Chances are you’ve heard about life insurance, but do you know what an accidental death benefit is?
When it comes to estate planning, life insurance can be an invaluable way to help you create a financial safety net for your loved ones. In short, you pay a monthly premium for an amount of cover of your choosing. In the event of your passing, be it due to an accident, illness or natural causes, the beneficiaries of your policy will receive your cover amount as a lump sum.
Accidental death cover, however, is exactly that. You’d pay a monthly premium and your beneficiaries would only receive a pay out if the cause of your death was due to an accident. This includes road accidents, drowning, fire and murder, among other things.
Typically, as this type of cover isn’t as broad as comprehensive life insurance, you can expect to pay a lower monthly premium for a higher amount of coverage.
Things You Should Know About The Accidental Death Benefit At MiWayLife
An accidental death benefit is included in the 4-in-1 comprehensive life cover at MiWayLife. This cover is only available to citizens and permanent residents of South Africa between the ages of 18 and 65 at the date on which the policy is taken up. The cover, however, extends until the end of your life so, if you had to pass away from an accident on your 92nd birthday and were still paying your premiums, you’d still have coverage.
To be clear, MiWayLife considers an accident is clearly defined as “death that happens as a result of an incident that caused harm to the body of the policyholder, from outside the policyholder – which harm excludes any sickness and which incident the policyholder did not intend and reasonably could not have foreseen. This incident must be the direct and only cause of death.” The accident must also be the direct cause of death within 90 days of it taking place. As an example, if you were in a car accident that put you in a coma but you only passed away two months later, your loved ones would still be able to claim the pay out as the car accident would be considered the direct cause of your passing.
Reasons To Consider MiWayLife’s Life Cover Policy
If you’ve been thinking about getting accidental death cover, you’ll have good reason to consider taking out a life policy with MiWayLife. For starters, the policy provides comprehensive cover that will pay out in the event of accidental death. You can get R5 000 000 cover for just R195 per month! Your life cover policy will also include an accelerated funeral benefit. This means that, in the event of your passing due to an accident and on a valid claim, your beneficiaries will receive up to R50 000 within 48 hours of receiving the required claim information. This way, they don’t have to worry about the financial strain of paying for a funeral during an already difficult time.
The life cover policy with MiWayLife also includes a Funeral Benefit that extends to your family. This means your family members can be covered as additional insured lives on your policy and have cover for natural or accidental causes as well. Just remember that your premium will increase slightly with every additional life insured.
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.
