Obtaining life insurance can be a daunting task – it is uncomfortable to consider and acknowledge the fact that death is a part of life. It might also seem like an expensive and unnecessary purchase. However, life insurance is there to make sure that your family and loved ones are financially taken care of in the event of your passing – particularly if you are the sole income provider for your family.
Another way to protect your family and loved ones in the event of your passing is to have a stable and consistent savings plan. Apart from providing some peace of mind for unexpected events, you’ll probably need your savings in the future for big purchases such as a home, a car, or even to pay for schooling (for yourself or for your children).
Ultimately, life insurance and savings plans are important financial planning and risk management tools to secure your financial interests and the interests of your loved ones after you’ve passed away.
IVALIFE is here to provide these services for you. It is equally owned by four leading companies in the financial services industry, namely APS Bank p.l.c., Atlas Insurance PCC Limited, GasanMamo Insurance Ltd. and MaltaPost p.l.c. Together, these industry leaders identified a gap in the market for an innovative, technology-driven approach to the life insurance sector. The result? IVALIFE – providing a range of life insurance products tailored to both individual and group needs.
Life Insurance
Whether you are looking to take out a mortgage, or to safeguard your loved ones, IVALIFE has protection products that are tailored to suit your individual needs. There are two types:
- IVAprotect
This is a decreasing term policy, which means that it decreases annually throughout the period of insurance. This is our less expensive option for life insurance. It is apt to purchase IVAprotect when liabilities reduce over time, as in the case of a mortgage. Your beneficiary will receive a sum upon your death that occurs during the term of the policy. The sum is dependent on the year of claim.
- IVAsecure
This is a fixed-term policy, which means that it remains fixed throughout the period of insurance. This makes it more costly than the decreasing term policy. A level term policy may be used to cover a mortgage, debts that will not decrease over time, and to financially protect you and your loved ones. Your beneficiary will receive a sum upon your death that occurs during the term of the policy. The sum is dependent on the year of claim.
- Group Life Plan
This particular life insurance policy is tailor-made for businesses that have a workforce of at least ten employees. It is a way to offer financial support to the family of an employee who passes away. It ultimately shows how much you care about your employees, meaning that you’ll attract and retain high-quality staff. Your employees won’t even need to complete an application form, and no questions are asked. It is a relatively low-cost policy that can be combined with disability covers, critical illness and repatriation benefits.
The plan provides a sum assured, which is either a fixed amount or a multiple of the basic salary of your employees. The sum would be paid immediately and is not taxable under current legislation. The plan is renewable on an annual basis to cater to any workforce changes.
Savings Plans
IVALIFE also offers savings plans, to help you set aside today for a better tomorrow. Whether it’s a fixed sum or just putting in a little bit of money a month, IVALIFE’s regular premium and single premium plans are what you need to kickstart your savings in a way that offers security, a healthy pay-off at maturity, and are tailored to what you can afford.
There are two plans available:
- IVAsave
IVAsave comes in two forms: either a level term or decreasing term policy, giving you the flexibility to choose according to what you can afford. Basically, this type of plan is an effective method to accumulate savings in the medium to long term, and if held to maturity, even offers capital protection (after deduction of applicable charges).
The minimum premium is €40 per month. This can be paid either monthly, quarterly, semi-annually or annually. You can also invest periodic addons in this plan to boost your savings even more.
This plan participates in the IVALIFE With-Profits Fund. This plan gives you the flexibility to choose how much you want to invest and for how long. This Fund basically offers the prospect of medium to long-term returns while maintaining an acceptable level of risk. Your money is combined with others’ money, and is invested in a mix of assets: equities, bonds ((corporate high yield, corporate investment grade and sovereign investment grade), and cash. While this will mean different returns over the years, the Fund evens out the fluctuations by spreading profits from one year to the next, meaning that your money would be more secure when considering the daily movements in the market. Then, based on the Fund’s performance, investment returns are passed to you in the form of bonuses at the rate declared by IVALIFE each year. The amounts invested and any bonuses are paid in full at maturity or on the death of the insured person.
- IVAinvest
This type of plan is a bit different from the other one. IVAinvest only requires a one-time premium payment, as opposed to the premiums for IVAsave. This type of plan also invests this one-time payment into the IVALIFE With-Profits Fund. You can also allow periodic add-ons in order to boost your savings. If held to maturity, it offers capital protection (after deduction of applicable charges).
We hope this guide has helped you understand all of IVAlife’s products. If you’re unsure about how to proceed, our website details all the services we provide and a range of products you may need. We also have a sum-insured calculator that helps you estimate the sum insured based on your dependents, needs, and lifestyle. If you need any help with your life insurance plans, don’t hesitate to contact us on (+356) 2226 9500, or email us at [email protected], and one of our representatives will get back to you shortly.
Atlas Healthcare Insurance Agency Limited also provides these services as an insurance agent of IVALIFE, and APS Bank plc.