At MiWayLife, we think life insurance can always play a powerful role in your financial planning, especially after retirement. If you’ve recently retired or starting to think more about it, you might be wondering whether life insurance still matters
The short answer? Absolutely! While your lifestyle may change, your need to protect your loved ones and leave a lasting legacy doesn’t go away.
Why Life Insurance Still Matters
One of the most important reasons to keep life insurance after retirement is to help settle outstanding debts or final expenses. Whether it’s the balance of your bond, end-of-life medical expensive or simply ensuring your pets continue to get the very best care, life cover can prevent your family from being burdened with the cost.
A life insurance policy also ensures your loved ones have access to funds during that tricky phase where your bank accounts are frozen after you pass away. (If you didn’t know, this happens to everyone – the only way your loved ones can receive any of your money is if they inherit it, and wrapping up an estate can take months, sometimes even years.)
Life Insurance Can Ensure A Dignified Farewell
In South Africa, funerals can cost thousands but a life insurance or funeral policy payout can ensure you’re given a dignified final farewell. With MiWayLife, you don’t have to choose one or the other. All of our life insurance policies include a Funeral Cover Benefit that pays out up to R50,000 within 48 hours of a valid claim.
With MiWayLife, you always get more – all of our life insurance policies include a Terminal Illness Benefit. This allows you to access up to 100% of your life cover if you’re diagnosed with a terminal illness and are expected to pass away within 12 months. This way, you’ll have the option to manage your own affairs, can cover any medical bills or simply enjoy your remaining time on your terms.
Life Insurance Lets You Leave A Legacy
Having life insurance can also help you leave a meaningful legacy. Whether it’s to enhance your children’s inheritance, a donation to your favourite charity or an amount that can be invested towards your grandchildren’s education, your payout can ensure your life continues to make a difference even after you’ve passed on.
The Bottom Line
At MiWayLife, we think life insurance becomes even more important after retirement. Just remember that most insurers, including MiWayLife, will only issue a policy before the age of 65. However, once your policy is in place, it continues to cover you for the rest of your life, as long as your premiums are paid. So, if you’re approaching retirement, why not get a quick obligation-free quote today? We’d love to impress you with our affordable premiums.
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.
