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Love is in the air this February, and it’s the perfect time to show your 1Life policy some love too. The truth is, when you look after your policy, it looks after you and your loved ones in return. If you’re ready to give your cover the attention it deserves this month, here’s a simple step-by-step guide to help you get started.
1. To do: put your life and funeral cover premiums in your budget as an essential expense
Your insurance premiums need to be high on your list of must pay each month and included in all your budget reviews. After the basics such as food, clothing and transport, your insurance is an item that brings financial security and can keep your savings intact and out of debt.
2. To do: check that all your family and extended family are covered on your funeral policy
You want all your family members to have a beautiful send-off, so make sure they are covered! 1Life Insurance funeral policies allow for family and extended family members to be covered, and you can add up to 16 members at any time, subject to policy terms and conditions.
You can find details of members covered on your policy on the online policyholder portal or download your policy schedule on the WhatsApp service centre.
3. To do: tell your beneficiary or beneficiaries about your life and funeral insurance cover
There are billions of rands in policies that have never been claimed by beneficiaries. One reason? They don’t know about the policies! When a beneficiary does not know there is a policy or how to claim, they cannot access the funds you want them to have.
Check and update your beneficiary details, including names and contact numbers, and let them know your policy information, including:
- Policy number
- Type and amount of cover, such as life cover for R1 million
- When and how to claim
- Your suggestions on how to spend the funds, such as paying for education or investing and using the income for daily living expenses. A will makes this process smoother.
Read more about how your policy can change your loved one’s lives in this blog
Chat to your beneficiary or beneficiaries once a year about claiming, or when any details on your policy change, or if you add a new beneficiary. A once-off reminder ten years ago can easily be forgotten in the business of life.
4. To do: update your will
Your will details what happens to all your assets when you are no longer here. A well-structured, valid, and accessible will ensures your loved ones can receive their inheritance quickly. Check yours today so your final wishes for your family are honoured. You can read more about drafting a valid will in this blog.
Top tip: visit Truth About Money Wills and Estate benefit for assistance with your will. Your financial adviser, lawyer or a fiduciary expert can also assist with your will.
5. To do: schedule time with your financial adviser
They can offer independent advice on your budget and suggest ways to save, recommend suitable investments and ensure your insurance meets your needs. Financial advisers offer practical advice that you can use to protect your family and grow your wealth. They are official money experts. Spend some time with them this year, and your finances will benefit.
Carry the love through the rest of the year
Who wants love just one day of the year? Not you! Check in on your finances every month for just 30 minutes and you’ll reap the rewards. Your budget will run smoothly, your family will be protected and your wealth will grow.