It was Andy Warhol who said, “The idea is not to live forever but to create something that will”. While he was an artist, he might have been a great economist because, when it comes to creating a financial legacy for your family, a focus on longevity is key. None of us are going to be around forever, but with careful planning, we can ensure our family is taken care of regardless.

Here are a few ways life insurance can help you create a financial legacy.

An Immediate Relief

Life insurance acts as a safety net, providing financial security to your family in the event of your passing. If you have cover with MiWayLife, your policy will pay a lump sum cover amount to your nominated beneficiaries that will grow by 5% each year. We also offer an accelerated funeral benefit that pays out within 48 hours of receiving the required claim information. This way, you can protect your family from the costs related to a dignified goodbye during an already difficult time.

Take Care Of Debt

Life insurance can also play a crucial role in managing your debts and estate planning. In the event of your passing, life insurance proceeds can be used to settle outstanding debts, such as bond repayments or loans, that can burden your family. In short, it’s a great way to help prevent your loved ones from inheriting financial obligations.

Ensure Your Children’s Education

One of the greatest legacies you can leave behind is the gift of education – but it doesn’t come cheap. The average cost of sending your child to a public primary or high school is currently between R24 000 and R36 000 a year. With life insurance, you can ensure that your children have the financial means to complete their education and pursue their dreams.

Protect Your Family Business 

If you own a business, life insurance can play a big role in ensuring its continuity and protecting your family's financial stake. With proper planning, life insurance can provide the necessary funds to support the transition of ownership and repay loans, allowing your family to maintain financial stability while preserving the legacy of your business.

Bolster Your Family’s Inheritance 

By creating a will, you can facilitate the transfer of your wealth to the next generation. However, taking out a life insurance policy will bolster the amount your loved ones receive in the event of your passing. If you have a life insurance policy with MiWayLife, you can nominate as many beneficiaries as you like, be it your spouse or children. This ensures yet another transfer of wealth to the next generation, helping to preserve your family's legacy.