Life insurance. It's one of those things we know we should think about, but often put off. It can seem complicated, expensive, and even a bit morbid. But, if you’re looking to protect your loved ones, understanding the basics of life insurance is important.

Ready to break down the essentials, busts some myths, and get a few tips on how to get the right cover?

What Is Life Insurance?

We all plan to live a long life, but nothing is guaranteed. What would happen to your loved ones, especially your dependents, if you had to pass away unexpectedly? This is where life insurance comes in. It creates a financially safety net for your family by paying out a lump sum in the event of your death. This can be used to cover outstanding debts, pay the daily bills and even ensure important yet expensive things happen, like your children receiving a great education.

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There are several types of life insurance available in South Africa, but these are the most common.

• Term Life Insurance: This provides cover for a specific period (the "term"), such as 10, 20, or 30 years. If you pass away within the term, the benefit is paid out. If you outlive the term, the cover expires, although it can be renewed at a higher premium.
• Whole Life Insurance: This is the type that MiWayLife offers. It provides lifelong cover and pays out whenever you pass away. It’s typically a little more expensive than term life insurance but offers full peace of mind knowing your loved ones will be protected regardless of when you die.
• Funeral Cover: This is designed to cover funeral expenses. It offers a smaller payout than other types of life insurance policies but we think it’s a must-have as the cost of giving your loved ones a dignified farewell is more expensive than you’d expect. Learn more about our new digital-first funeral policy, MiFuneral, over here.

Busting the "Expensive" Myth

While we’re talking about costs, let’s bust a common myth – the idea that life insurance is very expensive or something only the caviar crowd might buy. The fact is, for most people, life insurance is actually very affordable. The cost will depend on several factors, including your age, health, and lifestyle but, as an example, you could get R500 000 worth of life cover from MiWayLife from as little as R164 per month!

As far as funeral cover goes, MiWayLife has got you covered. All of our life insurance policies include a funeral benefit that pays out 10% of your total cover amount capped at R50 000.

Still, if you only wanted funeral cover, without life cover, MiFuneral is an affordable choice that includes great value-added benefits, such as our complementary Funeral Arrangement Service.

Tips for Getting the Best Premium

If you're thinking about purchasing life insurance, the best time to buy it is sooner rather than later. Why? The younger and healthier you are, the more likely you are to qualify for a low premium.

When choosing your coverage amount, consider your actual needs carefully. You don’t want to over-insure yourself and drive up your premium, so think about how much your family would actually need to cover any debts and maintain their lifestyle. Lastly, don’t just settle for the first quote you receive - take the time to compare offers from different insurers and, while you’re at it, why not get a quick quote from MiWayLife?

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.