BoV launches new life insurance product

Bank of Valletta and Middlesea Valletta Life have jointly launched a new, special life insurance product. The Life Insurance Trust is available for both new and existing life policies issued by MSV and offers many benefits, the most important being estate planning, asset protection and confidentiality.

Andrew Chetcuti Ganado, head of the Trustee Services Unit at BoV, said: "We consider the Life Insurance Trust to be an innovative, flexible and special kind of life insurance product, which should address many of our client's needs".

The reasons for taking out a Life Insurance Trust can be diverse, such as to protect and preserve the family wealth, avoid spendthrift children from dissipating the proceeds payable under the life policy, create liquidity to settle any estate tax due upon one's demise or even to make provisions for the payment of education, health or other relevant requirements of the beneficiaries under the Trust.

Moreover, the LIT enables customers to bypass the lengthy succession process associated with a will.

"Ultimately, and more importantly, one of the highlights of the product on offer is that it ensures confidentiality and peace of mind," said Dr Chetcuti Ganado.

For more details about the Life Insurance Trust, customers can visit any BoV Branch, log onto the BoV website www.bov.com or contact BoV's specialised Life Assurance outlet on 8007 2388. Customers may also send an e-mail on bancassurance@bov.com.