We don’t know what the future holds, but a life insurance policy can ensure your children get the bright one they deserve. Having children changes everything.
From the moment your first is born, your world revolves around a tiny human and their future becomes your top priority. This is where life insurance steps in as a much needed safety net for young families.
How does life insurance work?
At MiWayLife, we keep life insurance simple – for a low monthly premium, you’ll be offered an amount of coverage of your choosing that’s paid out in a lump sum to your beneficiaries in the event of your passing. The cover under this benefit will grow by 5% each year. Your policy will also include a Terminal Illness Benefit that gives you the option to immediately claim 50% or 100% of your cover if you’re likely to pass away within a year.
It’s a myth that life insurance is only for the wealthy. At MiWayLife, you could get up to R500 000 in life cover for just R159 a month.
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How MiWayLife can help protect young families
These are just a few ways that a lump sum payout can help protect your young family.
Safeguarding your children’s education
We all know that one of the best gifts we can give our children is a good education, but this costs money. Life insurance can ensure that, in the event of your passing, your children will still be able to attend a good school and even receive a tertiary education to pursue their dreams. The payout can cover school fees, textbooks, uniforms and all other school-related expenses.
Replacing lost income
If you're the breadwinner, your income is vital for your family's daily needs, not just their long-term goals. Life insurance can replace that lost income, helping your spouse cover bond payments or rent, groceries, electricity and all the other daily bills that, over the course of a lifetime, really do add up.
Debt repayment
Many don’t realise that outstanding debts, be it a bond repayment or an unpaid credit card bill, don't disappear when you pass away. Life insurance can ensure these debts are settled, preventing your family from inheriting financial burdens during an already difficult time.
Covering childcare costs
If your family’s sole breadwinner had to pass away, who would have to start working to keep the lights on at home? In this case, who would be around to help with the myriad of daily tasks related to raising a child? A life insurance payout can help provide funds for childcare or something as simple, yet expensive, as someone to transport your kids to school and back.
Funeral expenses
Last, but not least, funerals can be surprisingly costly. If you have a life insurance policy with MiWayLife, it will include funeral cover that pays out fast. This is separate to your life cover amount and can remove the financial burden of giving you a dignified farewell without taking away from your family’s lump sum payout.
The bottom line
Life insurance is a great investment in your family's future. It's a safety net that provides financial stability and peace of mind, knowing that your loved ones will be taken care of, no matter what life throws their way. For young families, this reassurance is invaluable, allowing you to focus on creating happy memories, confident that your children’s future is protected. To get real peace of mind, why not so why not get a quick life insurance quote today?
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.
