Sanlam provides disability insurance, which pays out if the life insured is rendered permanently disabled and unable to work. Sanlam Disability Cover will pay the life insured a lump sum payout equal to the amount covered by the insurance policy.
Sanlam Disability Cover also covers temporary disability, and a payout is provided if a policyholder becomes temporarily incapacitated and unable to work. Sanlam additionally pays the life insured so that he or she can concentrate on recovery.
The Sanlam Disability Cover is available in three different versions. The Indie disability cover, Matrix express disability cover, and Matrix Premier disability cover are all available from Sanlam. The three types of disability insurance will be explained further below.
1.Indie Disability Cover
The Sanlam Indie disability insurance is the insurer’s entry-level disability plan, offering the fewest benefits of the three disability plans available. Anyone over the age of 18 at the time of application can apply for the Sanlam Indie Disability Cover.
The maximum disability cover for Indie disability insurance is R5,000,000.00. Should the life insured suffer a permanent or temporary disability, the cover amount specified will be made accessible to him or her. Sanlam will make a payment in order for the life insured to gain access to cash. Therefore, money will be the least of the insured’s worries.
The Indie disability insurance premiums are flexible, and you can insure for an amount that grows each year. This is to ensure that the coverage amount chosen keeps pace with inflation year after year. As a result, premiums will rise each year.
The Sanlam Indie disability cover has the lowest premiums at R100.00, although rates are subject to underwriting. Sanlam’s Indie disability insurance includes a Wealth Bonus. Indie disability insurance subscribers can receive their premiums matched 100% by Sanlam with a wealth bonus.
2. Matrix Express Disability Cover
Sanlam’s Matrix Express disability plan is a midrange disability cover with whole-life disability payments. The benefits of a whole-life disability insurance policy include the following:
- A temporary incapacity cover covers one should he/she get temporarily incapacitated.
- Extended Occupational Disability covers disabilities suffered while on duty, and
- A built-in future cover for young lives.
The policyholder can add further benefits to the Matrix express disability cover, which comes with additional benefits. The Matrix express disability cover might include cash back bonus. After 15 years, the policyholder will receive a 100% refund on all premiums paid.
The Matrix express disability cover has a maximum cover value of R5,000,000.00. The Matrix express disability policy, unlike the Indie disability cover, has tight financial underwriting for the amount covered.
Only a financial adviser may provide quotes for Matrix express disability insurance. As a result, a quote will be supplied upon the completion of a 13-question underwriting process. Questions will cover areas such as HIV status and smoking habits, among other things.
The Matrix express disability insurance plan has a full life option that extends coverage beyond retirement. If the whole life option is selected, the Matrix express disability insurance will remain active even if the account user reaches retirement age.
3. Matrix Premier Disability Cover
Sanlam Matrix Premier disability insurance is the most expensive of Sanlam’s disability insurance alternatives. Because the cover has an unlimited maximum cover, one can get protected for whatever amount he or she wants. The cover amount, however, is subject to underwriting.
The Sanlam Reality Rewards program is included with Matrix Premier disability insurance. On the Matrix Premier disability insurance policy, policyholders can save up to 30% on their premiums.
Since Matrix Premier disability insurance is a premium insurance package with additional benefits. The policy includes a comprehensive disability benefit that covers the following features:
- Extended optional disability cover,
- A temporary incapacity cover,
- Built-in future cover for young lives,
- A prosthetic booster,
- Boosted payouts, and
- Built-in child cover.
The Matrix’s premier disability insurance is heavily underwritten. The insurance policy includes a long list of questions, including lifestyle and medical questions. Medical tests may be required under the Matrix Premier disability plan. However, because of the extensive underwriting process, the protection is available at a reasonable rate.
The Sanlam Matrix Premier disability protection has the option of adding a cashback benefit. After 15 years, policyholders can earn up to 100% of their money returned thanks to the Sanlam cashback benefit.
Advantages of the Sanlam Disability Cover
- There are numerous disability insurance options available.
- There is no such thing as a one-size-fits-all policy, thus the various options cater to the varying needs of disability insurance policy customers.
- Some disability insurance policies offer a money-back guarantee.
- There is an option to purchase disability insurance entirely online and receive a bonus for doing so.
- The disability insurance policies on offer cover both temporary and permanent disabilities.
- The accessible covers have low premiums.
- The Matrix Premier Disability Protection can save policyholders up to 30% on premiums.
Disadvantages of the Sanlam Disability Cover
- There is no disability insurance specifically for retirees, especially those on government pensions.
- The Indie cover lacks full coverage, there is no benefit for kids or young life coverage.
The Sanlam disability cover is one of a kind in South Africa because it can accommodate a wide range of people. The insurance product allows policyholders to select from a variety of products in order to obtain the disability coverage they require. One can apply for the insurance product online.