We’re celebrating Women’s Month with a spotlight on why life insurance is empowering for women.
If you’re a South African woman, you’ll know the Mzansi sisterhood is a force to be reckoned with. But there are also stats to back that up. According to Statistics SA, almost 43% of South African households are female-led. Also, even when women aren’t their family’s breadwinner, they still tend to take on the often undervalued but incredibly demanding role of raising children.
Clearly, being a natural powerhouse comes with great responsibility and this is why, if you’re a woman, life insurance can play an important role in helping to secure your family’s financial future. Let’s take a closer look!
How life insurance helps you protect what’s important
When women buy life insurance, they’re purchasing peace of mind and protecting those they love. As an example, if you’re one of the many South African women who’s the sole provider for their family, having adequate life cover means that, even in the event of your passing, your loved ones could still pay off debts and afford expensive yet important things, be it a good education for your children or medical care for your elderly parents.
Even if you’re not your family’s breadwinner, life insurance is still a good idea, especially if you have children. Just think about it – if you had to pass away, who would perform all the work you do for free? Chances are your partner would have to pay for childcare which doesn’t come cheap. When you think about how much this would cost, you suddenly realise the monetary value of your “worth”.
MiWayLife makes life insurance simple
At MiWayLife, we like to keep things straightforward. For an affordable monthly premium, you’ll be offered a coverage amount 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. Our 4-in-1 policy also includes an accelerated funeral benefit, terminal illness benefit and funeral cover for you and your family members – all for one premium!
It’s not a fact we like to dwell on, but we’re all going to pass away at some point. Ironically, it’s just a fact of life. Still, we tend to assume this is a “later” issue – something to only worry about when we’re old and grey. However, nobody is guaranteed and long life and, if you had to pass away tomorrow, your family could be burdened with the cost of giving you a dignified farewell during an already incredibly difficult time. If you have a life insurance policy with MiWayLife, however, you’ll be glad to know it includes an accelerated funeral benefit that pays out 10% of your total cover amount capped at R50 000.
Another reason why MiWayLife is a top pick for women? Your policy will also include a terminal illness benefit. This benefit allows you to access a portion of your life cover early if you are diagnosed with a terminal illness with a prognosis of less than 12 months. This can help you cover medical expenses or make other financial arrangements during this difficult time. When you consider the fact that breast cancer is South Africa’s most prevalent form of cancer, it makes sense to want to protect yourself financially.
Lastly, did you know women tend to pay less for life insurance?
As women typically live longer than men and are less likely to have a high-risk occupation, they’re less likely to file a claim soon after purchasing their life insurance. This is why, as a woman, you’re more likely to be offered a low premium. Insurers refer to this as the “pink benefit” – the fact that women can expect to pay up to 30% less on their life insurance premiums compared to men of the same age group.
The bottom line
Let’s use Women’s Month as a reminder that women are invaluable and irreplaceable, but nothing in life is guaranteed. Life insurance, however, can be a brilliant tool for any woman wanting to financially protect their loved ones; create a legacy and enjoy 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.
