Thanks to unique challenges, life insurance may be even more important if you’re South African.
Life insurance is a brilliant financial tool and, while anyone could stand to benefit, it might be even more important if you’re South African. While our beautiful country is brimming with potential, it also faces unique challenges including a high crime rate, the prevalence of potentially deadly diseases and limited access to quality healthcare, particularly if you’re one of the many struggling to make ends meet.
While life in South Africa can be uncertain, this is where MiWayLife life insurance can step in, serving as a much-needed safety net for you and your loved ones. For one low monthly premium, you can secure an amount of cover that will pay out to beneficiaries in the event of your passing. This way, you can rest assured knowing that, come what may, your loved ones will be able to pay the daily bills and even achieve big goals like getting a tertiary education.
Life insurance helps cover South Africa’s high funeral costs
In South Africa, the cost of a funeral can be a significant financial burden. If you wish to bury a loved one, the cost of a grave site alone - excluding the coffin and headstone - will depend on the municipality, ranging from R1000 to R6000 or more. The cost of cremation is even more expensive, ranging from R7000 to R15 000.
Without a life insurance policy or funeral cover, this expense can plunge families into debt or force them to sell cherished assets during a very difficult time. Fortunately, if you have a life insurance policy with MiWayLife, it includes a funeral benefit that pays out within days so your family can give you a dignified farewell. You’ll also have the option to get funeral cover for your extended family members. Your policy will also include a Terminal Illness Benefit that allows you to claim 50% or 100% of your life cover if you’re diagnosed with a terminal illness.
Life insurance is an almost immediate way to protect your dependents
South Africa has a very high dependency ratio, meaning a large portion of the population relies on a sole breadwinner for financial support. If you are the primary income earner in your family, having life insurance makes a lot of sense. It ensures that your loved ones aren't left financially vulnerable in your absence. It also mitigates the fact that, in South Africa, your bank accounts are frozen when you pass away. Nobody will have access to your money - even those listed as beneficiaries in your Wills - until your estate is wrapped up and this process can take months, sometimes even years. These delays are often caused due to staff shortages (South Africa has the highest unemployment rate in the world), load shedding, systems being offline and the misplacement of files.
Fortunately, if you have a life insurance policy, this will pay out in a matter of weeks in the event of a successful claim, so your family won’t be left in financial limbo.
The bottom line
Life insurance isn't just about financial security; it's about peace of mind. Knowing your family is protected allows you to focus on living life to the fullest without the burden of worry. Don't wait for the unexpected. Take control of your future and secure your loved ones' financial safety today. MiWayLife is proud to offer affordable premiums and has been protecting South African families for decades – why shouldn’t yours be one of them?
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.
