Why does Wealth Bonus only pay out at 70?
It might seem a long way off, but the truth is, 70 isn’t that old anymore.
Most South Africans are woefully under-prepared financially for their retirement – they just won’t have enough money to live comfortably from the day they retire until the day they die. 👻
According to Statistics South Africa (2017), life expectancy is currently hovering at around 65 or 67 for South Africans. But that’s just the average for a baby born today 👶🏼. If you’re over 18 and in a position to buy life insurance, you’re likely to live far beyond age 70.
For example, let’s say you’re a 30-year old, married, non-smoking man 👨🏾. You’ll have a life expectancy of about 85 – only 14% of you are expected to die before age 70.
And if you’re a 30-year old woman 👩🏽reading this, your life expectancy is closer to 95 and only 7% of you are likely to die before 70.
Remember, more traditional Sanlam Indie life insurance policies like Life Cover and Critical Illness Cover will pay out at any age – whether it’s at 50, 90 or 150 – as long as you've been paying your premiums and it's a legitimate claim.
But Wealth Bonus is an extra cash bonus that costs you nothing. And it’ll pay out in full when you reach 70, the perfect time to give your retirement a financial boost. Think of your Wealth Bonus payout as our reward 🏆to you for living a responsible and healthy life 💪🏽. As we like to think of it: most policies only pay out if you die, but at Sanlam Indie we pay out if you die and if you live, which is pretty rare in the life insurance business.
And it's the gift that keeps on giving, because your Wealth Bonus isn't completely off limits till you're 70 anyway: you can always choose to withdraw your CashDrops as they get unlocked (every 60 premiums).