MiWay Life Insurance offers a robust policy tailored for individuals over 18 years of age. With premiums starting as low as R164 per month, this policy provides a minimum cover amount of R500,000.00. Notably, MiWay’s 4-in-1 policy includes various long-term insurance products, ensuring comprehensive coverage for policyholders and their families.
Overview of MiWay Life Insurance
MiWay Life Insurance is a unique offering that includes the following coverages:
- Comprehensive Life Insurance
- Accelerated Funeral Cover
- Terminal Illness Accelerator
- Funeral Cover for Family Members
Each component is designed to meet different needs, providing financial security and peace of mind. Below, we delve into each aspect of this comprehensive policy.
Comprehensive Life Insurance
Key Features
Comprehensive Life Insurance covers the primary insured individual for a specified amount. Upon the death of the policyholder, this amount is paid out to the nominated beneficiaries. The payout can help cover various financial needs, such as:
- Settling debts
- Providing financial support to dependents
- Protecting the estate from creditors
Annual Coverage Increases
One significant advantage is the annual 5% increase in coverage, which helps maintain the policy’s value against inflation. However, this also means the monthly premium will increase accordingly.
Eligibility and Continuity
Individuals aged 18 and older are eligible for this policy. To keep the policy active, the insured must consistently pay the monthly premiums. Non-payment can lead to policy cancellation. This is whole life insurance, meaning it remains in force as long as premiums are paid.
Additional Coverage
Policyholders who find themselves underinsured can obtain additional coverage by consulting with a MiWay representative.
Accelerated Funeral Cover
Benefits
The Accelerated Funeral Cover is an optional feature included in the MiWay Life Insurance policy without any additional premium. This benefit provides up to R50,000.00 for funeral expenses, paid out within 48 hours of receiving the necessary claim documentation.
Payout Details
This benefit pays out 10% of the total life cover amount, capped at R50,000.00. For instance, if the policyholder has a cover of R700,000, the funeral benefit will be R50,000.00, not R70,000.00.
Coverage
This benefit helps cover funeral costs, eliminating the need for separate funeral insurance.
Terminal Illness Accelerator
Coverage
If the primary life insured is diagnosed with a terminal illness with a life expectancy of less than one year, they can claim a lump sum. This can be either 50% or 100% of the life cover amount, providing immediate financial relief during a challenging time.
No Additional Cost
The Terminal Illness Accelerator is included at no extra cost, making it a valuable addition to the MiWay Life Insurance policy.
Funeral Cover for Family Members
Coverage Options
MiWay Life Insurance also offers funeral cover for immediate and extended family members. This includes:
- Spouse
- Up to eight biological, adopted, or step-children
- Up to four parents, including parents-in-law
- Up to eight extended family members
Premium Bundling
Premiums for family members’ funeral cover are bundled with the primary life insurance premium, making it a convenient and comprehensive package.
Advantages of MiWay Life Insurance
MiWay Life Insurance offers several benefits:
- Comprehensive Coverage: The 4-in-1 policy includes life, funeral, and terminal illness cover.
- Ease of Purchase: Policies can be purchased 100% online.
- Inflation Protection: Automatic annual cover increase of 5%.
- Family Inclusion: Funeral cover for immediate and extended family members.
- Terminal Illness Benefit: Up to 100% payout upon terminal illness diagnosis.
Disadvantages of MiWay Life Insurance
While MiWay Life Insurance offers extensive benefits, there are some drawbacks:
- No Paid-Up Benefit: The funeral cover for family members does not have a paid-up benefit, meaning coverage ends upon the death of the policyholder.
- No Cashback Benefit: There is no cashback option available.
Conclusion
MiWay Life Insurance provides a comprehensive 4-in-1 policy that covers life insurance, funeral expenses, and terminal illness. It simplifies the process of obtaining multiple coverages under one policy. However, it lacks some add-ons like a premium waiver or cashback benefits. Overall, it remains a robust option for those seeking extensive coverage at competitive premiums.