Life insurance is one of the most important financial decisions you can make, ensuring that your loved ones are cared for in the event of the unexpected. But navigating the world of life insurance can feel overwhelming. To help you make the best decision for your family, here’s are some do’s and don’ts of taking out life insurance.

 

The Dos of Buying Life Insurance

Do Compare Providers and Policies

Not all life insurance policies or providers are created equal. Take time to compare various options to find a policy that balances affordability with the coverage you need as well as value-added benefits. As an example, If you purchase a MiWayLife insurance policy, it will include a terminal illness benefit and a funeral benefit, which can also extend coverage to your extended family members.

 

Do Understand the Different Types of Policies

Life insurance isn’t one-size-fits-all. Policies range from term life insurance, which covers you for a specific period, to whole life insurance, which offers lifelong coverage with added benefits. MiWayLife offers whole life insurance as it provides lifelong cover and pays out whenever you pass away. It’s typically a little more expensive than term life insurance but offers full peace.

Do Keep Your Information Updated

MiWayLife, we know that circumstances change which is you can update your beneficiaries and even change your cover amount - whenever you want. Regular updates ensure that the right people receive the payout when it’s needed most. If you experience a major life event, like a marriage, divorce, or the birth of a child, take the time to review and adjust your policy to keep it aligned with your needs.

Do Work with a Trusted Provider

Choosing a reputable life insurance provider like MiWayLife can make all the difference. With MiWayLife, you’re not just getting a policy; you’re getting a trusted partner that supports you with exceptional service and a reputation for an easy, swift claims process.

The Don’ts of Buying Life Insurance

Don’t Underestimate Your Coverage Needs

One of the biggest mistakes people make is opting for minimal coverage to save on premiums. While affordability is important, inadequate coverage can leave your family struggling financially. To see how much cover you’d need, use our handy life insurance calculator then get a quick online quote. We think you’ll be surprised by our affordable premiums.

Don’t Hide Important Information

When applying for life insurance, be honest about your medical history, lifestyle, and any pre-existing conditions. As an example, no insurer may discriminate against you because of your HIV status. Still, they will need to assess your level of risk in the same way they would for anyone living with a chronic illness, be it heart disease or diabetes. Providing incomplete or false information can lead to a denied claim when your family needs it most.

Do Be Aware Of Your Policy’s Exclusions

Take the time to familiarise yourself with your policy’s exclusions, which are specific circumstances under which the insurer may not pay out a claim. Common exclusions might include death caused by high-risk activities, travelling to countries that are deemed dangerous and engaging in illegal activities like drunk driving. Being aware of exclusions can ensure your loved ones are not left without financial support due to an unexpected denial.

Don’t Delay Taking Out a Policy

Life insurance premiums are generally lower when you’re younger and healthier. Waiting until later in life or after health issues arise can make coverage more expensive or limit your options. Secure your policy as early as possible to lock in affordable rates.

How MiWayLife Can Help

We understands that life insurance is more than just a policy, it’s a much-need financial safety net for you and your loved ones. With affordable, flexible options tailored to South African families, MiWayLife keeps life insurance simple and makes it easy to find the right coverage to protect your family’s financial future. This way, you can get back to living with maximum peace of mind.

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.