What happens to my 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 Wealth Bonus will be yours just in time for that rocking(chair) party 🎉.
Worst case scenario: You may need to claim, which will probably mean you’re either disabled, have a very serious illness, or… um… you’re dead ☠️. The impact your claim will have on your Wealth Bonus is going to depend on the type of claim.
If you die…
Wealth Bonus is for the living, so if you’re worm food 🐛, it’s no longer for you.
But… all the Wealth Bonus amounts that are available to be withdrawn (i.e. previously unlocked CashDrops that you didn’t cash out) will be paid out to your beneficiaries or your estate, along with the claim payout. The locked part of the 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’ll invest into 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 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’ll invest into your Wealth Bonus each month will be lower. All unlocked Wealth Bonus amounts remain untouched and available to you to cash out if you want.
*This applies to Sanlam Indie Funeral Cover only.