MiWayLife life insurance is designed to evolve as you do, but don’t forget to check in on your policy. Life doesn’t stay the same, so why should your life insurance policy?
Whether you’ve had your policy for years or only recently took it out, it’s important to check in from time to time. A regular review helps make sure you’ve got the right amount of cover in place, so the people who matter most are always protected.
Here are five signs it might be time to take another look at your policy.
You’ve had a major life change
Got married? Had a baby? Bought your first home? These milestones come with extra financial responsibilities – and your life insurance should reflect that. Make sure your policy covers your current situation and includes all the people who now depend on you.
You’ve taken on more debt
Maybe you bought a new car or moved into a bigger home. If your financial commitments have increased, it’s important to review your cover to ensure your family wouldn’t be left struggling to pay off debt if something were to happen to you. Remember, your debts don’t die with you!
Your income has changed
Finally got that big raise? If you’re earning more, you can increase your cover to match any new expenses or the standard of living you’d want your loved ones to maintain. For the record, if your income drops, you can also reduce your cover amount and increase it again whenever you want. MiWayLife makes it easy.
Your dependants’ needs have evolved
Children grow up. Some start school, others head off to university and some may become financially independent. As your family’s needs shift, your policy can too. That said, many people keep their cover high to boost the value of their estate and leave a meaningful legacy behind.
It’s been more than a year
Even if nothing dramatic has changed, it’s always good idea to review your policy at least once a year. Check your contact details, your beneficiary details and make sure your policy still aligns with your financial goals. If anything has changed, it’s time for an update.
With MiWayLife, You’re Covered for Life’s Changes
When you’re insured with MiWayLife, you get flexible cover that grows with you. Our 4-in-1 life insurance includes a funeral benefit, terminal illness cover and funeral cover for your family – all under one affordable premium. Plus, your main cover increases by 5% each year to keep up with inflation.
The Bottom Line
Life insurance shouldn’t be something you take out and forget about. Knowing when to check in to keep it up to date is one of the best ways to protect your family’s future. No life insurance policy? Let’s change that! Get an obligation-free quote from MiWayLife today and let us impress you with our affordable premiums.
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.
