What's a beneficiary?
A beneficiary is the person who gets the payout from your insurance in the event of a claim.
YOU, the policyholder, are automatically the beneficiary for disability benefits (products that pay out if you get disabled and can’t work anymore) or dread disease benefits (products that pay out if you get very sick).
Beneficiaries from products that pay if you die
For death benefits like Life Cover + Quick Payout, Funeral Cover or Death Income Protection you need to tell us who the beneficiary should be. We need their name, date of birth and relationship to you.
You can add more than one beneficiary, in which case you’ll need to tell us the proportion of the payout that should go to each beneficiary (for example, 50% for each of your two children.)
With Sanlam Indie, you can’t choose beneficiaries per product. If you have more than one death benefit, the two payouts will be lumped together and divided between your beneficiaries according to the percentages you’ve chosen.
You can also cede your policy to the bank, which means you make the bank your beneficiary. Banks sometimes make this a requirement for getting a home loan.