| On
2023-03-10 10:50 AM

Sanlam Life Insurance Review 2023

By Lethabo Ntsoane

Sanlam life insurance is a life cover with premiums that starts from R100.00 per month. Life insurance policyholders can receive between 7.5% to 30% discounts on their monthly premiums with Reality rewards. Policyholders of the Sanlam life insurance can choose life insurance cover of up to R10,000,000.00. 

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 many other life insurance underwriters, Sanlam Life insurance does not require you to disclose your smoking habits. Nowadays, it is extremely rare to find a life insurer who does not examine your smoking habits.  This is due to the dangers that smoking poses to one’s health.

Since the early 1900s, Sanlam has provided life insurance, and the company’s track record speaks for itself. The company has been at the forefront of life insurance in Africa, and its life insurance division has been performing well since.

Benefits of Sanlam Life Insurance

There are major benefits to selecting Sanlam life insurance as your life insurance provider. The benefits range from cost savings to tax benefits. 

Since there are numerous benefits to being a Sanlam client, let’s take a look at some of the most important benefits that can directly benefit you as a Sanlam life insurance policyholder.

  • 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 provides 2 life insurance options for its clients. Solutions provide maximum and flexible options, allowing customers to select different amount covers as  life insurance buyers seek flexibility.

Here is a detailed analysis of the 2 types of life insurance that Sanlam offers to individuals.

Life cover + Quick Payout

The 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 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 Life Insurance

Matrix Life 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.

Life insurance, disability insurance, critical illness insurance, and income protection can be combined with additional offerings such as accident insurance. The type and level of coverage you require are determined by your individual needs and circumstances. 

Here are the highlights of the Sanlam Matrix Life 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.

Advantages of the Sanlam Life Insurance

  • There are 2 life insurance products to choose from.
  • There is a 6 month premium holiday every 3 years.
  • Premiums can be discounted by up to 30%.
  • Cover amount depends on the level of cover that an individual needs.
  • The Sanlam life insurance can include other insurance benefits such as severe illness cover.
  • The product can be bought entirely online.

Disadvantages of the Sanlam Life Insurance

  • Terminally ill policyholders can only be awarded their cover if they have less than 6 months to which. Other life insurer make a cover payout if they have up to 12 months or less to live.

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.

Join Our Newsletter
Subscribe to our newsletter and stay updated.

Sponsored

Start trading with a free $30 bonus

Unleash your trading potential with XM—your gateway to the electric world of financial markets! Get a staggering $30 trading bonus right off the bat, with no deposit required. Dive into a sea of opportunities with access to over 1000 instruments on the most cutting-edge XM platforms. Trade with zest, at your own pace, anytime, anywhere. Don't wait, your trading journey begins now! Click here to ignite your trading spirit!

Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He 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 financial news, reviews and financial tips. He can be contacted: Email: lethabo@rateweb.co.za Twitter: @NtsoaneLethabo

Tags: Sanlam