Funeral cover and life cover serve different purposes, but with MiWayLife, you get the best of both worlds.
If you’ve ever wondered whether funeral cover and life insurance are the same thing, you’re not alone. While both provide essential financial protection, they serve different purposes, offer different types of payouts, and meet different needs. Let’s unpack the differences so you can decide what’s right for you – or whether you might benefit from having both.
Funeral Cover: Quick Support for a Difficult Time
Funeral cover is designed to help your family manage the immediate expenses that come with arranging a funeral. These include the cost of the service, transport, catering, and other cultural or logistical needs that can quickly add up. At MiWayLife, this type of cover can be extended to your spouse, children, parents, in-laws, and even extended family members – making it a practical solution in South Africa where one person is often responsible for giving multiple loved ones a dignified final farewell.
MiWayLife’s MiFuneral cover also includes added value, like a Funeral Arrangements Service to help with logistics, and a Repatriation Benefit that brings your loved one home if they pass away more than 100km from where they live. Claims are usually paid out within 48 hours, which is essential when funeral arrangements can’t wait.
Life Cover: A Financial Safety Net for the Long Term
Life cover, on the other hand, is a long-term solution that ensures your beneficiaries are looked after financially if you pass away. This lump sum payout can cover more than just your funeral – it can help settle debts, fund your children’s education, or provide your family with ongoing financial stability.
Unlike funeral cover, which pays a smaller, quicker benefit, life insurance typically offers a higher payout – often running into the millions – and takes a bit longer to process because of the larger amount and additional checks. MiWayLife also includes a value-added benefit: an accelerated funeral payout of up to R50,000, paid within 48 hours, so your family isn’t left waiting to make arrangements.
So, Which Do You Need?
If you’re just looking to cover funeral costs, a funeral policy might be enough. But if your loved ones depend on you financially, life cover becomes a crucial part of your legacy. Ideally, you’ll want both: funeral cover for immediate expenses and life cover to secure your family’s future.
With MiWayLife, you’ll get the best of both worlds. With one policy, you can secure life insurance plus the convenience of built-in funeral cover. The accelerated funeral benefit means your family gets support fast, while the life cover offers long-term financial security. Optional extras like Final Expenses Cover and Income Support Cover allow you to tailor your policy even further to suit your family’s needs.
The Bottom Line
Funeral cover and life cover play different roles – but both are essential in building a safety net for your loved ones. Whether you're planning for today or preparing for tomorrow, MiWayLife makes it easier to protect the people who matter most. Get a quick quote online and let us show you how affordable real peace of mind can be. You’ll also stand to win a Joma Sport voucher worth R5 000!
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.
