| Sanlam Life Insurance Limited is a Licensed Financial Services Provider and a Registered Credit Provider. 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. The cost of the cover varies according to your age, risk profile and health status. Get any Sanlam Indie policy and we’ll match up to 100% of your monthly premium in an investment - at no extra cost. 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. Pure Investment Plan allows you to save towards any medium-term goal e.g. Ensure that your family is protected against sudden income loss. Not to mention even more serious events that could leave you permanently unable to pay.”. The amount depends on whether your account type is a Gold Value Bundle (R2 500 … 5Q offers up to R600,000.00 cover without having to go for medical examination. If something happens and you can’t keep paying your bond, you can still protect your home and family with the right cover. We will cover your income and help you maintain your quality of life, whilst you recover or make your next move. How can I get discounts on my monthly payments? Most people consider this option and then chat to a Direct application process. Your premium is determined by your age and risk profile when you take out the cover. You can learn everything you need to know on the Wealth Bonus page. 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 Life Insurance Limited is a Licensed Financial Services Provider and a Registered Credit Provider. We’ll help you work out what cover you need in just minutes. The sustained economic downturn is putting extreme pressure on companies, with staff retrenchments being part of the fallout. Retrenchment Cover Budgeting Short Term Insurance. What are the benefits of Sanlam Income Protection? - With some products like Sanlam’s credit life benefit, the cover amount doesn’t reduce as the loan amount is paid off. Capitec Insurance 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. Even better, every Sanlam Indie policy comes with a free built-in Wealth Bonus. Take a look at all of the Sanlam Credit Life Cover benefits here. 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. 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. Get quoted, buy online and get a free Wealth Bonus. 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. Ask questions about what exactly that ‘group risk cover’ line item on your payslip entails, and the rules governing pay-out of this cover. disability cover should still be provided. “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. Over the years, those contributions really add up and so does the growth. 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. For more information on how to join, visit the Monthly injury or illness payouts until you work again or turn 65. Coming to terms with the shock of retrenchment will never be easy. Expert financial advice at your fingertips. You will receive a monthly income if you temporarily or permanently lose your income due to disability or illness. 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. Make sure you and up to 20 loved ones have everything you need for a dignified funeral. In tough times, it’s therefore imperative to be prepared. You may be trying to access this site from a secured browser on the server. A serious accident or illness that will result in the temporary inability to pay your instalments may also strike without warning. 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. You can access 10% of it every 5 years, and all of it (including years of growth) at 70. 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. Sanlam Reality members on the Reality Plus and Reality Health membership options can get discounts of up to 30% on Matrix Premier risk products. The reason retrenchment cover is not widely offered can be summed up in a word insurers dread: anti-selection. You can combine life insurance, disability, severe illness and income protection with additional offerings, such as accident cover. Receive retrospective payout. A young, non-smoking client, for example, can expect to pay about R800 per month. 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. An overdraft is a good safety net to have in place to cover those unforeseen expenses that might occur. Ensure that you have the certainty of a regular income. 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. Learn more on salary protection. If you’re permanently unable to work, we will pay up to 100% of your net income until you retire. Please turn on JavaScript and try again. Copyright © 2019 | All rights reserved. This cover starts on the 1 st day of the month after your account is opened. Many insurance companies offer this type of cover as a benefit on other insurance policies, such as car insurance. 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. Check the cover on your credit card or retail store accounts. MiWayLife is an authorised FSP (No. 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. 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. Get quoted and covered online in under 10 minutes with Sanlam Indie, or speak to a Sanlam financial adviser about a personalised insurance solution. Marx says the maximum cost is now regulated to ensure all consumers get good value from credit life insurance. Funeral cover from R10 000 up to R75 000. Usually, it’ll be offered to you by the credit provider on the back of the loan you’ve applied for. Higher limits apply to short-term credit transactions and unsecured loans. 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. 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. 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 … The product will provide medical insurance coverage for insurance consumers aged 55 years and above, allowing them to maximize their pension benefits. Key Features. 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 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. Check if you have retrenchment cover on your credit card, retail store accounts, ... Sherwin Govender, business development manager at Glacier by Sanlam, says. 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. Please turn on JavaScript and try again. ... With some products like Sanlam’s credit life benefit, the cover amount doesn’t reduce as the loan amount is paid off. LET US HELP YOU LOOK AFTER YOUR CONCERNS. Need help? Sanlam Life Insurance is a licensed financial service provider. Also bear in mind any existing income protection you may have (which would reduce the amount of Sanlam Income Protection you need). Also, retrenchment cover is not the only protection customers need. You never know when injury or illness can strike, impacting your earning ability. Please enable scripts and reload this page. Being unable to work due to illness or injury can place you under serious financial strain. That means you could have excess cover in the case of retrenchment, disability or death. You can also add on Cashback or Premium Protection to suit your unique needs. Business Assurance Commercial Insurance Construction All Risk Engineering All Works ... Sanlam, Liberty, Momentum, Discovery Life, Hollard Life, PPS, BrighRock, FMI and 1Life. 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.”. Your greatest asset is your ability to earn an income. Innovative Funeral Cover that doubles and rewards you with wealth. Income protection cover can help you to do that. Sanlam Life Insurance is a licensed financial service provider. Note that retrenchment cover doesn’t apply to self-employed customers, but temporary Lifestyle Protector's income protection is known as Income Protector. You get the monthly payment for two consecutive months into your account should you be retrenched. 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. We'll automatically double everyone's cover after 3 years, free of charge. 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. 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. period of at least 30 days. house deposit, a birthday bash or just an emergency fund for a rainy day. The benefits of this credit insurance are that it is competitively priced and the cover does not depreciate over a period of time. 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). 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. MiWayLife is a division of Sanlam Life Insurance Limited - Reg No. To find out how much you’ll pay contact a financial planner. Perhaps there is built-in retrenchment cover you didn’t know about, that is included in your service fees. Life happens, and it pays to be prepared. 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. And we'll reward you with a growing Wealth … It starts paying for disabilities that last for more than 21 days and continues until you recover or when you turn 70. Retrenchment tip #9: Check if you have retrenchment cover. Eligibility, cover and benefits are determined on individual risk profile. Also, retrenchment cover is not the only protection customers need. | Sanlam Life Insurance Limited is a Licensed Financial Services Provider and a Registered Credit Provider. 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. It looks like your browser does not have JavaScript enabled. Click here to find out more. 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. Marx concludes that it’s always best to speak to a financial adviser to ensure contingency plans are in place should curveballs hit. Your premium is determined by your age and risk profile when you take out the cover. Read more here. Credit life cover provides holistic protection. Let us contact you with an obligation-free quote. Sanlam Indie lets you proactively skip premiums without losing all your cover or reducing your Wealth Bonus. The retrenchment cover is payable only once in the life time of the facility. 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. financial planner, especially for bigger loans like mortgage agreements. Bear in mind that retrenchment cover does not apply in cases where the person insured is self employed. Get quoted and covered online in under 10 minutes with Sanlam Indie, or speak to a Sanlam financial adviser about a personalised insurance solution. COVID-19: Old Mutual, Liberty temporarily drop their retrenchment covers. If you were thinking of getting retrenchment cover right now, you’re a little too late. 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