With MiWayLife, getting a new job doesn’t have to mean losing your life cover. About to accept a new job offer? Thinking of switching up your career? Just because you’re changing employers, it doesn’t mean you have to lose your life insurance policy.
How things roll out will depend on a few things though, so let’s dive in to ensure you have all the information you’ll need for life cover that evolves as you do.
If your life insurance is with MiWayLife
If you have an individual policy with MiWayLife, you’ll be glad to know it’s unaffected by your job change. Your cover continues as long as you keep paying your premiums. Since MiWayLife is a personal, standalone policy, it’s not tied to your employment status, meaning you can change careers, take a break from work or even become self-employed without any impact on your benefits. You can even lower your cover amount if you hit a tricky financial patch which will reduce your premiums – then increase it again when your bank balance improves.
That said, if you do change jobs, it’s important that you update your details. Make sure MiWayLife has your current contact information, especially if your email address or phone number changes. It’s also essential to notify them if your bank account changes – since missed debit orders could cause your policy to lapse.
If your life cover is through your employer
Some companies offer group life cover as part of their employee benefits. While this can seem like a great perk, it typically ends when you leave the company. That means if you resign, are retrenched, or retire, your employer-sponsored cover stops too – often immediately. Still, check with your employer is you have the option to convert it to an individual policy when you leave. This will require you to pay the premiums yourself and the cost may be higher than the group rate.
Alternatively, you could buy a new life insurance policy, but if your health has declined, this could increase your new premiums. The younger and healthier you are when you first take out your policy, the lower your premiums are likely to be.
This is why having your own policy, like one from MiWayLife’s, can be so valuable. It stays with you no matter where you work. Plus, it offers benefits beyond a lump-sum payout – like funeral cover, a terminal illness benefit and the option to cover your family members too.
When to review your policy
Any big life change, including a career shift, is a smart time to review your life cover amount. Ask yourself:
Does your new salary or lifestyle affect how much cover you need?
Are there new financial responsibilities, like a bond or dependants, to factor in?
Have your beneficiaries or banking details changed?
The Bottom Line
Switching jobs doesn’t always mean losing your life insurance – but it is the perfect time to make sure your cover is still right for you. With MiWayLife, your policy moves with you, so you can focus on your new role knowing your life cover is still in place and your loved ones are always protected. Why not get a quick obligation-free quote today? It’ll take less than five minutes and you’ll stand to win a R5000 Joma Sport voucher!
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.
