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The Loan Protection Plan aims to repay any outstanding home loan on your death. This means that you are safe in the knowledge that the roof over your partner and children’s heads is safe even when you are no longer around.
The Loan Protection Plan can guarantee that a payment is made directly to the debt provider, or your loved ones, should you passaway. This will ensure that all outstanding debt is paid off and that loved ones are able to stay in the home they love.
What are the benefits of the Loan Protection Plan?
Your Plan will pay out a cash lump sum – a Death Benefit – should a person insured die while the cover is in place. You can decide how much cover you require. The Death Benefit is designed to decrease in line with the loan balance. The Plan will end after the Death Benefit has been paid.
If you and your partner would like a combined cover, you can take out a joint policy. This pays out once and won’t provide cover for the second person after the first passes away.
The Plan could be pledged to your debt provider, ensuring that the loan is paid off quickly and directly after your death. It also offers the option to designate one or more beneficiaries.
Moreover, you have two free benefits included in the Plan. The Funeral Expenses Benefit offers the beneficiaries the option to receive part of the Death Benefit immediately to cover funeral expenses, up to a maximum of €2,500. The Terminal Illness Benefit pays up to 75% of the Death Benefit as prepayment if the Person Covered is diagnosed to be terminally ill, with a life-expectancy of less than a year.
Calamatta Cuschieri is an enrolled Tied Insurance Intermediary under the Insurance Distribution Act for MAPFRE MSV Life p.l.c. (MMSV). MMSV (C-15722) is authorised under the Insurance Business Act. Both entities are regulated by the Malta Financial Services Authority. The Product is manufactured by MMSV and distributed by Calamatta Cuschieri.
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