Investing in life insurance is the most valuable gift you can give your family this Christmas.
'Tis the season to be jolly, and while you're busy wrapping presents, there's another gift you should consider giving – peace of mind via estate planning with life insurance. As you gather with loved ones during this festive time of year, it's the perfect occasion to discuss the importance of this important financial tool.
The Gift Of Life Insurance
If you don’t have a life insurance policy, there’s no better time to get one as the younger and healthier you are, the lower your premiums will be. If you’re looking to get even more bang for your buck, consider MiWayLife. Our 4-in-1 policy includes an accelerated funeral benefit; funeral cover for your family members and a terminal illness benefit – all for one affordable premium. Click here to get a quick quote.
If you already have a life insurance policy, consider using the holiday break as a good time to review it and ensure it’s up to date. Sometimes we get so caught up in big life events, be it a divorce or the birth of a child, that we forget they’re also the type of things that inspire changes to important policies.
The Importance Of Creating A Will
Another key part of estate planning is creating a will. While your life insurance policy will pay out to your beneficiaries in the event of your passing, any other assets you possess, be it money in the bank or your home, can only be distributed according to your wishes if you have a will. It also allows you to have a say in important non-financial matters such as appointing guardians for any minor children.
Despite being incredibly important, statistics from the Master of the High Court of South Africa show that, in 2022, less than 15% of South Africans have a will. As a result, when they pass away, the court is tasked with appointing an executor to wrap up their estate and this can take years. In the meantime, your bank accounts are frozen and your family may struggle to pay for important things that you used to take care of. Again, this is just another reason why a life insurance policy is so important. It gives your loved ones speedy access to a lump sum payout that can assist them during the many months it takes for your estate to become finalised.
If you’re one of the many South Africans without a will, let’s change that today. Did you know you can apply for a will online with MiWayLife?
The Bottom Line
This holiday season, as you enjoy this time with your family, remember to discuss the importance of estate planning. A life insurance policy and will might not be the latest videogame console or a shiny new bike, but these are gifts that go beyond material possessions, offering invaluable financial protection and peace of mind for the years to come.
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.