It’s up to you, the policyholder, to tell your loved ones that they’re beneficiaries on your Sanlam Indie policy. It might be a good idea to print out your policy schedule and keep it somewhere safe where your partner or kids will easily find it after your death. (Also, it should be somewhere obvious – like in a clearly-marked file with other personal documents, rather than a secret box in the roof.) Another option is to include the Sanlam Indie policy number and the names of your beneficiaries in your will, and let your executor know.
If you’ve specified your beneficiaries, we’ll make the payment to them directly once we’ve finalised the claim on your policy. It’s a good idea to keep the beneficiaries listed on your policy updated, and you can contact us at any time to make those changes.
If you haven’t specified a beneficiary, or we can’t find your beneficiary, or if your beneficiary is no longer around to get the payout at the time of your death, the cash will be paid into your estate. That means that the payout will first be used to settle your debts, and then the executor will administer the remaining funds to your next of kin.
Many people get life insurance to protect their kids, but since we can’t pay out directly to minors or to anyone without a bank account, you may want to chat to a lawyer, or with your bank, about setting up a trust for your children. It’s a good idea to include in your will how your payout should be handled.
If you don’t have a will, one option is to use Sanlam’s online tool to get one.
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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