Every life stage comes with different financial responsibilities but a good life insurance policy will adapt along with you.
Life is an exciting journey but it’s always evolving and each of its various stages will present unique challenges. MiWayLife knows this, which is why we’re proud to offer flexible life insurance policies that offer you the right amount of coverage at the right time.
An Exciting Start
If you’re a young adult and don’t have a spouse or children, you might think you don’t need life insurance. However, when you pass away, your debt doesn’t magically disappear. Fortunately, if you had a life insurance policy, it could protect your family from the burden of having to liquidate your assets to pay them off. Also, if you have anyone depending on you to take care of them in the future, such as an elderly parent, it can help you protect them financially.
Life insurance is also valuable for anyone in business as you can insure the life of your business partner. This way, if they had to unexpectedly pass, you’d still have the funds to buy their share of the company and replace lost revenue.
Another big benefit of taking out a life insurance policy earlier on? The younger and healthier you are, the lower your premiums will be!
Growing Your Family
Most people tend to consider life insurance when they get married or have children. If you’re in this phase of your life and don’t have a life insurance policy, now’s an excellent time to get one.
Already have a life insurance policy? Good for you! Just remember to regularly reassess it to ensure it’s always offering you the optimal amount of coverage. Any major life event such as marriage, divorce or the birth or passing of a loved one should inspire an immediate re-look.
Remember, a growing number of dependents, an increase in debt and large upcoming expenses such as your children’s education might see you wanting to increase your coverage amount. (Increasing your coverage will mean increasing your premiums and decreasing your coverage will see you paying lower premiums.)
Planning Your Legacy
Perhaps your children have become financially independent. Maybe you’ve paid off that bond. Either way, later on in life, some people choose to reduce their life insurance coverage as they no longer require coverage for certain things. Still, many people choose to keep it and put the focus on leaving a legacy for their loved ones. It can take years for an estate to be wrapped up but a life insurance policy typically pays out within days of receiving the required claim information. The payout can supplement the income your spouse might receive in retirement and can be used to cover the costs of finalising your estate. Also, if you have a life insurance policy with MiWayLife, it will include an accelerated funeral benefit, to help your loved ones give you a dignified farewell.
Lastly, as we age, health concerns come into sharp focus so it’s good to know that MiWayLife’s 4-in-1 policy also includes a terminal illness benefit. Should you be diagnosed with a terminal illness, it allows you to receive half or a lump sum payment while you’re still alive to help you manage health care costs.
The Bottom Line
Whether you're just starting out, building a family or beginning to plan for retirement, MiWayLife has a life insurance solution to fit your changing needs and enjoy a lifetime of peace of mind.
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.