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How Does Life Insurance Work
How Does Life Insurance Work
09 Jul 2019

What is life insurance? How does it work? Do I really need it? While there are many myths of how insurers are just using it as a ploy to get rich off of you, we have put together a short list of useful things to help you know how it can benefit you.

At some stage, you are bound to hear the term life insurance. The fact that you clicked on this article means you too are asking the same question that others have asked. What is life insurance? How does it work? Do I really need it? While there are many myths of how insurers are just using it as a ploy to get rich off of you, we have put together a short list of useful things to help you know how it can benefit you.

It’s there to protect you and your loved ones

No one appreciates an umbrella on a sunny day, except when it begins to rain. Life insurance is similar. While you may not see its immediate effects, it will come in handy for you and your loved ones when you need it the most. Think of it as a financial shield that gives you peace of mind knowing that should you pass on or fall critically ill you will be able to protect your loved ones financially. With South Africans owing a total of R2.2 trillion at the end of 2017, (which means each person owes R40,000 in debt), having such a policy in place can help shoulder the debt that is left behind when you are no longer alive.

Your lifestyle, age, and occupation will influence your policy

Ever wondered why your premiums are different compared to someone else? Well, insurers aim to provide a policy that is made to fit you like a glove, which means they steer away from a one size fits all approach. Insurers look at your age, lifestyle habits such as whether you smoke, drink, participate in sports, and the type of job you perform.


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This is all done to provide you with an adequate cover that will take care of your day-to-day expenses. So, should you pass on as a breadwinner of your household your family will be able to continue as if you were still there. Therefore, it is vital to start as soon as possible while you are still healthy. Remember to tell the truth to ensure that you get a cover that you can afford and will cover you for financial twists and turns that life throws your way.

It is designed to suit the modern day South African

Insurers are regulated by a code of conduct known as Treating Customers Fairly (TCF) which ensures that you get an insurance policy that is not designed to take advantage of you but will work for you. This means that insurers are constantly looking at ways to improve their policies that are relevant for the modern South African and is also affordable. For people who want to provide cover for their extended family members without having to pay a premium that will cost them both their kidneys are able to get this for as little as R149 from MiWayLife. 

Of course, it always pays to check and compare policies from different insurers. Settling for the first one that appears to be affordable can cost you in the long run.

Need more information on MiWayLife? Read about our life insurance product, or get a life insurance quote in 30 seconds. Alternatively, call us on 0860 64 54 33 .
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Terms and conditions apply. Eligibility, cover and benefits are determined on individual risk profile. MiWayLife is an authorised FSP (No. 45741) and its product offering is underwritten by Sanlam Life Insurance Limited, a registered long-term insurer. MiWayLife is a division of Sanlam Life Insurance Limited - Reg No. 1998/021121/06