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Sanlam Life Insurance Review 2021

Sanlam life insurance is one of the best life insurances in Africa if not in South Africa. This is because Sanlam is the biggest life insurer in Africa. The title of ‘the biggest life insurer in Africa’ doesn’t come cheap though. It means you need to provide exceptional service.

Getting a life insurance policy from the best life insurer seems to be a great idea. Maybe that’s because the Sanlam Life insurance goes a long way and is not your typical life insurance.

Life insurance from Sanlam can help your family with:

  • Funeral costs
  • Repayment of any outstanding debt.
  • Help with any costs associated with the administration of the policyholder’s estate.
  • Getting the family to continue living their lives financially stable.

Unlike a number of life insurance underwriters, with Sanlam Life insurance you don’t need to disclose your smoking habits. It’s very rare to have a life insurer that doesn’t check any smoking habits and allows you to carry on with such risk nowadays. This is in consideration of the dangers that smoking poses on one’s health.

Sanlam has been offering life insurance since the early 1900s and the company’s track record speaks for itself. The company has been in the centre of life insurance in Africa and is doing well with its life insurance division.

Benefits of having a Sanlam Life Insurance

There is a wide range of benefits that comes with choosing Sanlam as your life insurance provider. Benefits range from cost-cutting benefits to tax advantages. Even the Sanlam’s 100 years plus of experience in issuing life insurance come in as an added advantage.

Since there are many things that you can leverage on by simply being a client of the Sanlam, let’s look at some of the most important benefits that can directly benefit you as a life insurance policyholder at Sanlam.

  • Beneficiaries don’t pay any tax from the payout on your life insurance cover.
  • If you are diagnosed with a terminal illness and your life expectancy is less that one year, you will receive an immediate tax-free once-off payout.
  • Sanlam only asks you for your health and lifestyle information once you take out life insurance. These won’t include your occupation and smoking habits.
  • You can opt for your beneficiaries to receive a payout within 48 hours by choosing the Final Expenses Benefit.

Sanlam’s Life Insurance Solutions

Sanlam offers three solutions for its life insurance. Solutions offer maximum and flexible choices to allow customers to choose for different amount covers. Flexibility is what many life insurance buyers seek.

Sanlam offers flexibility in cover amount with its Matrix Premier Cover. With the Indie Life Cover + Quick Payout and Matrix Express Cover Sanlam has a maximum insurance value for both solutions.

Here is the analysis of the three covers of life insurance that Sanlam offers for individuals, all in detail.

Indie life cover + Quick Payout

The Indie Life cover is Sanlam’s life insurance cover that pays out a portion of the cover should a policyholder die. The quick payout aims at making sure that the necessary funeral arrangements are made as quick as possible.

Payout of 10% to the beneficiaries is made instantly when the policyholder dies. The amount is, however, limited to R50,000.00. This means that if the cover is more than R500,000.00 then only R50,000.00 paid and any amount less than R500,000.00 as a cover then a full 10% will be paid to the beneficiaries.

Here are the highlights of the Indie life cover + Quick Payout:

  • Premiums start from R100 per month.
  • The maximum cover amount is R10 Million.
  • Up to R50,000.00 quick payout to cover immediate expenses.
  • The cover is immediate with no waiting period.
  • Free built-in wealth bonus.
  • You can get the Indies life Cover + Quick Payout in just 10 minutes.

The great thing about the Indie Life Cover is that you can proactively skip premiums without losing all your cover or reducing your wealth bonus. Additionally, if you suffer from a critical illness you get a payout only if your life expectancy is less than a year.

Matrix Express Cover

The Matrix Express Cover is for those who want a personalised life insurance cover. This is because calculations for premiums are performed by an adviser. By talking to an adviser, he or she will help you with the insurance needs that are specifically for you.

The maximum cover amount on the Matrix Express Cover is R5 Million and cannot go any further. If you want a higher life insurance cover then the Matrix Premier or Indie Life Cover can be what you are looking for.

Here are the highlights of the Matrix Express Cover:

  • Require medical tests. There are no blood tests.
  • There is a medical questionnaire that you need to answer. The questionnaire only has 13 health questions.
  • Comes with a simple underwriting of no questions on occupation or smoking habits.
  • The maximum cover amount is R5 Million.
  • An adviser will determine your month to month premiums.

Matrix Premier Cover

The Matrix Premier Cover is a life insurance cover from Sanlam that provides flexibility in the amount of cover. The maximum amount of cover will depend on you. Yes, you will make the choice of how much you want as your maximum cover.

This cover is ideal for those who require a cover that is more than R5 Million, otherwise, if you need a cover that is R5 Million or less then Matrix Express Cover is your answer. With Matrix Premier you will have to make payments until death. After death, your beneficiaries will get a single lump sum as a payout.

Here are the highlights of the Sanlam Matrix Premier Cover:

  • There is no maximum amount so you can choose any amount of cover you want.
  • The Matrix Premier cover is progressive meaning premium amount increases as the payout amount increases.
  • An adviser will calculate your month to month premiums.
  • You can save up to 30% on premiums with Sanlam Reality.
  • Medical tests required.

Conclusion

Sanlam Life Insurance provides some of the best covers in the life insurance markets. The most interesting is the Matrix Premier Cover that allows for adjustments on the cover amount. Sanlam is willing to carter for different income earners as covers start from as little as R100.

Life insurance from Sanlam is life insurance that anyone can take. The issues of claims and transparency are well dealt with on the Sanlam website. Claims can take as much as 48 hours, this is a fly in the ointment for Sanlam’s life insurance covers.

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Lethabo Ntsoane

Lethabo Ntsoane is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in reviews and financial tips.

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