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What happens if I have to skip a premium?

We do allow you to skip a limited number of payments, so there’s no need to make up a missed payment unless you want to. If you don’t make up the payment we’ll automatically lower your cover amount for a while.

How do I skip a payment?

If you’d like to skip an upcoming premium for any reason, please contact us and let us know a few days before we’re due to collect. Remember, your bank might charge you additional fees if you have insufficient funds in your account on that day.

What happens if I miss my first premium?

If for some reason your first premium payment doesn’t reach us on the day you chose, we’ll stop giving you cover but we won’t cancel your policy just yet. We’ll try to contact you to fix this.

We’ll try again the following month. If that collection also fails, your policy will be cancelled and you’ll need to take out a new policy. If the second  payment is successful, we'll reactivate your cover.

What if I want to make up a missed payment?

You can do this within 30 days before your next payment is due - just contact us to arrange it. If you’d like us to deduct your next premium twice, you’ll need to let us know 5 business days before your next payment date. 

You can only make up one payment at a time. If your next payment date has rolled around, it’s too late to make up the missed payment.

What happens to my cover when I skip a premium?

At Sanlam Indie, we don’t treat skipped premiums like traditional insurers. We’ve kept it really simple: the amount of cover you have depends on how many premiums you’ve paid in the last 6 months.

Let’s break it down with an example: 

Say you get insured with R600,000 Sanlam Indie Life Insurance Cover and pay your premium for a few months. In March, you spend a bit too much, so by the time your Sanlam Indie premium has to be paid on your billing date of 1 April, there is not enough money left and you miss the payment.

A short while later we confirm that you paid all your premiums except the last one. So, out of the last 6 that were due, you paid 5. Your cover amount is therefore 5/6 x R600,000 = R500,000.

We don’t automatically “double deduct”. That means in May, we won’t try to debit two premiums unless you ask us to. If you’d rather skip May's premium too, we’re fine with that. It would mean you'll have paid 4 out of the last 6 premiums, so your cover would then be 4/6 x R600,000 = R400,000.

Now let’s say you pay your premium in June, July, August, September, October and November. After November’s payment, you’ll have made 6 out of 6 payments, so your cover will be back at R600,000. 🕺🏾

Remember that if you ever skip 6 premiums in a row, your cover will drop all the way down to 0 and your policy will lapse.

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