Pay-outs are commonly used to cover costs associated with:
- Future living expenses for the family
- Education of dependents
- Past or future healthcare expenses
- Vehicle repayments
- Bond repayments
- Provision for estate duties
The right cover at the right time
Besides the standard benefits associated with having life insurance, MiWayLife's life insurance cover includes a number of practical solutions to the issues faced when a provider in the family passes away.
- Cover for everyone
As well as life cover for you, we provide funeral cover for your entire family, so there’s no need for separate funeral and life policies. We cover your biological, adopted, or step-children, parents and in-laws, as well as extended family members such as nieces, nephews, aunts and uncles, siblings-in-law or children-in-law...and that’s not even the full list!
Because everyone is covered under the same policy, you save on your premiums – and the pile of admin usually associated with multiple policies is reduced.
- Good choices = better premiums
You can reduce the cost of your insurance cover based on the lifestyle choices that you make. With MiWayLife, you have the opportunity to redo your underwriting every three years to qualify for better rates. You will be rewarded for making positive lifestyle choices such as not smoking, maintaining a healthy lifestyle and managing your health risks.
MiWayLife will communicate with you regularly on how to achieve this, so there are no guessing games or "hidden" benefits.
- Terminal illness cover
If you are diagnosed with a terminal illness and are likely to die within one year, you may exercise the option to have a portion - or all - of the amount of your life insurance cover paid out. We understand that in a situation like this, you might want to live life to the fullest and do the things you always dreamed about with your loved ones, so our terminal illness benefit allows for that.
- Funeral benefit
We know that funerals are costly and stressful. Therefore, MiWayLife offers to pay out a portion of the benefit amount immediately to assist with funeral-related expenses. This way, you or your loved ones get the dignified funeral you deserve. Terms and conditions apply.