If you have a funeral policy, do you also have to have life insurance? And if you have a life insurance policy do you need funeral cover? As it turns out, there is a difference between the two, but if you have a life insurance policy with MiWayLife, you’ll get both! But before we get into why MiWayLife is a great value way to benefit from both, let’s explain the difference between the two.

What is funeral cover?

Funeral cover is a type of insurance policy that pays out a set amount to a nominated beneficiary after the passing of the insured person. In South Africa, the cost of a funeral can be quite a burden, especially on your loved ones if you haven’t made a plan to cover it yourself. Just the cost of cremation can range from R7000 to R15 000. That’s a lot of money and you haven’t even factored in other things like catering or a headstone. This is why having funeral cover is always a good idea. We’ll all pass away one day but if you have a funeral policy in place, it can help cover those costs so that your family doesn’t have to worry about finding that money during an already difficult time.

How is life insurance different to funeral cover? 

Life insurance pays out a lump sum in the event of the insured person’s passing and you get to choose the cover amount. It’s a great way to create a financial safety net for your family. When you pass away, all your bank accounts are frozen until the courts can wrap up your estate. This process can take months, sometimes years. With a life insurance policy, you can rest assured that your family will receive that lump sum payout within weeks and can use it to pay for day-to-day living expenses or even big financial goals, like paying off your bond or covering your children’s education. It’s a way of knowing that, even though you’re not around to financially provide for them yourself, you’ll still have the little things (and even the big things) covered.

With MiWayLife, you get both types of cover

If you buy a life insurance policy with MiWayLife, you don’t just get comprehensive life insurance. Our 4-in-1 policy also includes a terminal illness benefit, accelerated funeral cover and even funeral cover for your spouse as well as your wider family members that can all be covered as additional insured lives on your policy.

As we’ve explained, you get to choose how much life cover you’d like to have and it’s a myth that it has to be expensive. With MiWayLife, you can get as much as R500 000 in life cover for as little as R164 per month. That’s one low monthly premium for life insurance as well as funeral cover plus that terminal illness benefit. The other big pro is that both benefits pay out fast in the event of a successful claim. Your beneficiary will receive the life cover amount within weeks and the funeral benefit which is 10% of your life cover amount, pays out within 48 hours. Phew!

Why not get a quick quote from MiWayLife today and let us surprise you with our low premiums for maximum peace of mind?

Did You Know:

You can now take out life cover and funeral 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.