What may cause my Sanlam Indie Wealth Bonus to drop?
For every premium you pay, we contribute to your Sanalm Indie Wealth Bonus. This money grows with every contribution and tracks the market like a real investment. Small amounts become available along the way, and the whole lot pays out when you reach 70.
The only ways you might lose all or part of your Sanlam Indie Wealth Bonus are:
- You allow your policy to lapse by skipping too many premiums
- You cancel your policy
- The returns on the investment that your Wealth Bonus tracks are negative (depending on the way you choose to invest your Wealth Bonus in future – for now, we only invest in Money Market by default)
- You withdraw unlocked money from your Wealth Bonus
Alternatively, our contributions could decrease. Our contributions are calculated based on your premium value and current age. Here are things that could cause our contributions to reduce:
- You get older
- You lower your cover and therefore your premium
- You cancel some existing benefits, but still have others active
- You claim on a benefit that causes it to end (e.g. Sanlam Indie Disability Cover), but your other benefits are still active
Finally, if you withdraw any unlocked Wealth Bonus, that will cause the total overall value of your Wealth Bonus to decrease.