MSV Life, Malta’s leading life insurance company, is offering a product that provides free life insurance for new parents. This initiative aims to help parents take the first step in protecting their child’s financial security.

Through this plan, new parents are being offered €10,000 of free life cover to anyone who applies before their child is six months old. Cover will last until the child's first birthday.

MSV believes life insurance and family protection are the cornerstones to successful financial planning and security. Protecting one’s family against financial hardship should always be the main financial priority. The trouble is that many people think they have got their finances adequately protected, when in reality, there can be a huge shortfall in the cover they really need. MSV believes it is essential that parents consider how best to protect their new family. Although MSV Life can never replace the love of a parent, the company hopes its offer will encourage young families to think about the financial consequences following the death of a parent.

The majority of Maltese do not have adequate life protection. Indicators show that only around 36 per cent of the working population has some form of life protection, and that most of this is used as collateral against bank borrowings. Therefore, most families are either uninsured or inadequately insured against the death of their primary income earners, leaving a significant gap in the market with people facing unnecessary financial risks.