January 5, 2018
Preparing for the worst is something all South Africans should do, but affordable personal life cover is absolutely essential for single mothers. An untimely death can be devastating at the best of times for anyone, but when a single parent dies it becomes unimaginably traumatic for those left behind. It's essential that parents think about the future of their children and consider what would happen to their children should they become orphaned.
The issue of guardianship is something that all parents have to go through, and so it is absolutely essential that children have a chosen and legal guardian in place in the event of their parents' untimely deaths. For children with only one parent this is even more important. Guardians will not only look after your children financially and physically, but they'll offer them the parental support that is needed through their childhood and developmental stages.
Once you've chosen a guardian for your child, it's vital that you find a personal insurance plan. Personal cover is an investment that will pay out in the event of your death, and although you won't ever be able to enjoy the monetary payout which it will bring, it will be hugely welcomed by the loved ones who you leave behind. These funds will most likely be kept in a trust for your children or will be used by the guardian to provide for your children, depending on your wishes stated in your will.
When paid out, personal cover will become useful to providing opportunities for your children. While the customer will have to pay the insurance provider every month, the sum of money which will be paid out to their next-of-kin will be more than they would have been able to provide in person. While the monetary value of the payout will never be able to replace a loved one, it'll offer comfort in a time of grief. Personal insurance is often spent on furthering an education, purchasing a family home, buying a needed car or purchasing needed day-to-day necessities.
This being said, personal insurance can be incredibly expensive. While it's something all South Africans require and should have, there are over forty million South Africans without it. Simply put, it's unaffordable and often offers different premiums to their customers based on their living circumstances, work environment and the safety of their neighbourhood. This is not a viable solution as the majority of South Africans live in underdeveloped communities and are low-income earners.
Prime Meridian Direct (PMD) has recognised this gap in the South African insurance industry and has designed an insurance product which is accessible and cheap. Personal cover from the Prime Living Legacy Plan will cost you just R2 a day. Everyone qualifies and no medical tests or questionnaires are required. Also, understanding that many South Africans are confused by the 'insurance speech' which is used by agents in pamphlets and on websites, Prime Meridian Direct has simplified their plans that can be easily understood by the common man.
If you're a single mom, getting a Personal Insurance plan is highly recommended. Not only will you be able to look after your children financially should you suffer an untimely death, but you'll offer them a form of comfort while they grieve your loss. You’ll show them that you cared for them by preparing for their futures.
You can now have peace of mind that your insurance provider will offer you the best and most affordable plan for your needs.
Get more information on PMD’s personal insurance plans, costs and benefits on PMD’s life cover and get an online quote today. Alternatively, you can contact our professional and friendly agents and get a quote telephonically by calling 011 745 7800.