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Will my monthly premium go up over time?

Yip, it’s likely that from year to year your monthly premium will go up.

The good news is that when your premium goes up, we'll add more to your Sanlam Indie Wealth Bonus too!

How will my Life Cover premium change over time?

Everyone’s policies are reassessed every year. This is called rerating, and at Sanlam Indie, we rerate every January regardless of when you started your policy.

That means if you get a new policy in December, your premium will likely increase the following month. If you get a new policy in January, your premium and cover will remain unchanged until the following January.

We will always give you the option to reduce your cover at that point if you'd prefer to keep your premium flat.

‍How will my funeral premium change over time?

It’s a different story for funeral cover. Your premium and cover will remain the same  for the first year. After a year has passed, the following January we’ll increase your premium by 5%, with no increase in cover. (We’ll do this every January going forward).

Once you’ve had your cover for 3 years, we’ll double it without increasing your premium. If however, you increase your cover or add any family members to your policy at a later stage, your new cover will only double from the date it becomes active.

Confused? Let’s look at an example.

Let’s say in August 2021 you bought R10,000 funeral cover for yourself for R100* per month.

  • In January 2022, you had the policy for less than a year - so no premium increase.

  • In January 2023, your premium increases by 5% and goes up to R105, but your cover remains at R10,000.

  • In May 2023 you increase your cover to R15,000. 

  • In August 2024, you’ve had your policy for 3 years, so your original cover of R10,000 doubles to R20,000. Your additional R5,000 cover will only double in May 2026. 

*These amounts are not guaranteed and are for illustration purposes only.

Please note: 

  • Funeral policies bought before 27 February 2020 are subject to a flat premium, if no changes are made to the cover amount.

  • Funeral policies bought between 27 February and 20 August 2020 are subject to a 5% premium increase after 5 years, if no changes are made to the cover amount.

  • Funeral policies bought after 20 August 2020 are subject to an annual 5% premium increase.

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Copyright © Sanlam Indie 2022. All Rights Reserved. Sanlam Indie's product offering is underwritten by Sanlam Life Insurance Limited, a licensed life insurer & financial services provider. Sanlam Indie is a division of Sanlam Life Insurance Limited - Reg No. 1998/021121/06. Sanlam Life Insurance Limited is an authorised FSP (No. 2759). Address: 1st Floor Glacier Place, 1 Sportica Crescent, Tygervalley, Cape Town, 7530

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