This post was published on Jul 9, 2025 | Updated on Sep 10, 2025
Life insurance is not just a monthly debit order, it’s a long-term commitment to protecting your loved ones and your legacy. Whether you're just starting out in your career or have a growing family to take care of, the value of life insurance lies in more than just cost. It’s about peace of mind, timing, and long-term financial planning.
Let’s unpack why life insurance is so important and why it's not something to delay, cancel, or treat like a short-term purchase.
1. The Earlier, the Better
One of the most valuable decisions you can make is to take out life cover when you’re young and healthy. Why? Because your premiums are likely to be more affordable, and you’ll lock in that rate for the long term. As we age, health risks increase and so does the cost of cover. By securing a policy early, you're safeguarding your future at today’s lower rates.
R1 000 000 life cover amount | |
| Premium R233.16 | Age 22 |
| Premium R266.61 | Age 34 |
| Premium R566.12 | Age 50 |
*Premiums based on profile of male, non-smoker, with a diploma, married, with medical aid
#wyzemove: If you already have life cover, think twice before cancelling it or “shopping around.” Reapplying later could mean higher premiums or new medical assessments that may impact your insurability.
2. Be Honest During the Underwriting Process
When you apply for life insurance, you'll be asked a series of medical and lifestyle questions. It's crucial to answer these questions truthfully and accurately. This is known as the underwriting process, and it's how insurers assess the risk they’re taking on.
If you're not upfront about your health, habits, or history, your policy might be invalidated later on, potentially leaving your loved ones without the support they might need. Transparency now means certainty later.
3. Need More Cover? Expect Medical Questions Again
Life changes, and so do your needs. You might get married, have children, buy a home, or start a business. When your financial responsibilities grow, it’s wise to increase your life cover. Keep in mind that doing so may trigger a new round of medical underwriting.
That’s why starting with a policy that offers flexibility is a wise move. Again, the earlier you act, the better your position when it comes to updating or upgrading your cover.
4. Keep the Long-Term View in Mind
Cancelling a life insurance policy can be a costly mistake in the long run. You may lose valuable benefits, and if your health has changed since you first took out the policy, getting new cover may come with limitations or exclusions.
Think of life insurance as part of your long-term financial plan, not something to change as your needs shift. Regularly review your policy and adjust your coverage as needed but avoid cancelling unless you've thoroughly explored your alternatives. Even then, remember that switching to a new insurer may require you to undergo medical exams, and waiting periods or exclusions could also be imposed.
5. For Complex Needs, Speak to a Financial Adviser
Life insurance isn’t one-size-fits-all. If you’re looking at critical illness cover, disability protection, or more comprehensive solutions for your family, the best approach is to speak to a professional.
Life
Choose the Right Cover for You
At iWYZE, we offer simple, affordable life insurance designed to give you peace of mind and protecting those you care about most. Our life cover is straightforward, reliable, and easy to manage. Life insurance isn't just about what you pay, it's about what you protect. Start early, stay committed, and be honest from the beginning. That way, you’re not just buying insurance. You're building a legacy.
