Three not so boring insurance tips to help you save

You know the feeling of finding money when you need it the most? The same can be felt if we were a little more careful about how we go about getting life insurance. It’s something that we all need but settling for the first policy that seems good enough can leave you bleeding through your pockets. MiWayLife has put together three not so boring insurance tips that can help you save in the long run.

Start as soon as you can

This is probably one of the tips that people drone on about, but there is a reason why. Insurers look at the level of risk you pose when giving you a premium. This is known as the underwriting process. The older you are the more likely it is for you to get sick or sustain a life-altering injury.

Craig Baker, CEO of MiWayLife, points out that, “to make sure that you are getting a fair deal, insurers will look at your lifestyle along with your health during the underwriting process to determine your premium. Therefore, it’s better to get a policy while you are young and healthy to hit the premium sweet spot.”

It’s all about the features

One of the common mistake people make when buying important things in life such as a house, car, or life insurance is to check the price only. However, it is the features of such items that matter the most. When it comes to life insurance, it is vital that you choose something that is not only suitable for your pockets but is sufficient to cover your loved ones.

There have been a few instances when it comes to claim time where people get surprised that their policy is not adequate to cover their situation. The amount you can be covered for differs from insurer to insurer. For example, MiWayLife offers covers that ranges from R1.5 – R5 million. Having a checklist of what you require will ensure that you choose the right policy that is suitable for your needs. For example, look for features such as:

• Accelerated funeral benefit that pays you out within 48 hours after making a claim to help your loved ones prepare for your funeral.
• Terminal illness cover allows you to take out 50% or 100% of the life cover amount to help you take care of the expenses that come with it.
• Funeral cover for additional lives can be beneficial in covering additional lives such as your spouse, children, and extended family members. This can help you save money by being covered under on premium instead of having multiple policies.

Avoid the ‘set and forget’ method

A lot of things can change over the course of your life. Simply taking out a policy and paying it without constantly reviewing if it is still suitable for you can be a dangerous game to play. Not only will you find that you might be paying more than you should, but you will also realise that it may come with features that are no longer suitable for your lifestyle. For example, you may have insured yourself when you had no children or a spouse. It is important to read the fine print of your policy carefully along with the exclusions that come with it.

“The take home is that mistakes do happen. Hans Rosling puts it perfectly when he says, ‘Let your mistakes trigger your curiosity and not embarrassment.’ There is still time to choose a life insurance policy that will be suitable for your needs, most of which can be applied for online for your convenience,” states Baker.