Understanding the benefits that come with life cover can make your journey to providing a financial safety net for the times you and your loved ones will need it the most can be beneficial.
Premiums are lower
Being a woman means that you are less of a risk compared to men. How do insurers know this? Through the underwriting process and continuous research, it has been revealed that men are more prone to be in dangerous occupations, lead lifestyles that compromise their health and tend to die earlier than women. Women who have joined MiWayLife end up paying up to 30% less than men in the same age group. Therefore, there is no better time than to get your cover today.
You are protected from terminal illnesses
The common misunderstanding when it comes to life insurance is that it only benefits you and your loved ones once you have died, but this is not entirely true. It does come with features that can protect you while you are still living, such as terminal illness cover.
Women are currently the biggest group to place claims due to being diagnosed with terminal illness. According to the Association for Saving and Investment in South Africa (ASISA), 60% of the claims that were made were placed by women living with cancer.
Terminal illness is a beneficial feature in life insurance, which is covered under one premium, and takes care of you when you are diagnosed with terminal illnesses such as cancer, advance heart disease or lung disease.
The payout can be used to take care of your medical needs such as; medical bills, making adjustments to your home, a caregiver, transport to medical appointments and much more.
It grows with you
There are many reasons why people eventually purchase life insurance; you may be at a stage of your life where you want to start a family, you want to build a financial portfolio, you have dependants or extended family members that you want to take care of, or you want to protect your partners financial future. No matter the reason, you will realise that the benefits that come with your cover is that it grows with you. You can add beneficiaries on your policy or remove beneficiaries to keep your cover up to date.
It can improve your chances of getting a home loan
Despite there still being a salary disparity, women are dominating the property ladder. The journey of finally securing your own place that you can call home is one that requires rigorous checks and approvals. Having life cover in place can improve your chances of your bond being approved. This makes lenders see you as a responsible person who will be able to pay off your home loan even in the event of your death.