Normally, life cover is taken out by someone who wishes to protect and provide for their family in the event that they pass away.
Once you’re in the market for life insurance, you may find yourself looking for a life insurance policy that can cover their entire family to reduce admin time, costs and the hassles associated with having multiple policies with multiple providers.
There are lots of rules governing family life insurance and whether you can take out a life policy on someone else (such as your parents for instance). Although there’s no reason that joint life insurance can’t be offered legally in South Africa, the concept hasn’t really ‘taken off’ so you’ll probably find that most insurers only offer you single policies.
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On occasion, some insurers may offer joint policies especially when it comes to taking out cover for a bond when you’re buying a house – but a single life insurance policy for large families is not available.
While you will struggle to find an insurer who will cover you, your aunt, three kids and your spouse on the same policy, there are other options! For example, it is possible to cover yourself for a certain amount in the event of death (the amount includes your funeral cover too) and provide funeral cover for the rest of your extended family with MiWayLife’s life policy.
With this option, the policyholder will have both funeral and life cover, while his or her dependents (provided they are named on the policy) will benefit from funeral cover meaning that should one of the family pass away, a dignified funeral can be held. To read more about our combined life and funeral policy for you and your extended family, click here.