Am I still insured after age 70?
When you take out a life insurance policy with Sanlam Indie, you'll be covered from the moment you sign up for as long as you pay your premiums (and we don't even mind if you skip a few).
In other words, more traditional life insurance products like Life Insurance Cover and Life Cover will pay out to your loved ones whether you die at 32, 75, 94, or become a medical marvel 🙌🏽at the age of 157. Our Critical Illness Cover will also pay out at any age as long as it's a legitimate claim.
Of course, that doesn’t apply to products like Death Income Protection, Disability Cover, and Income Protection, which are linked to your ability to work. For these types of policies, your cover will stop when you reach 70, because you’ll probably have retired and will no longer have an income that needs protecting.
Wealth Bonus is something else altogether. It’s a separate, additional payout that will be made to you when you reach 70. Think of it as a performance bonus for living well 🎉. Whereas your life insurance is for those left behind, your Wealth Bonus is for you to do with as you please – whether that's reinvesting it or just buying that yacht ⛵️you always wanted.
Once you pass that age 70 milestone, you’ll still pay your premiums to keep your life insurance cover. But the Wealth Bonus in your investment account will become unlocked in full. At that point, you can choose to withdraw the full amount and close the account, or keep some or all of it invested so your wealth keeps growing. And hey – aim for age 157 🎯!