What are the rules for skipping premiums?
We let you skip premiums when times are tough, BUT we do limit the amount of skips you can have.
Rules for skipping premiums
- If you skip your very first premium, your policy will go into an inactive state. If you skip your second premium as well, then the policy will lapse.
- You can skip 5 premiums in a row. If you skip 6 premiums in a row at any time your policy will automatically be cancelled and you will have to take out a new policy if you want to be covered.
- You can skip 5 premiums total in the first 3 years. If you skip 6 premiums in the first 3 years of taking out your policy, your policy will lapse.
- After your first 3 years have passed, we reward you with an extra 2 possible premium skips. For every year after that, you get an additional 2 premium skips.
- Your premium skips are calculated from the day you make your first successful payment to us. Adding new products to your policy won’t earn you any extra premium skips.
Some examples
🧔🏻Kyle is in his first year at Sanlam Indie. He skips 5 premiums in a row, pays one premium, and then skips a 6th. He fails to make up the payment within 30 days, so his policy lapses.
👩🏾Over the course of her first 3 years with Sanlam Indie, Thandi skips 2 premiums, then pays a few, then skips 2, then pays a few, then skips 2 again. She has now skipped 6 premiums total and cannot skip more. In her 4th year, she earns an additional 2 premium skips, but skips 3 premiums. Her policy lapses.
👨🏽Rumi doesn't skip any premiums for 5 years so has earned a total of 16 possible premium skips. He doesn't pay his premium for 6 months in a row and so his policy lapses.
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