Think life insurance is confusing? You’ll be glad to know that at MiWayLife, we strive to keep it simple.
Do you shy away from learning more about life insurance because of confusing terminology or feel like it’s just too complicated? Never fear, we’re here to make it simple so everyone can understand why it’s important and make an informed decision that can help protect their financial future.
What Is Life Insurance?
Life insurance is a contract between you (the policyholder) and an insurance company. In exchange for regular premium payments, the insurance company provides a lump sum payout to your beneficiaries (the people you nominate to receive the payout) when you pass away. In short, it’s a valuable financial tool to help secure your family’s financial future, even if you aren’t around to take care of them yourself.
Understanding insurance terms can be tricky, but we’ve got a handy glossary over here. We’ve also got an extensive list of blog posts that are a treasure trove of knowledge regarding life insurance. You’ll find them all here and, the more you read, the more you’ll learn!
Why Do You Need Life Insurance?
If you have a family, life insurance makes a lot of sense. None of us get to live forever and nobody knows when their time is up. But with life insurance, in the event of our passing, we can ensure a lump sum is given to our loved ones to help them in your absence. Your beneficiaries can use the money however they wish, be it to cover daily living expenses or save it for a child’s education. Life insurance can also help your family settle any debts, such as bond repayments on your home, instalments on your car and anything outstanding on your credit card. Many people think that when they die, their debts die with them, but this isn’t the case. Life insurance prevents your family from inheriting financial burdens.
Life Insurance Made Simple
At MiWayLife, we’ve made life insurance simple, offering a 4-in-1 policy for one affordable premium. In fact, you could get as much as R500 000 in life cover from just R164 per month. Before taking out the policy, we’ll calculate how much you would need to ensure you have adequate coverage. The cover available under this benefit will grow by 5% each year.
Your policy will also include an accelerated funeral benefit. This means that should your family ever have to claim the lump sum payout, they’ll receive 10% of it (up to a maximum of R50 000) within 48 hours to help them pay for funeral-related expenses.
Our benefit also includes a Terminal Illness Accelerator. This means that, if you’re diagnosed with a terminal illness, such as advanced cancer, you have the option to immediately claim 50% or 100% of the life cover amount. This way, you could pay for hospice care or personally see to it that your family uses the payout the way you’d prefer. Once your claim is approved and the money is in your bank account, you can do with it as you wish.
Lastly, MiWayLife’s 4-in-1 policy includes Funeral Cover For Family Members if you wish to include them as additional lives in your policy. (Just bear in mind that for every additional life you insure, your policy’s premium will increase.)
The Bottom Line
Life insurance doesn't have to be confusing. It's a straightforward way to protect your family's financial future. Why not get a quick quote from MiWayLife today? Every case is different, but you could get as much as R500 000 in life cover from just R164 a month.
Did You Know:
You can now take out life cover with us online in a few simple steps. No calls and no agents! Make sure to take care of those you love today by buying MiWayLife cover online.
