How to cancel my life insurance and get money back?

In this guide, we will walk you through the process of canceling your life insurance in South Africa, focusing on key aspects such as refunds and withdrawal procedures.

1. Understanding the Cooling-Off Period

In South Africa, most life insurance policies come with a 30-day cooling-off period. This allows you to cancel your policy within the first month after purchasing it, giving you the chance to reconsider your decision. If you choose to cancel within this period, you are entitled to a full refund of the premiums you’ve paid.

Steps to Cancel During the Cooling-Off Period:

  • Contact Your Insurer: Reach out to your insurance provider via phone, email, or their online portal.
  • Request Cancellation: Clearly state your intention to cancel the policy and request a refund.
  • Follow Up: Ensure you receive a confirmation of your cancellation and refund processing.

2. Cancelling After the Cooling-Off Period

If you decide to cancel your life insurance after the 30-day cooling-off period, the process may differ. While you may not be eligible for a full refund, you can still get back some of your premium, depending on the terms of your policy.

Steps to Cancel After the Cooling-Off Period:

  • Review Your Policy: Check the terms and conditions regarding cancellation and any potential refunds.
  • Contact Your Insurer: As with the cooling-off period, reach out to your insurer and express your desire to cancel.
  • Request a Refund: If your policy allows for it, ask about the refund amount and how it will be processed.

3. Withdrawing Funds from Your Insurance Account

If you hold a savings or investment component within your life insurance policy (such as with MiWay Insurance), you may want to withdraw these funds when you cancel your policy. Here’s how to do it:

Steps to Withdraw Funds from MiWay Insurance Account:

  1. *Dial 165# on your mobile phone.
  2. Select Option 6 for Savings if you are a subscriber or Option 7 if you are a MiWay agent.
  3. View Your Savings Balance: Your current savings balance will be displayed.
  4. Enter Amount to Withdraw: Type in the amount you wish to withdraw and click send.
  5. Confirm Withdrawal: Select option 1 to confirm the transaction.

4. Things to Consider Before Cancelling Your Life Insurance

Before making the final decision to cancel your life insurance, consider the following:

  • Financial Impact: Assess how canceling your policy will affect your financial situation and dependents.
  • Alternatives: Explore other options, such as adjusting your coverage or switching to a more affordable policy.
  • Long-Term Goals: Consider how your life insurance fits into your overall financial goals.

Conclusion

Canceling your life insurance policy in South Africa can be straightforward, especially if you act within the cooling-off period. By understanding your rights to refunds and following the correct procedures, you can navigate this process with ease

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Complete Guide to NSFAS Online Loan Application for South African Students (2025)

If you are a South African student looking to pursue higher education but are facing financial difficulties, the National Student Financial Aid Scheme (NSFAS) is one of the most accessible funding options available. NSFAS provides financial aid in the form of bursaries and loans to qualifying students at public universities and TVET colleges in South Africa.

This guide will walk you through everything you need to know about the NSFAS loan application process, from eligibility requirements to application steps and frequently asked questions.

📌 What is NSFAS?

The National Student Financial Aid Scheme (NSFAS) is a government-funded financial aid scheme aimed at helping students from low- and middle-income households to access tertiary education without the burden of upfront fees.

NSFAS offers both bursaries and income-contingent loans:

  • Bursaries: For eligible students who meet academic and household income criteria (especially for TVET and university students).
  • Loans: For students who do not meet all bursary criteria or who are pursuing postgraduate qualifications not funded under bursary schemes.

✅ Who Qualifies for an NSFAS Loan?

To qualify for an NSFAS loan (especially for postgraduate students or programs not funded under the bursary system), you must:

  • Be a South African citizen.
  • Be financially needy, with a household income of less than R350,000 per year.
  • Have a valid South African ID.
  • Be enrolled or accepted to study at a public university or TVET college.
  • Not be funded through another bursary program that covers all expenses.
  • Maintain satisfactory academic progress (returning students).

📚 Courses Funded by NSFAS

NSFAS primarily funds undergraduate qualifications, but certain postgraduate programs (e.g., PGCE, postgraduate diplomas in education, and professional courses like LLB) may be considered under the NSFAS loan scheme, not bursaries.

If you’re studying:

  • Undergraduate degree or diploma: You are likely eligible for a full NSFAS bursary.
  • Postgraduate study: You may qualify for a loan, depending on the course and funding availability.

📄 Required Documents for NSFAS Application

When applying, make sure you have the following documents scanned and ready:

  1. Certified copy of your South African ID or Smart Card.
  2. Parent(s) or guardian(s) ID documents.
  3. Proof of income (latest payslips, UIF, or affidavit if unemployed).
  4. Consent Form signed by your parent(s)/guardian(s) to allow NSFAS to verify income.
  5. Proof of registration or acceptance at a public institution.
  6. Academic transcripts (for continuing or postgraduate students).

🖥️ How to Apply for an NSFAS Loan Online

Step-by-Step NSFAS Online Application Process (2025)

  1. Visit the NSFAS Website

    Go to: https://www.nsfas.org.za

  2. Create an Account

    • Click on “MyNSFAS” and register your profile.
    • You’ll need a valid email address and South African cellphone number.
    • Choose a strong password and verify your account via email or SMS.

  3. Login and Start the Application

    • After registration, log in to your MyNSFAS account.
    • Click on “Apply” to begin a new application.

  4. Fill in Your Personal Details

    • Input your ID number, name, surname, and other details exactly as they appear on your ID.
    • Provide household income information and living arrangements.

  5. Upload Required Documents

    • Upload all supporting documents in PDF or JPEG format.
    • Each document must be clear and under the size limit specified.

  6. Submit Your Application

    • Review your application for accuracy.
    • Click “Submit” and wait for a confirmation message.

  7. Track Your Application

    • Log in regularly to check your application status.
    • You will be notified via SMS and email at each stage of the process.

🗓️ Important NSFAS Dates (2025)

  • Application Opening Date: September 1, 2025
  • Application Deadline: January 31, 2026
  • Appeals Period: February 2026 (if rejected)
  • Disbursement: After registration and approval

Note: Dates are subject to change; always confirm on the official NSFAS website.

💸 What Does the NSFAS Loan Cover?

NSFAS funding typically includes:

  • Tuition fees
  • Registration fees
  • Accommodation (if living away from home)
  • Meals and transport
  • Learning materials (e.g., textbooks)

For loans, repayment is only required once you start working and earn above a threshold (around R30,000 annually, but subject to change).

🔄 NSFAS Loan Repayment

Repayments are:

  • Income-contingent – you only repay when you can afford to.
  • Administered by DHET (Department of Higher Education and Training).
  • Interest-bearing, but interest rates are low and favorable.

You can also apply for a partial loan conversion to a bursary if you perform well academically.

🔁 How to Appeal a Rejected NSFAS Application

If your application is rejected, you may submit an appeal via your MyNSFAS portal:

  1. Log into your MyNSFAS account.
  2. Click on “Track Funding Progress”.
  3. If rejected, click on “Submit Appeal”.
  4. Upload any missing or corrected documents.
  5. Provide a clear explanation or motivation.

📱 NSFAS Contact Information

📝 Final Tips Before Applying

  • Apply early to avoid system overload near the deadline.
  • Use your own email and cellphone number (do not use someone else’s).
  • Double-check that all your documents are certified and legible.
  • Keep a copy of your submission confirmation for reference.

By following this guide, you can confidently apply for NSFAS funding and move one step closer to achieving your academic and career dreams—without the burden of immediate financial pressure.

 

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