MiWay Life Insurance is a policy available to individuals over 18 years of age. Premiums for MiWay Life Insurance can start as low as R149.00, and the policy has a minimum cover amount of R500,000.00.
MiWay is a unique life insurance company that offers a 4-in-1 policy, which includes other long-term insurance products. The components of MiWay Life Insurance are discussed further below.
MiWay Life Insurance is a 4-in-1 policy that provides the following coverages:
Comprehensive Life Insurance is a policy that covers the main member of the policy for a set amount. If the policyholder dies, the amount of coverage is paid to the beneficiaries named in the policy.
Beneficiaries receive a lump sum payment of the cover amount if the primary life insured dies as a result of an illness or an accident. The policyholder can name any beneficiaries to the policy, even if they are not family members.
The life cover benefit is taken out for a variety of reasons, including ensuring that your estate is not touched by creditors, leaving money for dependents to cope financially, or paying any outstanding debt.
Policyholders benefit from 5% annual coverage increases, which will increase the amount of coverage as well as the monthly premium amount payable. This means that the policyholder will retain the cover’s purchasing power.
Individuals aged 18 and older are eligible for Comprehensive Life Insurance. To keep the policy active, the policyholder must pay monthly premiums. Failure to pay premiums will result in the policy being canceled.
Comprehensive Life Insurance is whole life insurance, which means it never expires as long as the policyholder keeps the policy in force. Should the policyholder be underinsured, additional coverage can be obtained by speaking with a MiWay consultant.
Comprehensive Life Cover is one of the 4 insurance covers provided under MiWay Life Insurance. The second feature of the life insurance policy is discussed below.
Accelerated Funeral Cover is an optional feature of MiWay Life Insurance that does not require an additional premium. The primary insured receives a funeral benefit of up to R50,000.00 under the Accelerated Funeral Cover.
The Accelerated Funeral Cover pays the beneficiaries of the life cover within 24 hours of receiving the required claim information (after the death of the primary life insured).
The Accelerated Funeral Cover pays 10% of the total life cover amount, with a maximum payment of R50,000.00. For example, if the policyholder is insured for R700,000, the policy will only pay R50,000.00 rather than R70,000.00 because 10% of the policy would have exceeded the maximum payable amount.
The Accelerated Funeral Benefit is designed to help cover the funeral costs of the primary life insured after death. As such, the policyholder won’t need to subscribe to a funeral cover since the Accelerated Funeral Cover will be covering him/her for up to R50,000.00 towards a funeral.
If the primary life insured is diagnosed with a terminal illness, the Terminal Illness Accelerator Benefit will pay a lump sum to him or her. This benefit is only available if the policyholder’s life expectancy is less than one year after being diagnosed with a critical illness.
MiWay Life Cover will pay the policyholder a lump sum payment as soon as the details of the terminal illness are revealed. The lump sum paid under this benefit can be 50% or 100% of the life insurance amount.
The Terminal Illness Accelerator Benefit is included in the MiWay Life Insurance policy at no additional cost. As a result, all MiWay Life insurance policyholders can take advantage of the terminal illness accelerator cover.
Although the primary life insured doesn’t require funeral cover due to the funeral accelerator benefit, MiWay life insurance offers funeral cover for immediate and extended family members.
Immediate family members who can be added to the funeral benefit include a spouse, up to eight biological children, and adopted or step-children. Parents, including parents-in-law, can also be added to the funeral plan, but the plan can only cover a maximum of four parents and parents-in-law.
A maximum of eight extended family members can be included in the funeral plan. Funeral plan premiums will be added to life insurance premiums and bundled as one premium.
MiWay Life insurance provides policyholders with a four-in-one benefit that covers terminal illnesses, death, and a funeral. The product relieves the burden of purchasing various insurance products. The main disadvantage of the product is the lack of add-ons that could make the coverage more comprehensive, such as a premium waiver or cashback benefits.
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