That's where insurance comes in. Having accidental death insurance means that your insurance policy will payout a lump sum to your beneficiaries if you had to pass away due to an accident or within a certain number of days due to having that accident. Examples of an “accidental death” include road accidents, a fire, drowning or being murdered.

Is an Accidental Death Benefit the same as life insurance?

The short answer is no, not really. Accidental death insurance is a very limited form of life insurance. While it can be reassuring to have this type of insurance, it won’t give you full peace of mind because there are many different things that could cause your death. If you had to pass away due to an illness or natural causes, your beneficiaries wouldn’t receive a payout. Still, many people opt for this type of cover as it's typically a little less expensive than comprehensive life insurance.

MiWayLife gives you full peace of mind

At MiWayLife, all our life insurance policies are comprehensive. This means you’ll be covered for an accidental death as well as anything else that causes your passing, including natural causes. Better yet, we’re proud to offer our comprehensive coverage at an affordable premium. In fact, you could get R500 000 in life cover from just R164 per month! It’s a great way to create a safety net for your loved ones as this payout can help your family pay off debts and important things you didn’t have time to save for, such as your children’s education.

More reasons to choose MiWayLife? We’re big on benefits! All our policies are 4-in-1 policies that include comprehensive life insurance, an accelerated funeral benefit, the option to include funeral cover for your extended family and a Terminal Illness Benefit. The latter gives you the option to immediately receive 50% or 100% of your life cover amount if you’re diagnosed with a terminal illness and likely to pass away within a year.

 

Something to keep in mind

Clearly opting for comprehensive life insurance is the best way to get full peace of mind but realise that all life insurance policies have exclusions. These are provisions referring to perils, hazards, circumstances and activities not covered by the policy. Every insurer will have different exclusions but we think MiWayLife’s are very reasonable. These include denying claim events that arise from travelling to a list of dangerous countries (so no holidays to warzones, please) and risky activities such as cave diving and solo mountaineering. Your claim will also be denied if you’re taking unprescribed medication, abusing illegal drugs or driving while under the influence. In short, you shouldn’t be doing these things anyway, so having life insurance isn’t going to cramp your style, provided you like to play it safe. This is something your loved ones will thank you for too.

The bottom line

If you have a risky job that involves a higher risk of accidents, such as long-distance truck driving or working in a crime hotspot, having accidental death cover is a good idea and certainly better than having no coverage at all. However, none of us can be certain about what will cause our passing one day, so having comprehensive life insurance is the best way to enjoy full peace of mind. 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.