Whether saving for a rainy day or putting money aside for their first car or furthering studies, the dilemma of how to start putting money aside for when the little ones stop being so little is one that all parents face.
Until a decade or so ago, one would simply open a savings account in the name of the child. However, the persistently low interest rate scenario makes even keeping up with inflation an uncertainty. Furthermore, when the child reaches the age of 18, the parents have no control over the funds, meaning that the child can spend the money on anything.
What is the alternative? The Mapfre MSV Life Child Savings Plan provides a way for you to save regularly for your child’s future in a flexible manner. It is a medium- to long-term plan invested in the Mapfre MSV Life With Profits Fund.
The savings are protected from short-term volatility in the market while enabling them to grow in line with annual bonuses that may be declared. The insured would then be able to receive a lump sum in the future, if the policy owner so decides – they control the rights.
One can make modest payments starting from the equivalent of just €1.31 a day, but also offers the flexibility to make any number of top-ups during its term. Savings are invested in a With Profits Fund, aimed at providing the insured with conservative but steady returns. You may choose how much to save and how often; take breaks from making payments should circumstances change without forfeiting any of the savings, and access up to €1,000 annually to cover any related costs. Since the Mapfre MSV Life Child Savings Plan is an insurance product, it also includes important benefits such as the Death Benefit and the Terminal Illness benefit.
To learn more about the Mapfre MSV Life Child Savings Plan, contact Bank of Valletta on 2131 2020, or inquire online at www.bov.com//mytoolkit/bankassurancequote.aspx
Bank of Valletta plc is an enrolled tied insurance intermediary of Mapfre MSV Life plc. Mapfre MSV Life is authorised by the Malta Financial Services Authority (MFSA) to carry on long-term business of insurance under the Insurance Business Act 1998. Both entities are regulated by the MFSA.