What happens to my Sanlam Indie Wealth Bonus when I claim?
Best case scenario: You’ll never have to claim and, if you keep your benefits active and keep paying your premiums until your 70th, your full Sanlam Indie Wealth Bonus will be yours just in time for that rocking(chair) party 🎉.
Worst case scenario: You or your family needs to claim. The impact your claim will have on your Sanlam Indie Wealth Bonus is going to depend on the type of claim.
If you die…
If you die before you turn 70, any unlocked Sanlam Indie Wealth Bonus will be paid out to your beneficiaries or your estate, along with the main claim payout. The locked Sanlam Indie Wealth Bonus that you would’ve received at 70 does not get paid because, if we did that for everyone who died, we’d have to make premiums a lot higher from the start.
*This applies to Sanlam Indie Life Cover, Sanlam Indie Death Income Protection and Sanlam Indie Funeral Cover.
If you become disabled…
If you become disabled to the point that you’d permanently be unable to do your job, we’ll pay out the cover amount that you have at that stage. Thereafter, the Disability Cover benefit will fall away but, since you’re still alive, your other benefits will continue 💪🏾. Because you’ll now have fewer benefits to pay for, your premium will decrease, and that’ll mean the amount we contribute toward your Wealth Bonus each month will lower. All unlocked Wealth Bonus amounts remain untouched and available to you to cash out if you want.
*This applies to Sanlam Indie Disability Cover only.
If you get seriously ill or temporarily disabled…
If you get a serious disease or a temporary disability that causes you to lose your income, the benefit will continue with the same premium because you can claim again in future and there will be no impact to your Sanlam Indie Wealth Bonus.
*This applies to Sanlam Indie Critical Illness Cover and Sanlam Indie Income Protection only.
If a family member dies…
If someone you’ve added to your Funeral policy dies, you’ll no longer pay the portion of your premium that covered that person’s life. That means your premium will decrease, and the amount we contribute toward your Sanlam Indie Wealth Bonus each month will be lower. Unlocked Sanlam Indie Wealth Bonus remains untouched and available to you to cash out if you want.
*This applies to Sanlam Indie Funeral Cover only.