Life insurance is about protecting your loved ones financially when you're gone, right?  But what if you could access some of those benefits while you're still here, especially during a challenging time? That's where MiWayLife's terminal illness benefit comes in.

 

What is a Terminal Illness Benefit?

 

Simply put, a Terminal Illness Benefit is a feature that allows you to claim a portion or all of your life insurance payout if you are diagnosed with a terminal illness and have a life expectancy of 12 months or less.

 

How does MiWayLife's Terminal Illness Benefit work?

 

If you have a life insurance policy with MiWayLife you’ll be glad to know it includes a Terminal Illness Benefit. This way, you have the option to claim either 50% or 100% of your life cover amount upon diagnosis of a terminal illness. It's important to note that a medical specialist must confirm the terminal illness diagnosis and the life expectancy prognosis.

This means that if you were to receive a devastating diagnosis, such as advanced-stage terminal breast cancer and had a MiWayLife insurance policy, you could access these funds within days of filing a successful claim.

 

How should I spend my Terminal Illness Benefit payout?

Your payout will be paid directly to your bank account and you can spend it however you wish. Terminal illnesses often come with high medical costs, including treatments, specialist consultations and palliative care. The payout can go a long way towards covering these costs.

You could also use the funds to make the most of your remaining time, perhaps by ticking off your bucket list or adapting your home to be more comfortable. This payout can also ease any financial strain on your loved ones by covering their living expenses or outstanding debts. Depending on your cover amount, you could even set up a trust to ensure your children receive a good education.

Beyond the Terminal Illness Benefit

 

While having a Terminal Illness Benefit can give you full peace of mind, with MiWayLife, you’ll get even more benefits. All of our life insurance policies include funeral cover for you as well as your extended family members. Your funeral cover amount will be separate from your life cover amount, so you won’t have to dip into your lump sum payout to ensure you receive a dignified farewell.

The bottom line

MiWayLife's Terminal Illness benefit is a powerful tool that can provide financial security and real peace of mind when you need it most. Knowing that you have financial support during such a difficult time allows you to focus on what matters most – spending precious moments and making beautiful memories with the people you love. So, why not get a quick quote from MiWayLife today?

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.