Middlesea Valletta Life and Bank of Valletta have launched the first co-branded insurance product aimed at offering a new concept in the use of life insurance as an effective financial planning tool.

The product, which is known as Life Insurance Trust, is available and can apply to all new as well as all existing life insurance policies issued by MSV. The LIT offers three important benefits in financial planning, namely confidentiality, asset protection and estate planning.

David G. Curmi, CEO at Middlesea Valletta Life, said: "MSV as the leading provider of life insurance in Malta and BoV Trustee Services Unit, a leading Trustee offering trust administration services in Malta, have combined their experience in the areas of life insurance and trust administration to develop a new concept in the local market and a new service to our respective customers.

"This is another first from MSV in our continued endeavours to provide investment and protection products and services that meet the needs of our customers," he said.

The issuing or placing of a life insurance policy in a LIT can provide a number of special benefits to the policy owner as well as to the beneficiaries. For example, a LIT preserves family wealth, avoids the need to disclose the policy in a will, avoids spendthrift children from dissipating the proceeds payable under the policy, avoids disruption on death, protects family members by creating an immediate estate in the event of death and creates immediate liquidity to settle any estate taxes due upon one's demise.

Persons who are interested in receiving more information about the Life Insurance Trust can contact Middlesea Valletta Life or any of its authorised Tied Insurance Intermediaries or call at any BoV branch.