Do you need life insurance if you have funeral cover? Here’s why they differ and how MiWayLife covers you for both!
Confused about the difference between a funeral policy and a life insurance policy? They are similar as they both pay out when you pass away, but there are definitely differences between the two so let’s break it down and then you can decide what would suit you best. At MiWayLife, we’re all about giving you the freedom to choose.
How is life insurance different to funeral cover?
If you buy a funeral policy, it will pay out a lump sum to your beneficiaries when you pass away to cover all the costs associated with your funeral. A life insurance policy is similar as it also pays out a lump sum to your beneficiaries when you die, but typically provides a much larger amount of money as it’s intended to secure your beneficiaries’ financial future. In short, you’ll want a funeral policy to pay for your funeral and a life insurance policy to ensure your loved ones can pay their daily bills without you. However, depending on the amount of life cover you choose, the payout could be large enough to take care of all your debt as well as ensure your family’s long-term dreams, like sending all the kids off to university, still come true.
If you buy a life insurance policy with MiWayLife, you’ll get comprehensive life insurance that includes an accelerated funeral cover benefit. This pays out 10% of your total available life cover amount (up to a maximum of R50 000) within 48 hours. You can even extend this funeral cover to all your family members. Just remember that, with every person you add to your policy, your premium will increase accordingly. Still, MiWayLife is proud to be flexible and affordable. You can get as much as R500 000 in life cover for as little as R164 per month!
Lastly, all our life insurance policies include a terminal illness benefit. This way, should you ever be diagnosed with a terminal illness and are likely to pass away within a year, you can immediately claim 50% or 100% of the life cover amount and spend it however you wish.
Only want a funeral policy? MiFuneral has you covered!
Ok, so there are lots of reasons why you’d want a life insurance policy. Still, if you’d prefer to just have a funeral policy, we get it. That’s why we created MiFuneral, our new digital-first approach to end-of-life planning that’s easy to buy online. As you get to select your cover amount, you can enjoy a premium that suits your budget. You can also choose who you’d like to cover, yourself or all your family members, and can even select your benefits, including extra cover to help you meet other end-of-life expenses. You also get to decide how you’d like it to be paid - as a lump sum or as a short-term monthly income to protect your family going forward.
The Bottom Line
At the end of the day, you’ll have to decide which will suit your needs and your budget - a life insurance policy or a funeral policy. Either way, we’re proud to offer great value options that can give you priceless peace of mind. So, why not get a quick quote from MiWayLife or MiFuneral today and let us surprise you with our low premiums?
Did You Know:
You can now take out affordable funeral cover with us online in a few simple steps. No calls and no agents! Discover the digital way to enjoy full peace of mind by buying a MiFuneral Policy cover online.
