MiWay Life Insurance

MiWay Insurance was founded by René Otto in 2008. South Africans were introduced to the first direct insurance company offering the procurement and management of online short-term insurance. They were also the first South African-based insurance company in the country.

The MiWay Insurance story

With a vision in mind and a service to provide, MiWay Insurance launched in February 2008 as a collaborative venture between Sanlam, Santam, and PSG. In 2010, MiWay became a wholly owned acquisition of Santam.

An award-winning insurance company

Winning an award is a great accomplishment for any company. It’s confirmation that service is delivered at an above-satisfactory level. MiWay has won numerous awards and prides itself on upholding an outstanding customer satisfaction standard. Among its rewards are:

• Youngest company to win the Ask Afrika Index Service award in 2011
• Mail & Guardian’s Top Companies Reputation Index Award in 2014
• Voted South Africa’s best provider of auto/car insurance in 2019

Life insurance in a nutshell

The first evidence of a life insurance policy dates back to 18 June 1583. The life insurance policy was made between Richard Martin the insurer, and William Gybbons, the insured, at the Royal Exchange in London.

Life insurance has not changed much and still serves as a legal and binding contract between a policyholder and an insurer. This contract is a promise to pay the appointed beneficiary an agreed-upon amount of money in the event of the policyholder’s death.

The values that make MiWay successful

At the heart of every successful company lays a set of values that are at the base of all business they conduct. They strive to uphold their values to ensure you get the best value for your money. At MiWay these values are: Accountability, Freedom, Attitude and Energy

At MiWay they take life insurance seriously and it shows in everything that they do. They promise to always hold your financial well-being at the core of their business.

Delivering only outstanding customer service is a high priority to MiWay and it’s visible in their life insurance policies.

What a MiWay life insurance policy can offer you

MiWay offers you a four-in-one insurance policy that gives you exceptional value for money. Depending on your needs, you can access life insurance of R500,000 from as little as R164 per month.

The four-in-one policy offers you:

• Comprehensive life insurance – Your beneficiary is paid out a lump sum in the event of your death. This amount will increase by 5% per year.
• Funeral cover – This cover pays out within 48 hours of receipt of all necessary documentation and is calculated at 10% of the total life insurance amount. The maximum amount claimable is R50,000.
• Terminal illness cover – On diagnosis of a terminal illness where the main insured is likely to pass away within a year, the insured can choose to have 50% or 100% of the policy paid out. This option is subject to a specialist confirmation of diagnosis.
• Family members’ funeral benefit –  Subject to premium increase, you’re allowed to add up to 8 children, 8 family members, and 4 parents.

A few examples of life insurance premiums

Many factors influence the premium you’ll receive on the life cover you require, for example:

• A 33-year-old non-smoking female requiring R2.5 million life cover will pay R502 per month.
• A 25-year-old, non-smoking female needing R2.5 million life cover will pay R488 per month.
• A 39-year-old, non-smoking male in need of R2.5 million life cover will pay R922 per month.
• A 35-year-old smoking female needing R2.5 million life cover will pay R1492.38 per month.