If you ask us, the short answer is “yes” to both. Here’s why every South African should have a Will and how having a life insurance policy can complement it.

Why Is It Important To Have A Will?

 

In South Africa, if you pass away without a Will, your estate (all your money and possessions) will be distributed according to South Africa’s Intestate Succession Act. It’s kind of like a one-size-fits-all template and won’t necessarily be in line with what you’d have preferred.  Also, because it’s handled by the Master of the High Court, it could take many months, sometimes even years, to wrap up. There can also be extra or unnecessary costs.

Having a Will means you can make your wishes clear and can prevent confusion – or even a feud – amongst your family. You’ll also be able to appoint an executor, someone you trust, to handle all the paperwork. This can go a long way towards speeding up the process.

Your Will And Life Insurance Can Work Together

 

Another reason why you really want a Will? When you pass away, your bank accounts are immediately frozen until your estate is finalised. If you don’t have a Will, this process can take even longer. In the meantime, your loved ones won’t have any access to your money.

 

This is where life insurance comes in. A life insurance policy is a great way to create a financial safety net for your family. It pays out a lump sum to your beneficiaries in the event of your passing due to an accident or illness. This way, while your family can’t access your bank accounts, they’ll still have access to funds. The payout ensures they can afford day-to-day expenses or even big long-term goals like paying off your bond, depending on your cover amount.

 

How To Create A Will With MiWay

 

When you buy life insurance with MiWayLife, you get a 4-in-1 policy that includes a funeral benefit, funeral cover for your family members and a terminal illness benefit – all for one affordable premium. We pride ourselves on paying out fast and, as our funeral benefit is accelerated, your family could receive it within 48 hours of a valid claim.

MiWayLife also offers you the option of creating a Will online. It will be legally recognised and safely stored. You’ll also be able to appoint your own executor or leave it up to us to take care of that for you.

 

The Bottom Line

 

Everyone should have a Will, so why not take advantage of National Wills Week? This year, it runs from the 15th to the 19th of September, during which you can get free assistance to draft a Will from participating attorneys. Better yet, why not enjoy the complete peace of mind that comes from having life insurance and a Will? Get a quick quote from MiWayLife today and benefit from our online Will offering.

 

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.