Not all life insurance policies are the same. This is why it’s important to know what you’re looking for and shop around to get the best coverage for your needs. While most life insurance companies offer whole life insurance, you could also possibly benefit from term life insurance, so knowing the difference is important.

What Is Whole Life Insurance?

Whole life insurance is very much what it sounds like – it’s intended to cover the insured person for the duration of their whole life. If you had a life insurance policy with MiWayLife, you’d pay a monthly premium in exchange for an agreed amount of cover. In the event of your passing, your beneficiaries will receive this cover amount as a lump sum. It’s a valuable tool to help you create a financial safety net for your family. Your beneficiaries can use the money however they choose. This way, you can ensure your children still have the means to pay for important things, such as schooling, and your loved ones won’t be left with any of your debt.

All MiWayLife insurance policies include an accelerated funeral benefit that pays out 10% of the value of your lump sum cover amount within 48 hours of receiving the required information needed to process your claim. This will help them take care of funeral-related expenses in an already difficult time and is just another way we can offer you even more peace of mind.

What Is Term Life Insurance?

Term life insurance is another type of life insurance that covers for a fixed amount of time, such as only a few years instead of your whole life. For as long as you choose to have the cover, your premiums will remain the same. When the cover period ends, you’ll be able to renew it, but will likely pay a higher premium for the same amount of coverage as before. This is because, as the years roll on, your risk of passing away increases, which is why it’s always a good idea to take out life insurance when you’re young and healthy.

Which Type Of Life Insurance Is Best For Me?

Whether you opt for whole or term life cover depends on your needs and wants. For instance, term life cover could be ideal if you want financial protection only until all of your children become independent.

Whole life cover typically means paying a slightly higher premium than you would for term life insurance as it doesn’t expire. On the upside, is that you don’t have to worry about renewing it at a later stage and being charged an ever higher premium due to being older.

Term life cover has its advantages too. It’s a good solution for someone who doesn’t have a big debt they wouldn’t want to leave to their family, such as a bond. In this case, term life insurance would be ideal if you only require financial protection for a certain number of years, such as until your children become financially independent.

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.