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:
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.
By replacing your insurance policy you might lose your current benefits, pay a higher premium, have more exclusions, or get less comprehensive cover.
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 premium patterns 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, you’ll pay more in the long run) .
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
If new waiting periods will apply
If you take out a Sanlam Indie Funeral Policy within 31 days of cancelling a policy with another provider, we’ll take into account the amount of time you’ve already been insured when working out what your waiting period should be. But we’ll only take into account the waiting period for the lives and cover amounts of your previous policy. Any extra cover, or any new lives added to your Sanlam Indie policy will start a new waiting period.
If you replace an underwritten insurance policy with a Sanlam Indie policy, any waiting periods you served on the old policy won’t count toward your new Sanlam Indie policy. This is because different insurers have their own unique terms and conditions, which might include different waiting periods for different conditions.
Are there any added features that stand out between the 2 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 clued up to make smart choices with these insurance tips.
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Copyright © Sanlam Indie 2022. All Rights Reserved. Sanlam Indie's product offering is underwritten by Sanlam Life Insurance Limited, a licensed life insurer & financial services provider. Sanlam Indie is a division of Sanlam Life Insurance Limited - Reg No. 1998/021121/06. Sanlam Life Insurance Limited is an authorised FSP (No. 2759). Address: 1st Floor Glacier Place, 1 Sportica Crescent, Tygervalley, Cape Town, 7530