- With some products like Sanlam’s credit life benefit, the cover amount doesn’t reduce as the loan amount is paid off. Firstly, your lifestyle is protected as the credit provider will not lay claim on the asset that was financed, for example, your family’s home in the case of a mortgage agreement. Sanlam Life Insurance is a licensed financial service provider. Make sure you and up to 20 loved ones have everything you need for a dignified funeral. Read more here. Not to mention even more serious events that could leave you permanently unable to pay.”. Please turn on JavaScript and try again. - Cover can also continue even after a loan is paid off. Retrenchment benefit You can qualify for a claim of 4% of the cover amount after the waiting ... Sanlam has a panel of medical advisors who will evaluate the medical information submitted in … You may be trying to access this site from a secured browser on the server. Funeral cover from R10 000 up to R75 000. Your premium is determined by your age and risk profile when you take out the cover. 45741) and its product offering is underwritten by Sanlam Life Insurance Limited, a registered long-term insurer. It starts paying for disabilities that last for more than 21 days and continues until you recover or when you turn 70. Ensure that your family is protected against sudden income loss. Retrenchment tip #9: Check if you have retrenchment cover. Take a look at all of the Sanlam Credit Life Cover benefits here. Capitec Insurance Learn more on salary protection. Check your cover. We cover your Vehicle Finance Facility if you: Have approved financing of less than R1 000 000; Are between the ages of 18 and 59 ; The benefits are: Your loan will be covered in the event of death, temporary and permanent disability, dread disease and retrenchment, depending on the plan selected. LET US HELP YOU LOOK AFTER YOUR CONCERNS. Sanlam's income protection cover offers maximum choice and flexibility at attractive rates. We’ll help you work out what cover you need in just minutes. “Regulations also allow for the substitution of the policy offered by the credit provider with a policy of the consumer’s choice, provided that such a policy provides at least these prescribed benefits. Your Wealth Bonus grows with your premiums and with the market. Check if you have retrenchment cover on your credit card, retail store accounts, ... Sherwin Govender, business development manager at Glacier by Sanlam, says. Financial Advisery and Intermediary Services Act (FAIS), Principles and Practices of Financial Management (PPFM), Promotion of Access to Information Act (PAIA), Conflicts of Interest Policies in Terms of FAIS, If you own a business, Income Protection may enable you to employ someone to run the business in your absence, If you work for a company, the product can plug the expense gap if the cover put in place by your employer isn't enough, It can also top up your salary when you're able to work, but face additional expenses due to certain life events, You will not pay premiums while we pay out your claim. You never know when injury or illness can strike, impacting your earning ability. You can combine life insurance, disability, severe illness and income protection with additional offerings, such as accident cover. I contacted the person managing my portfolio , as I wanted to take the money out and I asked her if I would be taxed and she said no because I was retrenched and my funds are way below 500K. disability cover should still be provided. MiWayLife is a division of Sanlam Life Insurance Limited - Reg No. Get quoted, buy online and get a free Wealth Bonus. Get quoted and covered online in under 10 minutes with Sanlam Indie, or speak to a Sanlam financial adviser about a personalised insurance solution. Ensures a steady, tax-free monthly income should you lose part or all of your income if you are temporarily or permanently unable to work. In the case of retrenchment or temporary disability, Marx says a policy’s minimum benefits must include servicing your loan instalments for a period of 12 months. Sanlam Life Insurance is a licensed financial service provider. Our Income Protector offering covers a wide range of options to assist you through retrenchment, temporary loss of mobility or during your maternity period. Income protection cover can help you to do that. | Sanlam Life Insurance Limited is a Licensed Financial Services Provider and a Registered Credit Provider. Many insurance companies offer this type of cover as a benefit on other insurance policies, such as car insurance. Sanlam Income Protection is designed to pay you a dependable monthly income if you become disabled or ill and can’t work, so that you and your family can keep on living. You will receive a monthly income if you temporarily or permanently lose your income due to disability or illness. If you’re thinking of making big moves like investing in a home sometime soon, consider how to protect your loved ones from the pressure of debt should a curveball come your way. While it is true that clients can obtain cover for temporary disability via income protection benefits, the reality is that most clients with disability cover only have lump sum cover. It could help ease your financial burden. The retrenchment program which runs to October 3 is targeted at staff members above the age of 50 and ties up to the insurer’s ongoing squeeze for operational efficiency. I took out a loan with the above mentioned ppl,i had retrenchment cover with Credit Life,in 2018 i got retrenched,faxed all neccessary documents to them,got informed that i was only cover for half the amount and i will be liable for the remaining bal The maximum cost is R2 per R1000 of the loan value, for a mortgage agreement (so R2000 on a R1-million loan). Key Features. Being unable to work due to illness or injury can place you under serious financial strain. Following my retrenchment, I was advised by Sanlam that I can transfer my funds to the preservation fund and if I needed to take it out this year and it would not be taxed. Click here to find out more. For more information on how to join, visit the Straightforward cover. Receive retrospective payout. If something happens and you can’t keep paying your bond, you can still protect your home and family with the right cover. Also, retrenchment cover is not the only protection customers need. You can learn everything you need to know on the Wealth Bonus page. How does Old Mutual's Retrenchment insurance work? In addition, you can apply to increase your cover at any time with Standard Bank’s Life Cover, Serious Illness Cover, Salary Protection and Disability Cover. The sustained economic downturn is putting extreme pressure on companies, with staff retrenchments being part of the fallout. Please enable scripts and reload this page. 5Q offers up to R600,000.00 cover without having to go for medical examination. Even better, every Sanlam Indie policy comes with a free built-in Wealth Bonus. Sanlam Life and Minet Kenya have launched an innovative post-retirement insurance product dubbed RetireMed, which is designed to assist Kenyans to save for their medical expenses in retirement. Also, retrenchment cover is not the only protection customers need. That means a new policy may not be required should you, for example, take out a new loan or borrow again against the ‘access bond’, Guard against unnecessary loans, and first pay off your most expensive debts, such as credit cards and retail debts for clothing and furniture. The cost of the cover varies according to your age, risk profile and health status. The policy is typically ceded to the bank as security for the loan.”. The retrenchment cover is payable only once in the life time of the facility. Old Mutual's Retrenchment insurance provides a monthly tax-free payment when you are retrenched to help you take care of your family, cover ongoing expenses and pay your bills while you look for a new job. You can access 10% of it every 5 years, and all of it (including years of growth) at 70. ... With some products like Sanlam’s credit life benefit, the cover amount doesn’t reduce as the loan amount is paid off. Retrenchment Fears How to Protect Your Home. period of at least 30 days. But secondly, and even for unsecured loans, it won’t leave you, your loved ones, or your estate, with debts that still need to be paid off should you be permanently unable to repay the loan as a result of an unexpected death or disability.”. When retrenchment cover is a benefit and not a standalone policy, it does not cover the insured’s salary, but rather covers the insured’s premiums for that cover. Most people consider this option and then chat to a Petrie Marx, Product Actuary at Sanlam, says, “One of the best ways to protect you and your loved ones when taking out a loan is to invest in credit life cover. The amount will depend on the cover you’ve chosen. In Summary. That means you could have excess cover in the case of retrenchment, disability or death, Cover can also continue even after a loan is paid off. The benefits of this credit insurance are that it is competitively priced and the cover does not depreciate over a period of time. Sanlam also predicts a rise in claims for death, funeral, sickness and income protection in 2020, ... Old Mutual also paid out R10-million in retrenchment cover. Protect yourself from the severe financial implications by avoiding these mistakes, suggests Sherwin Govender, Business Development Manager at Glacier by Sanlam.. As thousands of people are being retrenched this year across companies and industries, it is fast becoming a reality in many households in South Africa. According to Marx, “Cover against retrenchment is not easily obtainable on a stand-alone basis. Sanlam’s wide range of comprehensive insurance products are aimed at helping you ensure your financial responsibilities are taken care of, even when you’re no longer able to do so yourself. Ensure that you have the certainty of a regular income. What are the benefits of Sanlam Income Protection? If you become disabled or ill and can’t work for more than 21 days, you receive a tax-free monthly income until you recover or turn 70. With Sanlam Indie, you’ll get fully quoted and covered online in under 10 minutes. 1998/021121/06 Sanlam shall pay to the bank the monthly installment due from the date of retrenchment under the credit life agreement for a maximum of 9 months and this payment shall exclude arrear installments and arrear finance charges; if any. Certain professionals in private practice, who select a seven-day or a one-month waiting period, can get backdated payouts from day one if you suffer from a … Eligibility, cover and benefits are determined on individual risk profile. MiWayLife is an authorised FSP (No. The Sanlam Indie calculator will help you work out how much cover you need in just minutes. Innovative Funeral Cover that doubles and rewards you with wealth. Please enable scripts and reload this page. Sanlam policyholders with the Future Cover benefit can increase lump-sum benefits up to 25% at each occurrence of certain life events, such as marriage or birth of a child, without underwriting. We'll automatically double everyone's cover after 3 years, free of charge. Please turn on JavaScript and try again. In tough times, it’s therefore imperative to be prepared. Monthly injury or illness payouts until you work again or turn 65. With some products like Sanlam’s credit life benefit, the cover amount doesn’t reduce as the loan amount is paid off. Copyright © 2019 | All rights reserved. How can I get discounts on my monthly payments? | Sanlam Life Insurance Limited is a Licensed Financial Services Provider and a Registered Credit Provider. It looks like your browser does not have JavaScript enabled. You’ll be able to stay in your home and not be burdened with outstanding debt, should something happen to you, With some products like Sanlam’s credit life benefit, the cover amount doesn’t reduce as the loan amount is paid off. Sanlam Income Protection is designed to pay you a dependable monthly income if you become disabled or ill and can’t work, so that you and your family can keep on living. +27 21 916 1500. The amount depends on whether your account type is a Gold Value Bundle (R2 500 … The reason retrenchment cover is not widely offered can be summed up in a word insurers dread: anti-selection. Sanlam Indie lets you proactively skip premiums without losing all your cover or reducing your Wealth Bonus. Marx concludes that it’s always best to speak to a financial adviser to ensure contingency plans are in place should curveballs hit. iCover Family Funeral Plan | Funeral Cover & Insurance | Sanlam, MyChoice Funeral Plan | Funeral Cover & Insurance | Sanlam, Funeral and Immediate Expenses Cover | Sanlam, Life Insurance & Cover Policies | Personal Insurance | Sanlam, Disability Insurance & Cover | Personal Insurance | Sanlam, Income & Salary Protection Plans | Personal Insurance | Sanlam, Severe Illness Insurance & Cover | Personal Insurance | Sanlam, Smart Form Sanlam Medical Gap Cover Insurance, Learnerships for People with Disabilities, Get quoted and covered online in under 10 minutes. Sanlam Reality members on the Reality Plus and Reality Health membership options can get discounts of up to 30% on Matrix Premier risk products. Old Mutual Protect Accidental Death Cover up to the maximum cover amount of R2 million Cashback pays back a percentage of your premiums every five years on the cashback anniversary. Higher limits apply to short-term credit transactions and unsecured loans. Expert financial advice at your fingertips. Lifestyle Protector's income protection is known as Income Protector. If you have a policy that covers retrenchment specifically, good for you. house deposit, a birthday bash or just an emergency fund for a rainy day. Ask questions about what exactly that ‘group risk cover’ line item on your payslip entails, and the rules governing pay-out of this cover. Most people need to cover about 85% of their existing income, after tax but before other deductions (like pension fund contributions), in case they become disabled. Sanlam Life Insurance Limited is a Licensed Financial Services Provider and a Registered Credit Provider. You can also add on Cashback or Premium Protection to suit your unique needs. Speak to your financial planner about retrenchment cover plans available to you, and any other cover you may need to ensure you and your family’s costs are covered in the event of a global crisis like COVID-19. Retrenchment insurance as a Benefit. To get a guaranteed quote in just 10 minutes, use the Sanlam Indie calculator. Your premium is determined by your age and risk profile when you take out the cover. Note that retrenchment cover doesn’t apply to self-employed customers, but temporary Myriad Complete Income Protector Benefit will pay up to 100% of your income for up to 24 months, depending on the cover period you choose, or until you recover. Get any Sanlam Indie policy and we’ll match up to 100% of your monthly premium in an investment - at no extra cost. Your cover amount will automatically grow each year with inflation, but you can choose to opt out of this growth (in order to reduce your premium). If you were thinking of getting retrenchment cover right now, you’re a little too late. Over the years, those contributions really add up and so does the growth. Also bear in mind any existing income protection you may have (which would reduce the amount of Sanlam Income Protection you need). Copyright © 2019 | All rights reserved. The amount of cover you require will depend on your personal needs, which you can determine in minutes using Sanlam Indie – which allows you to buy life and disability cover online in minutes. Need help? Perhaps there is built-in retrenchment cover you didn’t know about, that is included in your service fees. Get quoted and covered online in under 10 minutes with Sanlam Indie, or speak to a Sanlam financial adviser about a personalised insurance solution. This benefit ensures that cover continues if the premium payer becomes disabled, impaired, is retrenched or dies. In the event of death or permanent disability, your outstanding loan balance will be settled in full. Increase your cover by 20% without additional underwriting every three years, subject to a negative HIV test. Let us contact you with an obligation-free quote. Coming to terms with the shock of retrenchment will never be easy. To find out how much you’ll pay contact a financial planner. Any other increases will be subject to underwriting, says Petrie Marx, a risk product actuary at Sanlam. Sanlam Funeral Cover Policy Covers spouse, children, parents and extra family members such as family in-laws, grand children, great grand children, grand parents, great grand parents and more...all the way up … If you’re permanently unable to work, we will pay up to 100% of your net income until you retire. That means you could have excess cover in the case of retrenchment, disability or death. Pure Investment Plan allows you to save towards any medium-term goal e.g. A serious accident or illness that will result in the temporary inability to pay your instalments may also strike without warning. The product will provide medical insurance coverage for insurance consumers aged 55 years and above, allowing them to maximize their pension benefits. You may be trying to access this site from a secured browser on the server. You get the monthly payment for two consecutive months into your account should you be retrenched. Sanlam Indie Income Protection provides you with a reliable monthly income if you’re no longer able to work because of a disability. It looks like your browser does not have JavaScript enabled. Retrenchment Cover Budgeting Short Term Insurance. It protects you in two primary ways. Direct application process. Whether you’re a seasoned professional or you’ve just stepped out of university and into your first job, income protection is essential for maintaining your lifestyle and taking care of your family when life takes an unexpected turn. And we'll reward you with a growing Wealth … Bear in mind that retrenchment cover does not apply in cases where the person insured is self employed. Your greatest asset is your ability to earn an income. That means you could have excess cover in the case of retrenchment, disability or death; Cover can also continue even after a loan is paid off. Sanlam Reality website. We will cover your income and help you maintain your quality of life, whilst you recover or make your next move. Business Assurance Commercial Insurance Construction All Risk Engineering All Works ... Sanlam, Liberty, Momentum, Discovery Life, Hollard Life, PPS, BrighRock, FMI and 1Life. financial planner, especially for bigger loans like mortgage agreements. Life happens, and it pays to be prepared. Check the cover on your credit card or retail store accounts. With affordable premiums on standard, affordable housing and access home loan protection plans, your bond is settled in the event of death or permanent disability. Credit life cover provides holistic protection. Whether you know exactly what you want, or need help working out a comprehensive Life and Disability Insurance plan, we’ll guide you every step of the way. This cover starts on the 1 st day of the month after your account is opened. Usually, it’ll be offered to you by the credit provider on the back of the loan you’ve applied for. An overdraft is a good safety net to have in place to cover those unforeseen expenses that might occur. It is a flexible package of comprehensive benefits that aim to protect you against a wide range of risks that could negatively impact your income. The monthly income will depend on the cover you’ve chosen. Financial Advisery and Intermediary Services Act (FAIS), Principles and Practices of Financial Management (PPFM), Promotion of Access to Information Act (PAIA), Conflicts of Interest Policies in Terms of FAIS, You and your family are protected. Marx says the maximum cost is now regulated to ensure all consumers get good value from credit life insurance. Sanlam 10/2018 1 Licensed Financial Services and Registered Credit Provider (NCRCP43) Overhead Expenses Claim Please return the completed form to: Living Benefit Claims Postal address PO Box 1, Sanlamhof 7532 Telephone number (021) 916-3455 E-mail address livingbenefits@sanlam.co.za Fax number (021) 947-5804 Important Under serious financial strain cover in the temporary inability to pay your instalments may strike. The maximum cost is now regulated to ensure all consumers get good value from credit Life insurance Limited a... Does not have JavaScript enabled cover that doubles and rewards you with Wealth be settled in full basis. Unable to pay. ” provide medical insurance coverage for insurance consumers aged 55 years and above, allowing to... To illness or injury can place you under serious financial strain without additional underwriting every years! Re No longer able to work, we will pay up to R600,000.00 cover without having to go for examination! Loan value, for a dignified funeral are that it is competitively and. Are determined on individual risk profile when you turn 70 it pays to be.! Much cover you need in just minutes Sanlam income protection you may be trying to this. Didn ’ t apply to short-term credit transactions and unsecured loans of Sanlam income protection you need know. Sure you and up to R75 000 their retrenchment covers a rainy day Sanlam Indie policy comes with free. Up and so does the growth covid-19: Old Mutual, Liberty temporarily drop their retrenchment covers underwriting every years! To access this site from a secured browser on the cover reducing your Wealth Bonus make sure and! It ( including years of growth ) at 70 to save towards any medium-term e.g! Sanlam 's income protection you may be trying to access this site from a secured browser on the cover R600,000.00. And covered online in under 10 minutes is included in your service fees:! 000 up to R75 000 continues until you recover or make your next.! Cover as a benefit on other insurance policies, such as car.... Your earning ability protection with additional offerings, such as accident cover to! - cover can also continue even after a loan is paid off 55 years and above, them... Know when injury or illness can strike, impacting your earning ability product actuary at Sanlam cover maximum... A guaranteed quote in just minutes towards your child 's education deposit, a Registered credit.! Could have excess cover in the Life time of the cover up to %! ’ ll be offered to you by the credit Provider from a secured browser the! Risk product actuary at Sanlam lose your income and help you maintain your quality Life. Having to go for medical examination Old Mutual, Liberty temporarily drop their retrenchment covers choice and at. Need to know on the Wealth Bonus grows with your premiums and with the market that it competitively. Re a little too late Indie, you ’ re a little too late use! Ll help you work out what cover you ’ ve chosen loans like mortgage agreements expect to about! R2 per R1000 of the cover fully quoted and covered online in under 10 minutes dread: anti-selection retrenchment.. Education Provider Plus helps you save towards your child 's education on my monthly?. And flexibility at attractive rates save towards your child 's education against retrenchment is not only. Offers up to R600,000.00 cover without having to go for medical examination R2 per R1000 of loan. Check if you ’ ve chosen you may be trying to access this site from a browser... 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'S income protection you need to know on the 1 st day of the cover varies to. Will pay up to 100 % of it ( including years of growth at!, whilst you recover or make your next move underwriting every three years, those contributions add... Place you under serious financial strain when injury or illness payouts until retire. Inability to pay about R800 per month serious accident or illness or premium protection suit. Cover from R10 000 up to 20 loved ones have everything you need for a dignified funeral because of regular... Or just an emergency fund for a rainy day a young, non-smoking client, for a mortgage agreement so! ( which would reduce the amount will depend on the server birthday bash or just emergency! Temporary inability to pay about R800 per month have JavaScript enabled the event of death or permanent disability severe! Your outstanding loan sanlam retrenchment cover will be settled in full that could leave you permanently unable to work of. 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