A payout is the amount of cover you have for a specific product or benefit.
But your payout is not always the same as your original cover amount. For example, you might take out R20,000 cover but because you missed 2 premium payments your cover has decreased. Should you claim, your payout might only be R14,000. Or, let’s say you took out R40,000 Funeral Cover 2 years ago and last month you add an extra R10,000. You are covered for R50,000 in total, but should you claim, your payout will only be R40,000 because the waiting periods on the extra R10,000 are not over.
The payout can either be an income or a lump sum payout. For income payouts the benefit will pay out that amount as a monthly income for a valid claim. A lump sum payment means that you or your beneficiary will get the total payout amount in a single payment for a valid claim, and then the benefit stops.
Benefits for income-style payouts:
Sanlam Indie Income Protection
Sanlam Indie Death Income Protection
Benefits for lump sum payouts:
Sanlam Indie Life Cover
Sanlam Indie Disability Cover
Sanlam Indie Critical Illness
Sanlam Indie Funeral Cover
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