of the Death Benefit if the Person Covered becomes permanently and totally disabled and the disability lasts at least 24 months. The Plan will be terminated after this Benefit has been paid. The annual cost of this Benefit is determined by your age when you take the policy.
| Age (years) |
Rate (% of death benefit) |
| 18-39 |
0.15% |
| 40-49 |
0.30% |
| 50-59 |
0.60% |
The Permanent Total Disability Benefit is only available under the Protection 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.
It 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 p.l.c. and may be changed after the Plan has started, subject to them providing you with at least 90 days notice.