How do I compare quotes?

You’ll keep your life insurance policy for a while, so you should definitely shop around to find a good fit. But it can be hard to compare policies because they're so complicated.

Here are some differences to look out for when you’re shopping for the best deal:

1. Compare the monthly premiums‍

It might seem obvious, but the monthly premium for a policy is just 1 thing to compare across insurers. If your Sanlam Indie quote is more expensive than your current policy, there might be a few reasons. (Read on!)

2. Look at the premium patterns over time

Sanlam Indie premiums will automatically increase every year for underwritten insurance. For Funeral Cover, premiums remain the same for the first year and then increase by 5% every January.

Another insurer might offer you premiums which are low now, but may increase at a higher rate as time goes by. Your best bet is to compare premium patterns that increase at roughly similar rates. Sanlam Indie’s premium pattern is unique, but it’s closest to an “age-rated pattern” from other insurers.

3. Consider the rating factors

We use a LOT of information to determine premiums – more than the average insurer out there – so our clients get the right premium for their individual situation. But where 1 client might get a cheaper deal with us, another might get a more expensive quote because we’re factoring in something the other insurer hasn’t. For example, motorbike drivers and non-married lives pay more for death benefits with us than with some of our competitors.

4. Compare the benefits of each policy

Death benefits are usually pretty similar across insurers. But with other products, a few things might cause premiums to vary. It can get a bit complicated, but here are some things that might affect your premiums:

Income Protection:

• How long is the waiting period? If a disability protection benefit only pays out after a month, it’ll be cheaper than one that pays after a week – simply because the insurer won’t have to make payouts as often. Sanlam Indie’s waiting period is 21 days.

• Does the payout increase with inflation? A benefit where the payout grows with inflation costs more than one where the payment stays the same. Sanlam Indie’s Income Protection benefit automatically increases annually to keep up with inflation.

• When does the benefit expire? Another insurer may offer cheaper premiums because they stop paying claims from as early as age 55 or 60. The older you are when an insurer will pay out, the higher the premium, but also, the more comprehensive the cover. Sanlam Indie pays out until age 70, which is more generous but it costs more.

Lump Sum Disability:

• Are only some injuries covered? Disability products sometimes only cover very specific injuries, like losing the use of both your legs or completely losing your eyesight. You might not be able to do your job, but still wouldn’t qualify for the payout because your injury didn't meet some criteria of "severe enough". For example, a surgeon who lost a finger wouldn’t qualify for a payout under these sorts of policies.

• Am I covered if I can’t do my job? With Sanlam Indie, you’re covered if you can’t perform your job, no matter how "serious" the injury is. But we also cover some predefined injuries whether you can do your job or not. For example, an accountant who lost both their legs would still be covered with us if they have Disability Cover.

Critical Illness Cover:

• Is the cover tiered? It’s common for insurers to pay out a percentage (less than 100%) of the overall cover based on the stage of cancer. What’s less common is an insurer that pays out more than 100% of the cover. That’s actually something we do: for aggressive cancers, we pay out 150% of the cover amount!

5. Check loyalty benefits, wellness programmes, or other extras

We also give you Sanlam Indie Wealth Bonus, a benefit that tracks the market like a real investment and which comes free with every policy. So, if you get a Sanlam Indie policy early enough and stick with us, you can expect a hefty portion of your premiums back when you turn 70.

Curious to see what your cover would be with Sanlam Indie? Get a free quote in under 10 minutes with our spam-free, no obligation online process.‍