You’re young, you’re healthy, you’re in the prime of your life. As a student, should you really have to be thinking about taking out life insurance? As it turns out, there are lots of reasons why taking out life cover, particularly when you’re young, is a really good idea.
First Up, What Is Life Cover?
When you take out life cover with MiWayLife, you’ll pay a monthly premium that can be as little as R149* per month. In return, we’ll pay out a lump sum to your nominated beneficiaries should you pass away due to illness or an accident. If you don’t have any children, you might think that creating a financial safety net for others isn’t that important. But what about your family?
Nobody likes to think about worst case scenarios but, if you don’t have life cover, the financial burden of funeral expenses and any outstanding debts like student loans or car repayments, could fall on your loved ones. One of the many advantages of taking out life cover with MiWayLife is that we offer an accelerated funeral benefit. This pays out 10% of your total available life cover (up to a maximum of R50 000) within 48 hours of a successful claim. This way, your parents and loved ones won’t have to bear an unexpected financial burden during an already incredibly difficult time.
Protect The People You Love
On the subject of funerals, if you take out a life insurance cover with MiWayLife, your policy could also include funeral cover for your family members. This means your parents and wider family can also be covered as additional insured lives by your own policy. Again, this isn’t something anybody likes to think about, but should one of your insured loved ones pass away, you don’t have to worry about how you’d manage to pay for a funeral at a time when most students are already struggling to cover all the expenses relating to their education.
Younger People Pay Lower Premiums
Lastly, another big advantage of buying life insurance as a student is that you’ll get to enjoy lower premiums. When any life insurer calculates the amount of coverage they’d offer you – as well as the premium you’d have to pay to receive it – they consider your age and health. Typically, as younger, healthy people have a lower risk of making a claim, they’ll be offered a lower premium than an older person. This is why it’s a good idea to take out life insurance cover while you’re young – so you can secure a low premium.
Remember, life insurance is designed to change and grow as you do. You can always increase your coverage as you need to and use it to protect additional loved one’s along the way, be it the love of your life you’ve yet to meet or your unborn children. But taking it out sooner rather than later is usually the smartest idea that can save you money in the long run.
