Life insurance is one of the smartest financial decisions you can make. Still, too often, people take out cover and assume they’re protected, only to realise later that they’ve overlooked something important.

To help you make the most of your policy, here are five of the most common life insurance mistakes and how to avoid them.

1. Underestimating how much cover you really need

Many people choose the lowest amount of cover to save on premiums, but life cover should do more than just pay for a funeral, it should replace your income, cover debts, and help your family stay financially stable in the years ahead. When deciding how much cover to take, always think long-term, not short-term.

With MiWayLife, you can get up to R5 million in life cover, helping your family keep up with school fees, home loans, and everyday costs

2. Ignoring critical or terminal illness cover

Life cover isn’t only about what happens after you pass away. All MiWayLife policies include a Terminal Illness Benefit, which allows you to claim either 50% or 100% of your cover amount if you’re diagnosed with a terminal illness. This money can be used to cover medical bills, adapt your home, or simply make unforgettable memories with your loved ones.

3. Forgetting to update your beneficiaries

Life changes, and so should your policy. Getting married, having children, or going through a divorce all mean your beneficiaries may need to change too. If you forget to update them, your payout could go to the wrong person.

4. Missing payments or letting your policy lapse

A lapse in payments can mean losing your cover entirely and, if you’re over the age of 65, you may struggle to obtain a policy. MiWayLife offers a grace period for missed payments, but consistency is key. Set reminders for debit dates and make sure your banking details are current to keep your cover active and uninterrupted.

5. Not reviewing your policy as your life evolves

Your needs today won’t be the same in ten years. Promotions, new debts, children, or even downsizing all affect how much life cover you need. A policy that once made sense may no longer offer enough protection.

Schedule a quick review each year to make sure your cover amount and beneficiaries still match your circumstances. MiWayLife makes it simple to update your details online.

The Bottom Line

Life insurance isn’t a once-off decision, it’s a commitment to protecting your loved ones through every stage of life, so do your research and choose wisely. With MiWayLife, you get affordable, flexible cover that adapts to you. Why not get a quick, obligation-free 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.