Mid-life is the apex of your financial influence and responsibility. You’ve spent decades building a career, a home, and a life you can be proud of. But have you truly secured it? For the average South African family to maintain their standard of living after the loss of a breadwinner, they need cover of R1.8 million. The stark reality is that most are insured for less than R800,000, leaving a staggering R1 million gap.
Choosing to secure adequate life insurance is the ultimate power move. It is the conscious decision to close your personal insurance gap, transforming your income from a temporary resource into a permanent legacy and ensuring the life you’ve meticulously built continues to flourish for generations.
Considerations for the Savvy Mid-Lifer
Choosing the right life insurance policy is a significant decision. Here are a few things to consider ensuring you make the best choice for your circumstances:
1. You should decide whether you need coverage for a specific period, like until your mortgage is paid off (20 years), or if you want a policy that lasts your entire life ( whole of life, like death cover).
2. It is crucial to determine the amount of financial support your family would need to maintain their lifestyle, cover debts, and fund future goals like education. A proper calculation ensures they are not left with a financial burden.
3. Your current health and lifestyle will play a role in your premiums. It is important to know that even with some health conditions, there are often more options available than you might think.
4. Lastly, think about the benefits. Many policies offer additional benefits that can provide coverage for critical illness or disability. These are powerful additions to your financial safety net that you should explore.
Struggling to Keep Your Cover? You Still Have Options
Life can be unpredictable, and even the most carefully laid financial plans can be tested by changing circumstances. If you’re struggling to keep up with your life insurance premiums, don’t cancel your policy outright without exploring your options. Many insurers offer solutions such as premium holidays, reduced cover, or restructuring them into a more affordable plan, each of which can help you stay protected without compromising your budget.
Mid-life is not just about the responsibilities you carry – it’s also about the financial literacy you’ve gained. Use that literacy to make informed decisions that protect your hard-earned legacy. Whether through maintaining your current policy, adjusting your cover, or seeking further financial advice, staying insured is still one of the most important investments you can make in your family’s future.
By Etienne Fourie, BrightRock National Distribution Executive