We all want to insure what matters the most to us, our lives. But is it possible to get life cover that is cheap in South Africa that still comes with all the bells and whistles to cover you and your loved ones? Here is what you need to know.
Is there such a thing as cheap life cover?
It is possible to get affordable life insurance that still covers you and your loved ones. However, this can be tricky the older you get. Of course, this varies from insurer to insurer. MiWayLife offers you affordable life insurance that starts at R149 per month for a cover of R500,000 which is the equivalent to a family-sized pizza!
Can I still get quality cover?
When it comes to investing in something that will protect your financial future, you want something that caters to your needs. This is covered during the underwriting process that ensures that you pay a premium that is affordable for you and still covers you with the necessary features. You will be covered for terminal illnesses and when you die, giving the people you love the most a financial safety net. It also grows with you so you do not have to worry outgrowing a cover that comes with irrelevant features.
Why is life cover costlier when I get older?
The older we get the more likely we are to develop illnesses and sustain injuries that can be life-threatening. It also means that our lifestyle becomes more expensive to maintain compared to when we have just started our careers, along with the medical expenses that are needed.
Insurers see this as high risk since they will have to payout an amount that will adequately cover your needs along with the beneficiaries you have listed. Therefore, taking out a life cover while you are still young and healthy and letting it grow with you in terms of premiums is much cheaper than taking it out when you are older where the premiums are slightly higher.
How can I save on my life cover?
There are ways in which you can decrease your premium on your life cover. Insurers do look at things such as your lifestyle, health and your age to determine a premium. A golden rule when it comes to life insurance is to take out life cover when you are still young.
However, you can also make lifestyle changes that do not put your life and health at risk. Leading a healthier lifestyle, quitting smoking, and switching to a healthier diet that helps you lose weight decreases your chances of developing illnesses that will place your health at risk. This can be rewarded with a reduction in your premiums based on your insurer.
Do built-in features help me save?
Built-in features such as having a funeral cover and terminal illness cover being combined with your life insurance means you save by having one premium for three policies. These features are available when you take out a life insurance cover with MiWayLife, giving you one less thing to worry about when it comes to covering your bases.
The best way to see if you are getting value for money is to compare the features of your life insurance policy to make sure that it is suitable for you.