Why is my cover so expensive?

Every insurer works a little differently, so it’s worth shopping around for quotes before you take out an insurance policy.

We reckon Sanlam Indie is pretty good value for money, but we’re not promising we’ll always be the cheapest deal out there. It’s up to you to decide whether our premiums are worth the cover you’ll get from us.

If you’ve got a Sanlam Indie quote that’s higher than a quote from another insurer, or higher than a policy you already have with someone else, there might be a few reasons:

1. You’re older or less healthy now

Insurers will underwrite your policy at the time that you take it out, which is why it’s usually better to get insurance while you’re young and fit. Things like increased age or new health problems that didn’t exist the first time around could increase your premiums, or might exclude you from certain types of cover.

2. Your circumstances have changed

Different circumstances might put you in a different risk category. Believe it or not, occupation 🛠 is a good indicator of risk for insurers, so if you’ve switched careers, it could affect your premium. Even something like being married 💍 can lower your premium for certain products by as much as 30%.

3. The policies have different underwriting rules

Insurers all have their own ways of calculating risk, and they might have different opinions about what counts as acceptable risk for insurers. For example, Sanlam Indie (as part of Sanlam Life) will only offer you accidental cover if you’ve previously had cancer, but other insurers might be willing to offer you full cover.

4. The difference is in the fine print...

Always read the fine print. You might get a lower quote with another insurer, but maybe they have longer waiting periods or place more exclusions on the policy.

5. The other guy doesn’t offer awesome loyalty benefits

Sanlam Indie gives you Wealth Bonus, a benefit that comes with every policy. So, if you get Sanlam Indie early enough, you can expect to get back multiples of your premiums when you turn 70.

We want you to have the best cover you can get, so if you find a better deal out there, you should definitely consider taking it. But always compare the policies themselves, and not just the premiums, before you make your decision.