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3 Important Questions to Ask About Your Premiums
3 Important Questions to Ask About Your Premiums
07 Apr 2021

Life insurers are legally obligated to make sure that you understand what you are taking on when it comes to your life cover. However, having a few handy questions to ask your insurer can give you peace of mind and let you assess if a policy is the right fit for you.

More so when it comes to the premiums. These are three crucial questions to ask your insurer regarding your premiums before putting your name on the dotted line.

 

Are there risk factors that can affect my policy?

Premiums are specifically tailored towards your needs. Insurers will take you through the underwriting process where you will be asked a range of questions concerning your health, lifestyle, and occupation. This is done to assess how much cover will be enough for you, therefore affecting your premiums. Your premiums can also be affected if your health changes.

 

For example if you start smoking or participate in unhealthy lifestyle choices, it can impact your cover. Keep in mind that life cover is created to grow with you, which means that life insurers will offer cover that will cover you for certain changes in your health down the line. However, this could lead to a premium increase to ensure that you are adequately covered when you and your loved ones need it the most.

 

What percentage will my premiums increase by?

A golden rule when it comes to life cover is to take out a policy while you are still young and healthy. The reason for this is that the premiums are more affordable compared to when you are older and prone to illnesses that can be life-threatening.

 

However, settling for the first policy you come across can be a costly mistake if you do not consider the annual premium increase. The last thing anyone wants is having to cancel something as important as life cover because they can no longer afford it. Knowing what the premium increase is can be beneficial when it comes to see if you will be able to afford your monthly payments in the long run.

 

Will the cover amount impact my premiums?

One of the most frequently asked questions is 'how much will life insurance cost me?' You may have some wiggle room to determine how much life cover will be enough to cover you and your loved ones by using a life insurance calculator. But did you know that the cover amount also affects the premiums? The higher the cover, the higher the premium; so, taking out 1 million Rand in cover will result in a higher premium than taking out cover for R300 000.

Need more information on MiWayLife? Read about our life insurance product, or get a life insurance quote in 30 seconds. Alternatively, call us on 0860 64 54 33 .
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Terms and conditions apply. Eligibility, cover and benefits are determined on individual risk profile. MiWayLife is an authorised FSP (No. 45741) and its product offering is underwritten by Sanlam Life Insurance Limited, a registered long-term insurer. MiWayLife is a division of Sanlam Life Insurance Limited - Reg No. 1998/021121/06