The primary aim of Maltese insurance companies is to reimburse you in case of any health problems, loss of belongings, damages or liabilities. You are required to prepay insurance companies who will then refund you if anything happens to go wrong.
There are many quality companies in Malta who can provide you with insurance to cover all aspects of your life. It is advised that you research different companies in order to get the best deal available. Most insurance companies have an online service which will email you with a private, free, personalised quote within 24 hours after you enter your specific details.
Health insurance: Health insurance pays for any medical expenses and can also include reimbursement for a disability or long-term nursing. If you are working/going to be working in a large company in Malta, your boss may provide you with private health insurance as this is not uncommon. If not, the Maltese government advises foreigners to pay for private health insurance as the health services provided are very comprehensive and will cover any high or unexpected health expenses.
Life insurance: This is a contract between the policy owner and the insurer where a sum of money is paid upon the policy owner's death or in the case of any terminal/critical illness. In return, the policy owner must make payments at regular intervals or in lump sums. In Malta, many insurance companies also provide 'premium' policies which will cover funeral expenses. You must have 'events' insured to ensure that your beneficiaries receive the compensation.
Home/contents insurance: This covers privately owned homes and combines various insurance protections which can include loss, burglary, damage by fire/flood etc. It also covers liabilities and accidents that may occur in the household. Most home insurance policies require that one of the named insurers occupies the home however, in Malta there are also many policies which cover vacancy/ non vacancy homes and seasonal/secondary residences.
Legal protection insurance: This insurance policy covers policy holders against the potential costs of legal action. This usually comes in two forms – before the event (BTE) and after the event (ATE). BTE insurance is taken out by those wishing to protect themselves against fees that could occur in case of a potential future event. This includes legal fees such as court fees or expert witness fees. It is generally paid annually and often sold as part of a household and car insurance policy. ATE is taken out after an event e.g. A car accident that has caused injury. Solicitors working on a “no win no fee” basis sometimes advise clients to take out ATE insurance so that costs are covered if the case is lost.