Check in time! Here are six things worth asking yourself before you commit to life cover.
Getting life cover is a great adulting milestone, but nobody grows up dreaming about comparing life insurance policies. It’s easy to keep putting it off (sometimes until it’s too late!) or to sign up for something without fully understanding it.
But life insurance shouldn’t feel intimidating. If you ask yourself the right questions, you can get the right cover that ensures the people you love are financially protected.
Before you commit to a policy, here are six things worth checking.
Life insurance becomes especially important when other people rely on you financially. If your income helps cover school fees, groceries, rent, transport or debt repayments, those costs don’t disappear if you suddenly aren’t there anymore.
Even if you’re single, you may still leave behind debt, funeral costs or financial responsibilities your loved ones would need to manage.
A lot of people either underestimate this completely or choose a random number that “sounds right”. The reality is that life cover should ideally help your family maintain stability for a period of time.
That could include ensuring they have enough to cover monthly living expenses, outstanding debit, bond repayments, school or university fees and funeral costs.
As a heads up, all MiWayLife policies include an Accelerated Funeral Benefit designed to assist with funeral-related expenses.
This question is important because, if premiums stop being paid, cover can lapse and policies may eventually be cancelled. Rather choose cover that comfortably fits your lifestyle than overcommitting to something that becomes stressful later.
With MiWayLife, you can change your cover amount at any time and your premiums will adjust accordingly. This way, you’ll always have cover that suits your pocket – and that’s always better than having none.
This sounds obvious, but many people forget to update beneficiaries after major life changes.
Your beneficiaries are the people who would receive the payout if you pass away. If your circumstances change, be sure to review them regularly. With MiWayLife, you can easily update your beneficiaries online at any time.
Before taking out a new policy, it’s worth checking whether you already have some form of cover through your employer or a pension or provident fund. This helps you avoid unnecessary duplication as well as identify any gaps that still need protection.
The policy you choose at 25 may not fully suit your life at 35 or 45. At MiWayLife, we know that life changes, families grow and careers evolve, which is why we make it easy to update your change your cover amount and add or remove beneficiaries whenever you wish.
The Bottom Line
At the end of the day, life insurance is protection that should feel practical, not overwhelming. This is why MiWayLife cover is designed to be flexible and affordable, for real South African families just like yours.
Why not get a quick quote from MiWayLife today?
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
