Can I convert my existing insurance to Sanlam Indie?
Of course you can cancel your existing insurance policy and take out a Sanlam Indie policy.
But before you switch, ask yourself these financially savvy questions:
Will I be accepted?
Before you have a high school flashback 😱, we're talking about the fact that insurance companies don’t have to offer you cover. So, before you cancel your existing cover, it’s best to make sure that the other provider will in fact offer you cover. If, for example, your health has gone down since you took out your existing cover, a new provider might offer you cover with certain things being excluded, or no cover at all.
What’ll it cost to switch to Sanlam Indie?
Most people look at the premium they'll start with at the new provider and compare that to what they’re currently paying. But insurance premiums are set to grow at different rates and that’s why it’s really important to compare how these different premiums will change over time. For example, if an existing premium is set to grow at 10% per year while a new premium only grows at 3% each year, the existing premium is not necessarily a better deal, even if it starts off cheaper 💸.
Is the cover the same?
Despite having the same names, not all insurance products are created equal. Similar-sounding products might actually cover you for different things. You should compare your policy contracts to see:
- What you’re covered for
- What exclusions are applied
- Whether the insurer will pay out the full amount or only a percentage of the cover
- Whether you’re only covered for accidental causes or natural conditions as well
Are there any major differences?
Are there any added features that stand out between the two policies? Insurance providers sometimes offer extras like a return of premiums if you don’t claim, future premium discounts or options to convert a policy to something else or to buy more cover in future without having to prove your health.
The bottom line is, we’d love to have you fully insured with Sanlam Indie, but we also care about your financial well-being. So get yourself clued-up to make smart choices. ⭐