At MiWayLife, we believe your life insurance policy shouldn’t have an expiry date. Life insurance is one of the best ways to protect your loved ones financially.
But what many don’t realise that not all policies are the same, especially when it comes to how long they last. Term life insurance policies, for example, come with an expiry date and if you’re still alive when that date rolls around, your cover will come to an end.
What Is Term Life Cover?
If your policy is a term life insurance plan, it might have been set up to cover you for a certain amount of years, be it 10, 20 or even 30. These policies are often more affordable in the short term, but the “catch” is clear - if you outlive the term, the cover ends. There’s usually no payout, no refund of premiums and no more protection for your loved ones.
In some cases, your insurer might offer you the chance to renew your policy, but it often comes with higher premiums due to the fact that you’re older, especially if your health has changed. Alternatively, you could apply for a new policy, but again, your age and medical conditions might affect whether you’re approved and how much it costs. Also, don’t forget that most life insurers won’t issue a policy to those over the age of 65.
MiWayLife Keeps You Covered
If you don’t like the idea of having paid into a policy for years, only to reach a finish line that leaves your family with nothing, term life insurance probably isn’t for you. Happily, it’s not your only option.
At MiWayLife, we offer a whole-of-life policy which means your cover doesn’t come with an expiry date. As long as you keep paying your premiums, your life insurance remains in place. Whether you pass away at 45 or 95, your loved ones will receive a lump sum payout to help them cover funeral costs, debts, living expenses or anything else they need.
With MiWayLife, You Always Get More
Unlike term life policies that you can outlive, MiWayLife gives you lifelong peace of mind, offering your family lasting protection - no expiry, no term limits, no surprises. But that’s not the only big benefit. Our 4-in-1 policy also includes an Accelerated Funeral Benefit that pays out fast, Funeral Cover for you that can be extended to all your family members and a Terminal Illness benefit – all for one low monthly premium.
Your premium will depend on several factors, including your age, health, and lifestyle and, even though we’re a whole life insurer, we can still surprise you with our affordability. In fact, you could get R500 000 worth of life cover from MiWayLife from just R164 per month!
The Bottom Line
The best type of life insurance should offer more than short-term security. It should give you the confidence that no matter what lies ahead your family is always protected, regardless of your age when you pass away. That’s why MiWayLife is designed to go the distance. It’s cover you can’t outlive with big value-added benefits for maximum peace of mind.
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.
