The ins and outs of unclaimed benefits
Published on 17th April, 2024 at 04:32 pm
Unclaimed benefits like money from matured investments, funeral cover or life insurance that has not been claimed, could be waiting for you to claim them. Here’s a guide to finding out if you qualify.
Estimated reading time: 5 minutes
What exactly is an unclaimed benefit?
An ‘unclaimed’ benefit is a benefit that has not been paid out, or claimed by a member since it became due to them to claim it. Often, you may not even realise that a claim is owed to you. This could be for a number of reasons, like your contact number changing, a financial institution having incorrect details, or a family member not letting you know that you were their beneficiary.
How can I find out if I have an unclaimed benefit?
Sanlam has created a process that allows members to check if they have unclaimed benefits due to them. Here are three easy ways to check:
Contact the Sanlam call centre
If you or your loved ones have Sanlam products, and you believe claims may be due to you (or you’re just unsure!), you can contact our call centre. Provide our call centre with your personal details (like your ID number), and we will locate any unclaimed benefits in your name. You can contact us on 0861235433 or email info@sanlamsky.co.za.
Visit your nearest Sanlam branch
If you’d prefer to check in person, you are welcome to visit your nearest Sanlam branch . Simply provide us with your personal details, and we’ll check if you have an unclaimed benefit due to you. Keep in mind that we can only check if you have unclaimed benefits from Sanlam products.
Check the Financial Sector Conduct Authority (FSCA) website
It’s possible that you or your family could have policies and plans with a number of financial institutions. The FSCA makes it easy for you to check for claims across a range of institutions.
All you have to do is provide your personal details, so they can check for any outstanding claims. They’ll do all the necessary background checks to make sure the claims are going to the right person, like double checking that contact and personal details match up. You can access the FCSA website here: https://www.fsca.co.za/Pages/Default.aspx.
Can you stop a policy from becoming ‘unclaimed’?
Yes! Whenever you take out a new policy or product, we recommend keeping a few things in mind. By following these easy steps, you can make sure that you claim your policy when it’s due to you, so you and your family can enjoy your investment benefits.
- Keep your personal details up to date on your policies, including your latest bank details.
- Ensure there is a nominated beneficiary on all your policies.
- Make sure that your nominated beneficiary’s details are up to date.
- Tell your family about your policies, so they are able to submit claims.
Think you might have unclaimed benefits?
We’ll be sending an SMS to our clients who qualify for unclaimed benefits from a Sanlam product. Keep an eye out for a message so you can find out if there is something waiting for you to claim.
For more information, you can contact our WhatsApp line or our Call Centre on 0861235433 or speak to your trusted financial adviser.
Sanlam Life is a licensed life insurer, financial services provider, and registered credit provider (NCRCP43).
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