Many don’t realise it, but the day you pass away, your bank accounts are frozen. Your money, no matter how much you have of it, can’t be touched until your estate is wrapped up. Unfortunately, in South Africa, this process is slow going. Sometimes it can take months, but often it can take years - all the while your family is left without funds.

If a family’s breadwinner passes away, things get especially tough. Who’s going to pay for groceries, electricity, Wi-Fi, medical aid, school fees? Every debit order that used to come off your bank account is going to bounce and, unless, someone else in your family can pick up the tab, possibly for years until your estate is finalised, your loved ones will have to scramble or go without. On top of that, who’s going to pay for your funeral? This alone can cost anywhere between R10 000 and R50 000 in South Africa.

It Doesn’t End There

Expenses are one thing. But what about debt? When we pass away, our debt doesn’t die with us. If your estate doesn’t have enough money to cover what you owe, the responsibility can fall to your family. They could lose assets you hoped to pass on. In some cases, your spouse may be stuck paying off loans, credit cards or medical bills - all while trying to hold everything together emotionally.

In short, the loss of a breadwinner can result in an incredibly difficult time for their loved ones and, sadly, this is a reality many South African families have to face.

Now Imagine A Different Story

Yes, we’ve painted a bleak picture, but sadly, it’s a reality. This is why we think life insurance is one of the most important things you can buy if you want to create an invaluable safety net for your loved ones.

If you have a life insurance policy with MiWayLife, it pays out a lump sum to your beneficiaries (yes, you can have more than one) when you pass away. We aim to pay out fast, within just two to three weeks of receiving the required claims information. This way, your family can take care of those daily bills and possibly even realise big financial goals, like pay off your bond, depending on your cover amount.

Another big benefit? All MiWayLife policies include an Accelerated Funeral Benefit that pays out 10% of your cover amount (up to R50 000) within 48 hours. This way, your family can give you a dignified farewell without having to scramble for funds during an already difficult time.

While you can get up to R5 000 000 in cover from MiWayLife, you can also choose a lower amount which will result in a lower premium - just enough to ensure your family is taken care of during that extremely challenging period when they can’t access what’s in your bank. You know what your family needs, so it makes sense that the choice should be yours. Either way, you’ll be surprised by how affordable life insurance can be. At MiWayLife, you could get a R500 000 life cover payout for a premium of just R164 a month!

At Miwaylife, We Think Life Insurance Is A Must

It's a myth that life cover is just for rich people - it’s for everyone. We’re all going to pass away one day. We’re all going to have our bank accounts frozen. If you want to ensure your family has what they need to keep going, life insurance isn’t just a nice to have, it’s a must - and MiWayLife is proud to make it affordable for all South Africans. Why not get a quick quote today and let us impress you with our pocket-friendly 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.