There is no doubt that women are constantly seeking ways to empower themselves financially. Having a few financial tricks up your sleeve doesn't hurt, especially if you are looking for life cover that will be affordable to you. Here is how you can benefit from life cover as a woman.
Why gender matters
No, this is not a trick or red tape that has been placed by insurers to trap the other gender into paying more. When it comes to providing the best and affordable cover for women, South African insurers look at the facts of why life insurance should be more affordable for women by 30%.
Statistically speaking, the odds are already in favour of women when it comes to being the gender that is less of a risk to insure compared to men. Insurers look at up-to-date data to assess the level of risk each gender poses to make the process fair for everyone. Women take the upper hand when it comes to being the 'safer bet' for life insurers.
The benefits
The best way to get the most out of anything comes with understanding how it works. While having life cover is a great way to protect you and your family, it can also see you saving money while getting all the bells and whistles. Women who have joined MiWayLife end up paying up to 30% less than men in the same age group. You also get peace of mind knowing that you will be covered for:
Terminal illnesses. The thought of being diagnosed with a terminal illness is something most people do not expect. Furthermore, the major changes to your life can be a shock to you and your finances, which can be stressful for you and your loved ones. Your life cover will cover you for this while you are still living by giving you the option of taking 50% - 100% of the benefit to assist you.
Paying off debt. Just because you die doesn't mean any debt you may have accumulated dies with you. However, having life cover means that your loved ones will be able to pay this off without having the financial stress placed on them.
Setting up an education fund. This could be for your child, an adopted child or an extended family member that you are planning to support by paying for their school fees. They can also use the payout to fund their rent and daily living expenses giving you one less thing to worry about.
Securing your first property. Another benefit that can come from your life cover while you are still living is being able to use it to secure your first property by using it as surety to secure a home loan.
Finding the right fit
Not just any cover will do. The same way in which you try on different things or drive various cars to find the right one that suits you is the same way to find the right cover for you. The process of taking out life cover doesn't have to be an overwhelming process.
Start by using our life insurance calculator to find out how much life cover you will need. It will make the process smoother for you. You can also call us for an obligation-free quote or to find out more about how you can benefit from having life cover. Remember, life insurance is a cover that grows with you so you can always change it when any major life events happen.
