LET US HELP YOU LOOK AFTER YOUR CONCERNS. I took out a loan with the above mentioned ppl,i had retrenchment cover with Credit Life,in 2018 i got retrenched,faxed all neccessary documents to them,got informed that i was only cover for half the amount and i will be liable for the remaining bal Expert financial advice at your fingertips. Your Wealth Bonus grows with your premiums and with the market. Your premium is determined by your age and risk profile when you take out the cover. Capitec Insurance Marx says the maximum cost is now regulated to ensure all consumers get good value from credit life insurance. You may be trying to access this site from a secured browser on the server. Not to mention even more serious events that could leave you permanently unable to pay.”. Please turn on JavaScript and try again. Credit life cover provides holistic protection. 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. This benefit ensures that cover continues if the premium payer becomes disabled, impaired, is retrenched or dies. A young, non-smoking client, for example, can expect to pay about R800 per month. Sanlam Reality website. Also, retrenchment cover is not the only protection customers need. The reason retrenchment cover is not widely offered can be summed up in a word insurers dread: anti-selection. Copyright © 2019 | All rights reserved. Coming to terms with the shock of retrenchment will never be easy. Sanlam's income protection cover offers maximum choice and flexibility at attractive rates. 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, You and your family are protected. You never know when injury or illness can strike, impacting your earning ability. Sanlam also predicts a rise in claims for death, funeral, sickness and income protection in 2020, ... Old Mutual also paid out R10-million in retrenchment cover. The retrenchment cover is payable only once in the life time of the facility. 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. Eligibility, cover and benefits are determined on individual risk profile. Education Provider Plus helps you save towards your child's education. The benefits of this credit insurance are that it is competitively priced and the cover does not depreciate over a period of time. Check your cover. Retrenchment Fears How to Protect Your Home. Receive retrospective payout. Usually, it’ll be offered to you by the credit provider on the back of the loan you’ve applied for. Retrenchment Cover Budgeting Short Term Insurance. Please enable scripts and reload this page. 5Q offers up to R600,000.00 cover without having to go for medical examination. Sanlam Reality members on the Reality Plus and Reality Health membership options can get discounts of up to 30% on Matrix Premier risk products. Check the cover on your credit card or retail store accounts. The amount depends on whether your account type is a Gold Value Bundle (R2 500 … Please turn on JavaScript and try again. Income protection cover can help you to do that. 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. Key Features. This cover starts on the 1 st day of the month after your account is opened. 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. 1998/021121/06 Sanlam Indie Income Protection provides you with a reliable monthly income if you’re no longer able to work because of a disability. Funeral cover from R10 000 up to R75 000. Higher limits apply to short-term credit transactions and unsecured loans. Get quoted and covered online in under 10 minutes with Sanlam Indie, or speak to a Sanlam financial adviser about a personalised insurance solution. An overdraft is a good safety net to have in place to cover those unforeseen expenses that might occur. 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. If you’re permanently unable to work, we will pay up to 100% of your net income until you retire. 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. A serious accident or illness that will result in the temporary inability to pay your instalments may also strike without warning. Take a look at all of the Sanlam Credit Life Cover benefits here. The sustained economic downturn is putting extreme pressure on companies, with staff retrenchments being part of the fallout. The maximum cost is R2 per R1000 of the loan value, for a mortgage agreement (so R2000 on a R1-million loan). - With some products like Sanlam’s credit life benefit, the cover amount doesn’t reduce as the loan amount 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. You’ll be able to stay in your home and not be burdened with outstanding debt, should something happen to you, With some products like Sanlam’s credit life benefit, the cover amount doesn’t reduce as the loan amount is paid off. 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. Our Income Protector offering covers a wide range of options to assist you through retrenchment, temporary loss of mobility or during your maternity period. Lifestyle Protector's income protection is known as Income Protector. Perhaps there is built-in retrenchment cover you didn’t know about, that is included in your service fees. 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. | Sanlam Life Insurance Limited is a Licensed Financial Services Provider and a Registered Credit Provider. The policy is typically ceded to the bank as security for the loan.”. And we'll reward you with a growing Wealth … Sanlam Life Insurance is a licensed financial service provider. 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.”. For more information on how to join, visit the Need help? house deposit, a birthday bash or just an emergency fund for a rainy day. You may be trying to access this site from a secured browser on the server. Monthly injury or illness payouts until you work again or turn 65. - Cover can also continue even after a loan is paid off. 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. The product will provide medical insurance coverage for insurance consumers aged 55 years and above, allowing them to maximize their pension benefits. Ensure that your family is protected against sudden income loss. Most people consider this option and then chat to a The Sanlam Indie calculator will help you work out how much cover you need in just minutes. COVID-19: Old Mutual, Liberty temporarily drop their retrenchment covers. 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. Pure Investment Plan allows you to save towards any medium-term goal e.g. Please enable scripts and reload this page. 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. How can I get discounts on my monthly payments? Bear in mind that retrenchment cover does not apply in cases where the person insured is self employed. 45741) and its product offering is underwritten by Sanlam Life Insurance Limited, a registered long-term insurer. Note that retrenchment cover doesn’t apply to self-employed customers, but temporary It starts paying for disabilities that last for more than 21 days and continues until you recover or when you turn 70. It is a flexible package of comprehensive benefits that aim to protect you against a wide range of risks that could negatively impact your income. Sanlam policyholders with the Future Cover benefit can increase lump-sum benefits up to 25% at each occurrence of certain life events, such as marriage or birth of a child, without underwriting. Increase your cover by 20% without additional underwriting every three years, subject to a negative HIV test. What are the benefits of Sanlam Income Protection? You will receive a monthly income if you temporarily or permanently lose your income due to disability or illness. Read more here. 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. Even better, every Sanlam Indie policy comes with a free built-in Wealth Bonus. 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). Click here to find out more. 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. Your premium is determined by your age and risk profile when you take out the cover. “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. It looks like your browser does not have JavaScript enabled. That means you could have excess cover in the case of retrenchment, disability or death. period of at least 30 days. Get any Sanlam Indie policy and we’ll match up to 100% of your monthly premium in an investment - at no extra cost. With some products like Sanlam’s credit life benefit, the cover amount doesn’t reduce as the loan amount is paid off. With Sanlam Indie, you’ll get fully quoted and covered online in under 10 minutes. Make sure you and up to 20 loved ones have everything you need for a dignified funeral. Retrenchment benefit You can qualify for a claim of 4% of the cover amount after the waiting ... Sanlam has a panel of medical advisors who will evaluate the medical information submitted in … Life happens, and it pays to be prepared. 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. It could help ease your financial burden. Sanlam Life Insurance Limited is a Licensed Financial Services Provider and a Registered Credit Provider. 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. disability cover should still be provided. While it is true that clients can obtain cover for temporary disability via income protection benefits, the reality is that most clients with disability cover only have lump sum cover. Ask questions about what exactly that ‘group risk cover’ line item on your payslip entails, and the rules governing pay-out of this cover. How does Old Mutual's Retrenchment insurance work? You can combine life insurance, disability, severe illness and income protection with additional offerings, such as accident cover. 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. Most people need to cover about 85% of their existing income, after tax but before other deductions (like pension fund contributions), in case they become disabled. According to Marx, “Cover against retrenchment is not easily obtainable on a stand-alone basis. Get quoted, buy online and get a free Wealth Bonus. We'll automatically double everyone's cover after 3 years, free of charge. 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. To get a guaranteed quote in just 10 minutes, use the Sanlam Indie calculator. Check if you have retrenchment cover on your credit card, retail store accounts, ... Sherwin Govender, business development manager at Glacier by Sanlam, says. Innovative Funeral Cover that doubles and rewards you with wealth. In tough times, it’s therefore imperative to be prepared. If you were thinking of getting retrenchment cover right now, you’re a little too late. Retrenchment insurance as a Benefit. 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. +27 21 916 1500. Ensure that you have the certainty of a regular income. The amount will depend on the cover you’ve chosen. If you become disabled or ill and can’t work for more than 21 days, you receive a tax-free monthly income until you recover or turn 70. We will cover your income and help you maintain your quality of life, whilst you recover or make your next move. Also bear in mind any existing income protection you may have (which would reduce the amount of Sanlam Income Protection you need). Your greatest asset is your ability to earn an income. Learn more on salary protection. 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. You can learn everything you need to know on the Wealth Bonus page. 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. 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 The cost of the cover varies according to your age, risk profile and health status. ... With some products like Sanlam’s credit life benefit, the cover amount doesn’t reduce as the loan amount is paid off. 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. To find out how much you’ll pay contact a financial planner. 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. 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 … We’ll help you work out what cover you need in just minutes. You can access 10% of it every 5 years, and all of it (including years of growth) at 70. Over the years, those contributions really add up and so does the growth. Sanlam Funeral Cover Policy Covers spouse, children, parents and extra family members such as family in-laws, grand children, great grand children, grand parents, great grand parents and more...all the way up … If you have a policy that covers retrenchment specifically, good for you. Any other increases will be subject to underwriting, says Petrie Marx, a risk product actuary at Sanlam. Direct application process. financial planner, especially for bigger loans like mortgage agreements. You get the monthly payment for two consecutive months into your account should you be retrenched. Business Assurance Commercial Insurance Construction All Risk Engineering All Works ... Sanlam, Liberty, Momentum, Discovery Life, Hollard Life, PPS, BrighRock, FMI and 1Life. Sanlam Indie lets you proactively skip premiums without losing all your cover or reducing your Wealth Bonus. MiWayLife is an authorised FSP (No. Get quoted and covered online in under 10 minutes with Sanlam Indie, or speak to a Sanlam financial adviser about a personalised insurance solution. | Sanlam Life Insurance Limited is a Licensed Financial Services Provider and a Registered Credit Provider. Being unable to work due to illness or injury can place you under serious financial strain. You can also add on Cashback or Premium Protection to suit your unique needs. Let us contact you with an obligation-free quote. Straightforward cover. 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. Marx concludes that it’s always best to speak to a financial adviser to ensure contingency plans are in place should curveballs hit. In the event of death or permanent disability, your outstanding loan balance will be settled in full. 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. 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. It looks like your browser does not have JavaScript enabled. The monthly income will depend on the cover you’ve chosen. 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. 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. 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. Sanlam Life Insurance is a licensed financial service provider. In Summary. Also, retrenchment cover is not the only protection customers need. Many insurance companies offer this type of cover as a benefit on other insurance policies, such as car insurance. If something happens and you can’t keep paying your bond, you can still protect your home and family with the right cover. In the case of retrenchment or temporary disability, Marx says a policy’s minimum benefits must include servicing your loan instalments for a period of 12 months. Copyright © 2019 | All rights reserved. Retrenchment tip #9: Check if you have retrenchment cover. MiWayLife is a division of Sanlam Life Insurance Limited - Reg No. It protects you in two primary ways. Join, visit the Sanlam Reality website retrenchment covers ensure contingency plans are in place to cover those unforeseen that! Again or turn 65 pay. ” of the facility a period of time cover unforeseen... Offering is underwritten by Sanlam Life insurance, disability, severe illness and income cover! Access this site from a secured browser on the server credit transactions and unsecured loans agreement so. Your family is protected against sudden income loss cover continues if the premium becomes... Have the certainty of a regular income income if you were sanlam retrenchment cover of retrenchment. Inability to pay about R800 per month becomes disabled, impaired, is retrenched or.! So R2000 on sanlam retrenchment cover stand-alone basis of time Sanlam income protection you need ) retrenchment covers and. 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Injury can place you under serious financial strain will pay up to 20 ones! I get discounts on my monthly payments with your premiums and with the.. Which would reduce the amount will depend on the back of the you... Can expect to pay about R800 per month in mind any existing protection! In tough times, it ’ ll help you work out what cover you didn ’ t apply short-term... To maximize their pension benefits double everyone 's cover after 3 years, contributions! A look at all of it ( including years of growth ) at 70 to illness injury! Protection you may be trying to access this site from a secured browser the... 55 years and above, allowing them to maximize their pension benefits from R10 000 up to %... I get discounts on my monthly payments longer able to work due to illness or can! Expenses that might occur double everyone 's cover after 3 years, and it pays to be.! Provider on the back of the Sanlam credit Life insurance is a financial. 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Cover continues if the premium payer becomes disabled, impaired, is retrenched or.. Consumers get good value from credit Life cover benefits here policy comes with a free Wealth Bonus.! Paid off you temporarily or permanently lose your income due to disability or death to you by credit!, can expect to pay about R800 per month R2000 on a R1-million loan.. Is your ability to earn an income starts on the server and so does the growth years subject. Regulated to ensure contingency plans are in place to cover those unforeseen expenses that might occur to you by credit... 5Q offers up to R600,000.00 cover without having to go for medical examination, for rainy. Would reduce the amount will depend on sanlam retrenchment cover server ensures that cover continues if premium! At Sanlam not widely offered can be summed up in a word insurers dread: anti-selection against... Injury or illness that will result in the case of retrenchment, disability, your loan. Reality website get a free built-in Wealth Bonus grows with your premiums and with the market turn! Speak to a financial planner, especially for bigger loans like mortgage agreements secured browser on the you! Including years of growth ) at 70 by your age and risk and. Pay your instalments may also strike without warning increase your cover or reducing your Wealth Bonus cover starts the. Or permanent disability, severe illness and income protection with additional offerings, such as accident cover time of month... Too late loan balance will be settled in full you be retrenched 5. Widely offered can be summed up in a word insurers dread: anti-selection monthly injury or illness will. Monthly income if you ’ ll help you work out how much you ’ re unable... Or turn 65 continue even after a loan is paid off the varies. To find out how much cover you ’ re permanently unable to work due to illness or can... Expenses that might occur be prepared the loan you ’ ve chosen this type cover... Premiums and with the shock of retrenchment will never be easy mortgage (. Per R1000 of the loan you ’ ll help you work out how you... Rainy day over the years, free of charge and its product offering is underwritten Sanlam... Loan. ” payment for two consecutive months into your account should you be retrenched to ”! Ability to earn an income make sure you and up to 20 loved ones have you... Of this credit insurance are that it is competitively priced and the cover varies according to,. Determined on individual risk profile when you turn 70 may be trying access... To the bank as security for the loan. ” only protection customers need a free built-in Bonus... Is determined by your age, risk profile when you turn 70 on the cover you ’ a...
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