Procrastination is the act of delaying or postponing something, and we are all guilty of it. Sure, some of us are a little better than others at ticking things off our to-do list, but most of us can’t say we’ve never put off until tomorrow what we could get done today.
Why is it important not to delay taking out Life insurance?
There are three reasons.
Every second of every day we are getting older.
That’s an undeniable truth of being human, isn’t it? Hours roll into days, and days roll into weeks. You might feel like you are 30 when you’ve just celebrated your big 40, but on your Life insurance application the question doesn’t read:
“How old do you feel?”
“How old are you?”
The second reason why you don’t want to procrastinate and delay your decision to adequately cover yourself is that your health isn’t guaranteed forever.
Our minds stay young, but our bodies age. In our heads, we feel great, but Father Time is slowing chipping away at our health and as we move into our 40’s and 50’s we generally start picking up a few health issues. If you aren’t in great shape, a life insurer reserves the right to either load your premium (charge you more than a healthy person) or simply decline your application.
Imagine for a second you are in your 40’s and you’ve just bought your dream home. The bank has approved your home loan and all you need to do is get some Life insurance in place. You head off to your GP for a medical and a set of blood works and a week later you find out you have a serious case of diabetes and you won’t be able to get cover or that you will pay loaded premiums. The impact of the former is that you then take out the bond without having cover in place to protect the debt if something happens to you, thus putting your family at risk of not being able to keep the house if they cannot keep up with the bond repayments. The possibility also exists that the bank may refuse to provide the home loan in the absence of adequate life insurance to cover the bond.
Another benefit of taking out life insurance when you are younger is that Old Mutual underwrites at inception. In other words, if you were healthier when you took out insurance, but you pick up a few health issues, this will not affect the premiums of your existing cover and if a claim event happens due to those health issues, your claim will be paid provided all claim requirements have been met.
The final reason why you need to get your act together and get life insurance in place is that it is the right thing to do when you have responsibilities in your life and people who rely on you.
What would your family do if you died today?
- Will they have enough money to settle any debts you incurred?
- Will they have enough money to pay the monthly bills you paid?
- Will they have enough money to educate themselves and live out their dreams?
With these questions in mind, Old Mutual will pay out your cover amount – tax-free – to your beneficiaries when you die. And because no two families are the same, you can choose whether you want to leave your family with a once-off sum of money, a regular monthly income, or even both. The minimum cover amount is R100 000 for a single amount and R3 000 for a monthly payment, with a minimum premium of R200 monthly per contract. This money will help them cover costs like:
- Settling debt, and
- Anything else they may need.
Your cover also comes with some really helpful benefits, at no extra cost, like cover for up to 30 days before you even pay your first premium (Immediate Cover).
If you would like to receive a quote, submit your details below and an authorised Old Mutual financial advisor will contact you.
Disclaimer: Old Mutual Life Assurance Company (SA) Limited is a licensed FSP and Life Insurer.
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