World Savings Day is coming up. Here are a few ways you can save on life insurance without skimping on peace of mind.
World Savings Day, celebrated on 31 October, is all about rethinking how we use and protect our money. While most people focus on cutting daily costs, reviewing your life insurance can be one of the smartest money-saving moves you make. By taking a closer look at your cover, you could save on premiums while still giving your loved ones the financial protection they need.
Review And Consolidate Your Policies
It’s common to end up with more than one policy over time – perhaps a standalone life cover here, a funeral plan there. While that may feel safer, multiple policies can add up to higher costs. Consolidating into a single, comprehensive plan often reduces premiums and keeps everything simple. With MiWayLife, for instance, you can enjoy life cover, a Terminal Illness Benefit, an Accelerated Funeral Benefit and get funeral cover for your whole family with a single policy, all managed with one debit order.
Identify Premium-Saving Opportunities
Your premiums are shaped by your lifestyle and health. That means making positive changes like quitting smoking, or even improving your diet and exercise routine to lower your BMI could see you enjoying lower life insurance premiums. It’s worth updating your insurer when your health profile improves.
Learn more about how and why your BMI affects your life insurance premiums here.
Make Use Of Built-In Benefits
Life insurance isn’t just about the final payout, it’s also about support along the way. MiWayLife includes smart benefits like an Accelerated Funeral Cover of up to R50 000, paid within 48 hours to cover immediate funeral costs. There’s also the Terminal Illness Benefit, which allows you to access 50% or 100% of your life cover if you’re diagnosed with a terminal condition. Using these benefits when needed prevents you from dipping into your savings or going into debt during a crisis.
Keep Your Policy In Good Standing
One of the simplest savings strategies is consistency. Missing a debit order could cause your cover to lapse, which might lead to higher costs and new waiting periods if you need to reinstate it. Choosing a debit date that aligns with your salary cycle, or setting up reminders, ensures you never miss a payment. Staying on track means uninterrupted protection and no wasted premiums.
The Bottom Line
World Savings Day is a reminder that saving isn’t always about cutting costs. It’s about making sure the money you do spend delivers the most value. Why not get a quick, obligation-free quote from MiWayLife 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.
