What's a beneficiary?
A beneficiary is the person who gets the payout from your insurance in the event of a claim.
Who is the beneficiary of my policy?
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). So at Sanlam Indie, that's Critical Illness Cover, Income Protection or Disability Cover.
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.
How do I check the beneficiaries on my policy?
You can check your policy document that was sent you you when you joined us. Or simply log in to your Dashboard.
How do I change beneficiaries or add a beneficiary to my policy?
You can add beneficiaries to your policy during the quote process, or leave it till later. If you want to add a beneficiary after you’ve already taken out a policy, you’ll need to contact us. Make sure you have your chosen beneficiary’s full name and date of birth ready for us.
Once we’ve added the person to your policy, we’ll send you an updated policy document. It’s very important that you check to see whether their details are correct. Mistakes might cause delays when it comes time to pay out to them. In extreme cases we might not be able to pay your beneficiaries at all (in which case we’ll pay into your estate).
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.