The business of sports in South Africa continues to thrive, with growing numbers of ‘weekend warriors’ and professional athletes investing time and money into disciplines such as running, road cycling and mountain biking.
Insurer MiWayLife estimated that South Africa has around 200,000 cyclists, 750,000 runners and 15,000 triathletes – and it has developed a bespoke solution catering to needs of these healthy clients. A division of Sanlam, MiWayLife has introduced a unique policy especially for high-performing athletes aged 20-60, with up to R5-million in cover.
“We wanted to offer athletes something that was designed for athletes by fellow athletes – as opposed to being done via the traditional product factory,” said Craig Baker, CEO of MiWayLife. “When people spend upwards of R35,000 to compete in a multi-day stage race like the Cape Epic, it makes sense to insure yourself against injury that could see you falling out at the last minute and losing your entrance fee. MiFitLife recognises the hard work, long hours and sacrifices athletes make to get onto the start line.”
The qualifying sports for MiFitLife include running, cycling, surfski paddling, swimming, canoeing and multisport (triathlon and duathlon). Baker said the South African developed product was unique in the world. “The ability to obtain cover of this nature and extent without any medical underwriting or testing is an innovation in itself.”
The product is designed around the key risks facing athletes and addresses accident and illness cover with lump sum payouts, discounted insurance cover on sporting equipment, race fee refunds in the case of injury or illness preventing you from competing and specialised training programmes from MiWayLife coaches.
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