IVALIFE

IVALIFE is a life insurance company registered in Malta, with its office in the Central Business District of Birkirkara. It offers plans for people who want to protect their family, save towards a goal or build a pension, and it also sells group life cover to employers. The company was created by four established Maltese financial firms that saw room for a technology led approach to life insurance.

Who can use IVALIFE

One point matters for UK readers: the quote service is open only to Maltese residents, and the website is aimed at people in Malta. People accessing it from other countries are told that local rules may restrict which products they can buy. That makes IVALIFE most relevant if you already live in Malta or are about to settle here.

If you are still planning a move, read the plans below as background on how the local life insurance market works, and ask your own adviser what applies to your situation.

Pension and savings plans

The pension plan, branded IVApension, is described as a flexible and tax-efficient route to retirement. You can pay in one yearly amount or a smaller sum each month, and the contribution is set around what you can afford. The company aims to keep retirement planning simple, and a sum insured calculator on its site helps you estimate cover.

The savings plans come in two forms. Regular premium plans take a fixed sum each month, while single premium plans take one lump sum, and both aim to pay out at maturity. Unit prices for three investment strategies, called Conservative, Balanced and Adventurous, are published on the site, each with its date. For wider guidance on retirement from overseas, see our Malta relocation guide, and compare advisers in our pension advisors in Malta directory.

Protection plans and group life cover

Protection plans come as decreasing term and level term cover. Decreasing term cover is often linked to a loan such as a mortgage, because the amount paid out falls as the loan shrinks, while level term cover pays the same amount throughout the term. The company designs both to fit the customer's way of life.

The Group Life Plan is aimed at organisations with at least ten employees, and also at professional associations, trade bodies, unions and sporting clubs. The sum assured is either a fixed amount or a multiple of salary, and the plan renews each year to reflect changes in the workforce. Below a certain Free Cover Limit, cover can be provided without underwriting, and in most cases employees complete no application form.

Optional extras include accidental death, permanent total or partial disability, temporary total disablement, repatriation of mortal remains for work related travel, and accelerated critical illness cover for conditions such as heart attack, stroke, life threatening cancer and organ transplant. See our insurance in Malta category for other insurers.

Ownership and regulation

IVALIFE is authorised and regulated by the Malta Financial Services Authority to carry on long term insurance business under the Insurance Business Act. It is owned in equal shares by four Maltese firms: APS Bank, Atlas Insurance, GasanMamo Insurance and MaltaPost. You can read about two of the owners on their directory pages, APS Bank on Tower Street and Atlas Insurance.

Board and management

The board is chaired by Michael Gatt, with directors Joseph Said, Julian J. Mamo, Marcel Cassar, Kevin Valenzia and Ioannis Ioannou, an independent actuary. The directors come from banking, insurance, accountancy and actuarial backgrounds. Reuben Zammit is chief executive, and Mario Fenech is chief underwriting officer, bringing experience of underwriting and claims.

For the wider sector, our financial services in Malta guide gives the context. To get in touch, use the VisitMalta.co.uk enquiry form on this page and we will pass your message to IVALIFE.