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5 Tips to Help You Get You The Best Life Cover
5 Tips to Help You Get You The Best Life Cover
02 Mar 2021

If you are in the process of taking out life cover that will financially protect you and your family, the last thing you want is to choose something that comes with features that don't align with what you need. How do you go about choosing the best cover that will be affordable to you? Here are five tips to get you started.

Know how much cover is enough cover

It's crucial to know how much cover will be enough to sustain your loved one's lifestyle, even when you have passed on. Using a life insurance calculator can help gauge how much life cover will be enough for you. You can also do this by looking at your current expenses to understand how much will be needed each year. Life insurance keeps up with the inflation rate, therefore, you can rest assured knowing that you are covered. 


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Choose a reputable insurer

Being in a rush to take out a cover without checking if it's with a reputable insurer can leave you exposed to being scammed or having your loved ones being forced to jump through hoops when it comes to the claim stage. All reputable insurers should be a registered FSP and have an existing digital footprint through a website, social media platform, and reviews.

 

Finding affordable cover

The affordability of something is relative. However, getting the best value for your money is something that we all want. One of the golden rules when it comes to taking out a policy is having cover while you are still young and healthy.

 

The reason for this is that the older we get the more susceptible we are to contracting illnesses and injuries that can compromise your life. Life insurers use the underwriting process, read our blog posts that explains this here, to make the process fair. It will also determine what premiums you will end up paying. The older you are the higher the premiums become.

 

The devil is in the detail

Before putting your name on the dotted line, always make sure that you have read through the document or asked the right questions about your cover to see if it's for you. Having a life insurance policy that comes with a built-in funeral benefit, covers you for terminal illnesses, and allows you to include other family members under one premium, is crucial.

 

The bells and whistles

What you end up paying for are the features that come with a policy that promises you a financial safety net. Therefore, it's crucial to check that the policy comes with features and benefits that can hold up when your family needs them the most. Carefully go through these to see if these match up to what you might need in the future. If you do not understand a certain benefit, make sure to ask your insurer to explain.

Always remember to check if your policy is up to date and that it covers those who matter to you.

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