What happens if I lower my cover?

So... you're thinking of lowering your cover? Okay, before you do, you should definitely read this... 

Lowering your cover may result in a gap between your needs and what we’ll pay out if you claim. 

When you apply for Sanlam Indie insurance, we ask you a bunch of questions about yourself. We take your answers, do some hectic maths, and work out how much money (or cover) you’ll need should things go wrong.

Although the cover we suggest is carefully calculated to give you peace of mind that the financial stuff is covered, it’s totally up to you how much cover you actually want to buy. Just know that if you choose to lower the cover amount, it could mean that the money we pay out when you claim will be less than what you actually need, which would be a real downer.

Here’s an example. Let’s say we recommend a cover amount of R20,000 to replace your income if you get disabled and aren’t able to do your job. But instead, you choose to take only R15,000 per month. Okay... so your premiums will be cheaper, but the risk you’re taking is MUCH bigger. You see, if you did become disabled and lost your normal income, we’d only pay you R15,000 per month and that could mean you’d have to downgrade your lifestyle, which is probably not something you want to worry about during such a tough time.

You can lower your cover anytime, just let us know at least 5 working days before your next billing date. Keep in mind, halving your cover does not equate to half of your premium. Understand what you can afford and make sure you’re covered for the essentials. 

Bottom line is, we’re here to help you make good choices, but ultimately the choice is all yours.

Remember, if times are tough, you can always skip premiums without losing your cover completely.