Sanlam has long been renowned as a long-term insurance company, but it has recently expanded its product offering to include lending services. In addition, the organization offers some of the top short-term insurance plans in the country. When you have an income protection plan from Sanlam, you can rest assured that your financial needs will be met if you lose your job.
Sanlam’s income protection plan is offered to everyone over the age of 18 who earns a living. The purpose of the insurance is to protect a policyholder financially if he or she loses their job. The policyholder will be able to maintain his/her lifestyle and will be able to afford things such as medication, school fees, groceries, and more.
Sanlam income protection includes two types and pays out monthly if you lose your job due to an injury or illness. The Indie Income Protection plan and the Matrix Premier Income Protection plan are the two options available. Both of these plans will provide you with the income you require.
Sanlam income protection plan applications can be completed entirely online or by calling/requesting a call from Sanlam to begin the process. However, before you begin using Sanlam Income Protection, you must first gain a thorough understanding of the products available.
Below, we go over the two Sanlam Income Protection plans in further depth.
1. Indie Income Protection Plan
Sanlam’s Indie Income Protection plan is one of two options available to protect one’s income if he or she becomes injured or ill and is unable to work. The plan begins to pay for disabilities that persist for more than 21 days and continues until the policyholder reaches the age of 70.
The Indie Income Protection plan has a monthly premium of R100.00. However, the premium amount will be determined by the amount of monthly payout desired. The Indie Income Protection plan has a maximum cover amount of R100,000.00, which is paid monthly and is tax-free.
Indie policyholders are immediately enrolled in the Sanlam Wealth Bonus program. With Sanlam Wealth Bonus, the insurer doubles the policyholder’s monthly premiums up to 100% of the amount paid.
After five years, there is also the possibility of receiving 10% of the contributions. Furthermore, as a member of the Sanlam Wealth Bonus, the policyholder can earn all of their premiums back when they reach the age of 70.
The Sanlam Indie Income Protection plan is flexible and understands that financial circumstances change, thus premiums can be skipped. The Wealth Bonus will not be affected if payments are missed.
2. Matrix Premier Income Protection Cover
Those over the age of 18 can apply for Sanlam’s Matrix Premier Income Protection policy. The Matrix Premier Income Protection plan is the most expensive of the two, allowing policyholders to insure themselves for up to R250,000.00.
The Matrix Premier Income Protection policy pays out the cover amount on a monthly basis. The Matrix Premier, unlike the Indie Income Protection cover, does not have any minimum premiums; instead, a financial consultant will give the applicant a quote depending on his or her screened results.
Because it is premium coverage, one can add his or her spouse and children for an additional charge. If the policyholder is disabled for more than 21 days, the spouse or children will get monthly payments. When the insured reaches the age of 70, the payouts will cease.
If Sanlam Reality members purchase the Matrix Premier Income Protection Cover, they will receive a premium discount. Matrix Premier Income Protection policyholders can save up to 30% on their monthly premiums.
At an additional expense, a cashback benefit can be added to the Sanlam Matrix Premier Income Protection Cover. After 15 years, the cashback benefit will assist the insured to receive 100% of their premiums back.
Advantages of the Sanlam Income Protection cover
- The Sanlam Income Protection cover is available in two varieties: one that covers the policyholder’s individual income and the other that covers the policyholder’s family.
- The cover has cheap monthly premiums that start at R100.00.
- With the Sanlam Wealth Bonus program, clients can earn their premiums doubled.
- Members of Sanlam Reality receive monthly premium discounts.
- When applying online, the application process is simple and takes less than 10 minutes.
- The Indie policy is applicable immediately.
- Sanlam distributes tax-free monthly income.
- The plans provide income until the insured reaches the age of 70.
Disadvantages of the Sanlam Income Protection Cover
- Medical tests may be required as part of the Sanlam Matrix Premier Income Protection plan, which could result in higher premiums.
- Individuals who have lost their work owing to retrenchment are not covered by the plans available.
Should an unforeseen catastrophe such as illness or disability occur, rendering one unable to work, the Sanlam Income Protection cover offers excellent value for money. The fact that income distributions begin after 21 days if a policyholder is still disabled demonstrates how quickly the protection pays out to policyholders.
By requesting a callback on the Sanlam website, you can file a claim. A policyholder will get payments ranging from R1.00 to R250,000.00 every month until they turn 70 after a successful claim, depending on how much they are covered. Sanlam will only suspend the monthly benefit if the insured is able to work before turning 70.