At MiWayLife, this type of benefit is called the Terminal Illness Benefit – and it’s designed to give you peace of mind when you need it most.
When we think about life insurance, we usually focus on what happens after we’re gone. But some life insurance benefits, like an accelerated death benefit, can support you and your family while you’re still here.
What Is An Accelerated Death Benefit?
An accelerated death benefit allows you to access a portion of your life cover earlier, before the full death benefit is paid. Instead of waiting until after you pass away, your life cover can step in sooner, providing much-needed financial support should you develop a terminal illness.
At MiWayLife, we refer to our accelerated death benefit as the Terminal Illness Benefit. It’s an important part of all our policies, meaning this benefit is automatically included, along with funeral cover and the option to extend funeral cover to your family members. In short, you’re getting a 4-in-1 life insurance policy, all for one affordable premium.
How Does MiWayLife’s Terminal Illness Benefit Work?
If you have a MiWayLife policy and are diagnosed with a terminal illness, where a specialist confirms that you are likely to pass away within 12 months, you have the option to claim your life cover early.
You can choose to receive either 50% or 100% of your life cover as a Terminal Illness Benefit payout. This money can be used to help cover medical and care-related costs, but you can spend it however you’d like. For some, this means easing the burden on loved ones. For others, it may mean taking the holiday of a lifetime, creating special memories, or simply focusing on comfort and quality time with the reassurance that the cost of end-of-life care is taken care of.
By providing access to funds while you’re still alive, this benefit helps reduce financial pressure and gives you greater control, without having to wait for a full life claim to be finalised. It’s support when you need it most, so you can focus on what truly matters when every moment counts.
The Bottom Line
Life insurance isn’t only about planning for the future – it’s about protecting your family through every stage of life. An accelerated death benefit is just one more way that having life cover can give you confidence, control and peace of mind, no matter what life brings. So, why not get a quick quote from MiWayLife?
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.
