MIWAYLIFE BLOG
The Cost of Waiting for Tomorrow
The Cost of Waiting for Tomorrow
01 Jul 2019

The list can go on when it comes to the number of things that we love that had to stand in the front of the firing squad when financial hardships swing by. It is not so much that people don’t care, but it is the failure to see long term.

We say it with deep conviction on how much we may love something or someone when it’s still new, but along the way, we take those things for granted. One of these is failing to protect our loved one’s financial future through life insurance because we believe that we still have time - until it’s too late.

According to a study conducted by the Human Science Research Council (HSRC), 29% of South Africans do not set long term goals. When it comes to coping financially to make ends meet 55% of South Africans relied on their family and friends, 69% wouldn’t be able to cover their expenses for three months in case of an emergency, and 86% had no retirement plan. The Experian Consumer Default Index (CDI) paints a grim picture showing that there are 14.2 million consumers with 17.9 million active credit cards, personal loans, and vehicles which have accumulated a total of R1.57 trillion in outstanding debt.

The list can go on when it comes to the number of things that we love that had to stand in the front of the firing squad when financial hardships swing by. It is not so much that people don’t care, but it is the failure to see long term and how having life insurance can benefit their loved ones in the long run.  

“Waiting till the last minute is a common mistake people make when it comes to life insurance. There is the fallacy that there is still time until it is too late,” Says CEO of MiWayLife, Craig Baker. Taking out a policy at an earlier stage of your life while you are young and healthy can give you access to affordable premiums. Being able to juggle financial responsibilities is a juggling act that many South Africans are still managing to master. It boils down to thinking one step ahead, “We are not in the business of ‘should you die’ but focus on helping you live a life that is fulfilling knowing that your loved ones can face the future with the knowledge that they are financially covered,” states Baker.

What can you do to stay one step ahead?

The future is unknown, and tomorrow is never promised, but there are steps that you can take to help secure your financial future for you and your loved ones. The first step is to start. You can be covered for an amount ranging from R1.5 million to R5 million for as little as R149 a month. You will undergo an underwriting process where you will be asked questions regarding your health and lifestyle to find a cover that will adequately cover your needs.

Many insurers offer a range of life insurance products that can cover your extended family members, your unborn child, and something for the fitness enthusiasts to ensure that everyone is covered no matter what happens.

This is why it is important that you answer the questions with your agent truthfully. This will help you avoid disappointment by getting your claim rejected because of incorrect information that you have submitted. However, settling for the first policy that you come across that looks affordable can also be a costly mistake. It is vital to check the terms and conditions when applying for your life insurance policy.

 

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 .