When it comes to managing finances better, women take the cake. But knowing the best way to maximise your funds can see you saving a couple of Rands. MiWayLife’s life cover is, on average, more than 30% cheaper for women than for men.
Why gender matters
Statistically speaking, the odds are already in favour of women when it comes to being the gender that is less of a risk to insure compared to men. Contrary to the myth that life insurers want to make you pay for every penny you have and not pay you out, life insurers use a fair system called underwriting to make sure that you get an affordable premium. It is also this system that uses factually correct data to reveal the level of risk each gender poses. Women take the upper hand when it comes to being the 'safer bet' for life insurers. What are the deciding factors you may ask?
The underwriting process looks at key things that could put your life at risk, causing health complications or resulting in you dying. Things such as your medical history, occupation, age and lifestyle affect the type of premium you get. Therefore, taking out a policy while you are still young and healthy can give you an advantage of getting a cheaper premium, compared to when you are older and more likely to develop health complications.
Things to consider when looking for life insurance
Finding a life insurance policy that is affordable is one thing. Being able to sign your name on a cover that comes with quality features and an affordable premium, well that's priceless. But how do you go about finding the right cover?
A great place to start is knowing how much life insurance you will need. Each person's financial situation is different from the next, which is why having a cover that will adequately cover you is important. To make the process less daunting, you can use our life insurance calculator that will give you an estimate of how much life cover will be the right for you.
Life insurance is a cover that grows with you so even if you do not have any dependants at the time of inception, planning on having children or adding dependents in the future is possible.