Life changes - and when it does, your life cover should too. Is it time to review your policy?
Life doesn’t stand still - and neither should your life insurance. As you move through different stages of life, your responsibilities and priorities shift. That’s why it’s so important to check in on your life insurance policy from time to time. What made sense five years ago might no longer reflect your current reality.
To ensure you always have the right cover, here are few big “life moments” that might cause you to want to review your policy.
Getting Married
Marriage often means joining your financial lives, sharing debt, building a future together and maybe even starting a family. If your life cover only considered your needs as a single person, it’s probably time for an upgrade. You’ll want to make sure your partner is included as a beneficiary, and that the payout would be enough to help them cope financially if you had to pass away.
Becoming a Parent
From nappies to university fees, raising a child is one of the biggest responsibilities you’ll ever take on. Your life insurance should be enough to support their needs if you’re not around to take care of them yourself. That might mean increasing your cover amount or making sure your children are named in your Will and as beneficiaries.
Buying a Home
For many South Africans, a home is the biggest purchase they’ll ever make - and it usually comes with a bond that needs paying off over many years. If you pass away before it’s paid off, the financial burden could fall on your family. Making sure your life cover is enough to settle your home loan gives your loved ones one less thing to worry about during a difficult time.
Career Changes
Even career changes can affect your insurance needs. If you’ve recently started a new job, received a promotion, or taken a leap into self-employment, your income and your lifestyle may have changed. That could mean upgrading your cover to match your new responsibilities.
Divorce or Separation
Divorce or separation is a difficult chapter for anyone, but it also requires practical steps. If your ex-partner is still listed as a beneficiary, or if your financial responsibilities have changed, be sure to update your policy accordingly. Life insurance is about protecting the people who rely on you and this may change as your life moves forward.
Starting a Business
Entrepreneurs often carry personal risk - from loans and investments to the pressure of supporting employees and family members. Reviewing your cover ensures that, even if the unexpected happens, your family as well as your business partners are left in the lurch.
The Bottom Line
At MiWayLife, we make reviewing and updating your policy simple and stress-free. Our online process means no paperwork, no queues, and no waiting. You can adjust your cover as your life changes, and rest easy knowing that you’re protecting what matters most. Our policies also include a funeral cover benefit and access to a free digital Will creation service - all for one low monthly premium.
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.
