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Life Insurance
Is Life Insurance Worth Having?
Is Life Insurance Worth Having?
29 Apr 2021

You may have come across the term 'life insurance' countless times and have made the decision to get it later, or you could be in the thick of the process of taking out a policy. But is it worth having?

What are its benefits? Here are a few things to know when taking out a life insurance policy. When do you know it is the right time to take out life cover?


The answer can differ for each person, but it all goes back to whether you have loved ones you would like to leave with a legacy. Whether you are single, planning on getting married, or married with the plan of having children, there is no better time to take out cover than now.


What are its benefits?

No one appreciates an umbrella on a sunny day, except when it begins to rain. Life insurance is similar. While you may not see its immediate effects, it will come in handy for you and your loved ones when you need it the most. It is a financial shield that can protect you while you are still living with a built-in terminal illness cover that allows you to use 50% - 100% of the cover amount while you are still living. It can also ensure that life doesn't come to a complete standstill for your loved ones financially, meaning that they can use the payout to handle an array of financial expenses.


It offers financial stability

Having financial stability is something that we all want, which is why there are so many options when it comes to unit trusts, investments, and income protection that can help create a financial safety net. When it comes to creating a financial portfolio that will be able to help you cushion the blows that life throws at us, it is crucial to start with the basics of life insurance and funeral cover. Did you know that 44% of people tend to overestimate the cost of life cover? South African insurers offer affordable cover for as much as the price of a pizza! Keep in mind that the price doesn't always mean you will be getting a good deal.


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The devil is in the detail

Insurers are regulated by a code of conduct known as Treating Customers Fairly (TCF) which ensures that you get an insurance policy that is not designed to take advantage of you but will work for you. 

Checking the features can inform you about the things your insurer will not cover and what they cover, helping you make a better choice. However, it is also important that you carefully read your policy to know what you are getting yourself into. It's also advisable to regularly check your policy to see if everything is still up to date. 

Always remember, you can ask your insurer questions about anything you might not understand to make sure that you are getting value for your money. 

Need more information on MiWayLife? Read about our life insurance product, or get a life insurance quote in 30 seconds. Alternatively, call us on 0860 64 54 33 .
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Terms and conditions apply. Eligibility, cover and benefits are determined on individual risk profile. MiWayLife is an authorised FSP (No. 45741) and its product offering is underwritten by Sanlam Life Insurance Limited, a registered long-term insurer. MiWayLife is a division of Sanlam Life Insurance Limited - Reg No. 1998/021121/06