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You Will Need Life Insurance If You are About to Do These 3 Things
You Will Need Life Insurance If You are About to Do These 3 Things
28 Aug 2019

There are three stages in life where you are considering making a major move, in the process of making it, or you already have it.

Purchasing a car, a home, or starting a family is part of the life stages that we all undergo at some point. If you are going to do any of the following, then life insurance goes hand in hand. Here is what you need to know.

Cover for the unforeseen

You may not know what tomorrow holds, but there are a few safety measures that you can have in place to cover you for life’s setbacks. Having a new set of wheels can make you feel proud. However, there are many things that can happen while you are on the road.

Not only are you at risk of having someone damage your pride and joy, but there is also the case that you could get injured or die in the process. According to the Road Traffic Management Corporation (RTMC), 14050 people died on the roads with most accidents happening during the Easter holidays.

Having a life cover in place can help protect your loved ones financially by providing a safety net for such and other unforeseen events. There are some life insurance policies that come with a disability cover along with an accelerated funeral benefit so that you and your loved ones do not face financial stress.

Protecting what matters the most

Starting-off young will not only save you a couple of Rands, but it can also help you find a cover that can grow with you. Even without dependents. You can always change your policy should you have children later in life or get married and add your family members, partner, or a trusted friend.

Life is created to take care of you should you get terminally ill which can be a steep price to pay out of pocket or through a medical aid since they have a limit. With cover amounts up to R5 million you will be able to use the cover pay out to take care of your medical bills, any existing debt you have, or even donate it to a charity of your choice.

Protecting yourself while purchasing your dream home

Making the major step of purchasing a home requires financial responsibility. The process of applying for a bond will require that you have life insurance. The reason for this is so that a bank can use your life insurance as security, ensuring that your bond will be paid off after you have passed on. The only time where you will not need this is if you pay upfront for the house in cash. What this also means is that your loved ones will be protected in the process from any financial strain.

It is always important to compare your options before settling for a policy. Carefully read through the terms and conditions that come with your cover to know what you are and aren’t covered for.

 

 

Need more information on MiWayLife? Read about our life insurance product, or get a life insurance quote in 30 seconds. Alternatively, call us on 0860 64 54 33 .
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Terms and conditions apply. Eligibility, cover and benefits are determined on individual risk profile. MiWayLife is an authorised FSP (No. 45741) and its product offering is underwritten by Sanlam Life Insurance Limited, a registered long-term insurer. MiWayLife is a division of Sanlam Life Insurance Limited - Reg No. 1998/021121/06