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If my premium changes, how does it affect my Wealth Bonus?

Our Wealth Bonus investment in you always matches your premiums with a proportionate payment, e.g. 100% if you’re 20-30 years old, so if your premium gets bigger or smaller, our monthly contribution will grow or diminish proportionately. The Wealth Bonus you’ve already earned remains untouched and continues to grow.

What happens if my premium increases?

‍There are a number of reasons why your premium might increase. 

In January each year, we calculate a new premium for you based on inflation and your age at that point. This means that as the years go by, your premiums tend to increase. Another reason might be that you purposefully added more cover.

We match a percentage of your premium (depending on your age) and put it into an investment for you to use as a retirement booster when you reach 70. Because we work with percentages, when your premium value increases, so does the amount of Wealth Bonus we’ll contribute monthly, all else remaining equal.

That said, the percentage of Wealth Bonus we match will get smaller after age 30.

What happens to my Wealth Bonus if my premium reduces?

When you reduce your premium, nothing happens to the Wealth Bonus you’ve earned so far, but the monthly Wealth Bonus contribution we add into your growing investment will drop because this is calculated as a percentage of your premium.

For example, say you were a 28-year-old paying R200 a month for your Sanlam Indie policy. At that age, we’d be matching 100% of your premium – so we’d contribute R200 a month into your investment account. If you decided to reduce your cover and started paying R150 a month, the existing Wealth Bonus would remain untouched and would continue growing. But we’d start putting R150 a month into your investment from that point on, to match your reduced premium.

Whenever you reach a CashDrop milestone, you’ll be able to draw 10% of whatever your total Wealth Bonus amount is at that point, no matter how much your contributions to the fund changed over the years.

What happens to my Wealth Bonus if I skip/miss a premium?

Skipping or missing a premium doesn’t affect your accumulated Wealth Bonus in any way. The next premium you pay, you’ll earn Wealth Bonus again. Just be sure to double check how many premiums you can skip before your policy lapses.

Your CashDrop value will also stay the same 🤙), but you'll have to wait a month longer to get it 😬 because your CashDrop becomes available after 60 premiums have been paid.

What happens to my Wealth Bonus if I cancel my policy?

If you cancel your policy or you skip too many premiums and your policy lapses, you will no longer have life insurance cover and you’ll lose any locked portions of your Wealth Bonus.

...or it lapses because I skipped too many premiums?

Same thing. Your locked Wealth Bonus is lost forever.

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