There’s lots of misinformation regarding life insurance but we’re here to sort the myths from the facts.
Life insurance is a fantastic financial tool that can provide peace of mind that your family’s future is protected - even if you’re not around to see to it yourself. Still, there are many myths and misconceptions surrounding life insurance that can prevent people from getting the coverage they need. Happily, we’re here to help you out with the facts so you can make an informed choice that gives you better financial security for the year ahead.
Myth 1: Life insurance is too expensive.
Life insurance is much more affordable than you think. The cost will depend on several factors, including your age, health, and lifestyle. However, for most people, life insurance can be very affordable. As an example, you could get R500 000 worth of life cover from MiWayLife from just R164 per month*. To see how much cover you’d need, use our handy life insurance calculator then get a quick online quote. We might surprise you!
Myth 2: I'm young and healthy, so I don't need life insurance.
Nope! You never know what life could throw at you. From car accidents to dread disease, life is fraught with risk and every day is a blessing, not a given. But either way, your younger years are actually the ideal time to get life insurance as the younger and healthier you are, the lower your premiums will be. Remember, most life insurance companies limit their cover to those under the age of 65, so don’t delay your decision or you might end up being too late.
Myth 3: I don't need life insurance if my children are grown up.
Even if you don’t have dependents you might still have financial obligations, such as debt or a bond to pay off. Life insurance is a good way to ensure your debts are taken care of after you pass on and don’t become a burden to other family members during an already difficult time.
Myth 4: Life insurance is complicated and difficult to understand.
Life insurance is not as complicated as you might think. At MiWayLife, it works like this - for a monthly premium, you’ll be offered a set amount of coverage that’s paid out in a lump sum to your beneficiaries in the event of your passing. The cover under this benefit will grow by 5% each year. Our 4-in-1 policy also includes an accelerated funeral benefit, terminal illness benefit and funeral cover for you and your family members – all for one premium! Learn more about it here.
Myth 5: I can’t get life insurance if I’m HIV positive.
Life insurance is for everyone, regardless of their health status. While it is true that people with certain health conditions may pay higher premiums, there are still life insurance policies available to people with serious illnesses, including HIV as well as chronic conditions like diabetes. If you can prove that you’re managing your condition well, you could even see this slightly higher premium get reduced.
Myth 6: Applying for life insurance is tedious and complicated.
Wrong again! You can now take out life cover with us online in a few simple steps and it only takes a few minutes. No calls, no agents and no piles of paperwork. Make sure to take care of those you love today by buying MiWayLife cover online.
