Estate planning sounds like it might be complicated but it’s really all about making sure that all your assets - like your money, house, and personal belongings - end up exactly where you want them after you pass away. Proper estate planning can also give you peace of mind that your family are financially protected, even if you’re not around to take care of them yourself.

Why Is Estate Planning Important For South Africans?

Creating a Will is possibly one of the most important aspects of estate planning. If you pass away without one, your estate will be divided in accordance with our country’s Interstate Succession Act, and it might not be in line with your wishes. Having the courts in charge of wrapping up your affairs can take up to years to finalise and, until that happens, all your bank accounts will be frozen. Clearly, you really want a Will and MiWill can help you create one today.

How Does Life Insurance Fit Into Estate Planning?

As we’ve mentioned, your bank accounts are locked the moment you pass away. This can put your family in a tricky position, possibly unable to pay for even the most basic expenses, such as groceries, until your estate is wound up. However, if you have a life insurance policy in place, your beneficiaries will receive a payout, often within weeks of filing a successful claim. Depending on the amount of cover you choose, this can tide them over until the wishes in your Will are carried out – or even help pay for “big things”, such as your children’s education or the outstanding balance on your bond.

At MiWayLife, we make life insurance simple. For an affordable monthly premium, you’ll be offered a set amount of coverage that’s paid out in a lump sum to your beneficiaries in the event of your passing. We pride ourselves on paying out fast and the cover under this benefit will grow by 5% each year. Also, every policy includes a terminal illness benefit.  

What About Funeral Cover?

Another important aspect of estate planning is funeral cover. Funeral cover is a type of insurance policy that pays out a set amount to your nominated beneficiary after your passing to help them cover all the costs associated with giving you a dignified farewell. When you have a funeral policy, you can rest assured that your family will have the means to give you a meaningful goodbye. Also, the cost of your funeral doesn’t have to be funded from the payout they’d receive if you had a life insurance policy.

If you want the best of both worlds, a life insurance policy and a funeral policy, you’ll be glad to know that all MiWayLife insurance policies include a funeral benefit. You can also get funeral cover for your extended family members, all for one premium!

The Bottom Line

Estate planning isn’t just for the wealthy, it’s for everyone, and a Will, life insurance policy and funeral cover are important players. Happily, with MiWayLife, you can secure both life insurance and funeral cover - all for one premium - then enjoy peace of mind knowing you’ve created an estate plan that protects your family’s financial future.

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.