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Your life insurance policy needs to keep up with your life changes to ensure your family has all the financial protection they need! Make sure you update your life insurance policy when one of these 5 life events happens.
You get married or enter a long-term partnership
Two incomes are better than one! Sharing household expenses is a great financial benefit of serious relationships. But, if you or your partner were to pass away, could all the bills be paid, including school fees and extracurricular activity costs? When your relationship gets serious, review and update your life insurance policy to make sure it is enough for you and your partner’s needs based on your joint income and expenses!
You should also review your life cover policy beneficiary as you may want to add your partner as a beneficiary or make them sole beneficiary.
You have a child
Your tiny new family member needs to be fed, clothed, housed, educated, transported, entertained, and more – for at least 18 years! The amount needed can be scary, but this is one thing you won’t have to worry about if your life cover is sufficient to manage these expenses if you pass away.
Review your current sum assured to see if it is enough for your financial needs, taking into account all the basics and extras you want for your child, and update your life insurance policy. Your financial adviser can assist and provide objective views on how much cover will be enough, as well as how to make premiums affordable. Remember, you can always increase your cover over the years as your income increases if you cannot afford all the cover you need now!
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Buying a home
Your own home is a place for you and your family to spend time, grow and enjoy special occasions and celebrations! Owning a home usually means taking out a home loan that needs to be repaid. If you were to pass away, you need to be sure your family could either afford the home loan repayments or pay the loan in full. Life insurance that covers an outstanding loan amount is essential to ensure your family doesn’t have to move to a smaller property or move in with family.
Even if your home loan comes with insurance that pays off the outstanding amount in the event of death, you need to consider how your family would afford all the extra costs that come with owning a home including rates and taxes, electricity and water, any sectional title levies, security, and of course maintenance. These costs can add up over the years and won’t be covered by insurance that covers a loan repayment only. A life cover pay-out can be used for these future costs!
A new job or change in income
If your income has increased over the years, chances are your lifestyle has changed too! A new car, home, private education for your children. A life policy taken out several years ago may not be enough to cover all your expenses today!
Always review and update your life cover policy once a year to check if your sum assured has kept up with your lifestyle and is enough for all your expenses. Be sure to take into account any salary increases that allow you to upgrade your lifestyle!
Top tip: Most insurance companies also need to know if your job or occupation changes as this can affect your cover and premium. Always let your insurer know if you have a new job!
You travel outside of the country for extended periods
South African life insurance mostly covers events in South Africa. If you are travelling outside South Africa, either for business or pleasure, and are outside the borders for extended periods, such as three weeks or every three months, tell your life insurance company as your cover may be affected.
1Life Insurance for your family’s needs
1Life Insurance offers life cover policies for sums assured of up to R10 million. You can tailor your policy to meet your needs and budget, and there are options to increase your life cover should your needs change. You can manage your policy online on the policyholder portal, or the WhatsApp service centre.
Keep your life cover updated so your family is covered
When was the last time you reviewed and updated your policy and your sum assured? Check your policy today to make sure you have enough cover, and that your policy and sum assured take into account any major life changes that you have experienced! One of our skilled 1Life Insurance consultants is available to answer any questions and help you update your life insurance policy.