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How are premiums calculated?

It’s a bit of a science actually. 

The simplest explanation is that the more claims we think we’ll have to pay out, the higher premiums will be.

The science behind insurance premium calculations boils down to what we expect to pay out in claims. So we use mountains of data, a lot of industry experience and good old fashioned actuarial judgement to make an educated guess as to how many claims we will pay.

The more claims we expect to pay, the higher the premiums will be. This is why, typically, someone quite old will pay more for life insurance than someone quite young.

But age isn't the only thing we look at to guess future claims. Women pay less for life insurance than men, because on average, women live longer. And similarly, smokers will pay more than the people who don't smoke, because smokers will often get sick before non-smokers. 

What will my premium be?

The quickest way to find out how much we charge for insurance is to complete our online application process and get a sample quote based on your answers.

We’ve used some of the latest data analytics insights and cutting-edge technology to give everyone a quote based on their unique circumstances. So for some clients, our premiums will be a really good deal. For others, we might not be the cheapest option out there.

It’s up to you whether you take us up on our offer, but before you decide, consider looking under the hood to see what you’re getting for your money.

How do I edit my premium?

As long as you’ve answered our underwriting questions honestly, you can edit the payout or cover amount for each product before you accept the quote. If you’ve budgeted a certain amount and the sample quote seems too expensive, you can reduce the cover for specific products or remove them altogether. You can keep tweaking the quote until you are happy with the products, the cover amounts and the overall premium. (Remember, the higher the premium, the higher the corresponding Wealth Bonus match and total investment.)

If you already have a policy and would like to reduce or increase your premium, get in touch with us via our live chat button or by emailing

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No jargon. No messy paperwork. Just world-class products that are simple to use, easy to understand, and incredibly rewarding - allowing more ways for you to create and protect wealth.

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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

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