Build secure financial wellbeing with a strong insurance policy

Last updated on 29th February, 2024 at 04:13 pm

Reading time: 3 minutes

Maintaining a healthy, active insurance policy is the first step in securing your financial wellbeing.

Your future self needs more than just crossing your fingers and hoping for the best! It requires careful thought, and in an ever-changing world, where unexpected events can push even the best laid plans – having insurance cover is important for your financial wellbeing.

But why is an active insurance policy so important?

An insurance policy can reduce life’s worries because you’ll receive financial help during unplanned life events. Insurance providers reduce financial burdens and bring peace of mind – making sure that you and your family are protected in time of need.

What does it mean if I cancel my insurance policy?

If a policy is cancelled, the benefits and cover will end and no claims will be paid after the cancellation date. You also won’t be able to get any of your premiums paid back. This is because insurance cover is what is known as a risk product, which is different to an investment or a savings product.

In the case of a risk product, you are only covered against the insured risk, and the sum assured is only paid when the risk event happens. In other words, if you cancel an insurance policy, you won’t receive any premiums back as a refund, because the risk event has not happened.

Bottom line is, when a policy is cancelled, no claim can be made, and beneficiaries won’t receive any pay-out. This could leave your loved ones without financial support when they need it the most.

What options do I have if I want to keep my policy but can’t afford it?

At times, you may find yourself overwhelmed with expensive premiums, leading you to think about stopping your payments or even cancelling your policy altogether.

As Sanlam, our aim is to help you live with confidence and therefore it is important to consider the options available that could better match your financial situation. You can:

• Reduce your cover, which can reduce premiums.
• Make payment arrangements.

This will ensure that you and your family have some cover should anything happen.

Explore the different options with your financial adviser, or our Retentions team. This will give you the support and solutions needed to secure your family’s bright future.

Do this before replacing your insurance policy

Searching for cheaper insurance cover is understandable. But it’s important to make sure that any changes align with your needs. Before making a decision, take the time to:

• Compare the benefits offered to ensure they meet your cover needs.
• Explore policy amendments options.
• Check the premiums and how they may increase in the future, as a cheaper policy today is not always a cheaper policy in the years ahead.
• Ensure continuous coverage for you and your family – you don’t want one policy to end before a new policy begins.

How can I keep my policy up to date?  

Make sure your payment is made through the chosen payment option as selected at point of sale with your financial adviser. However, to improve your customer experience, our Premium Collections team has introduced a communication and payment service powered by an AI Bot. This service allows you to make immediate payments via EasyPay, Capitec Pay, Capitec Bill payments, Ozow and regular bank card. To make the process as simple as possible, your details will automatically populate after completing the validation step, which is done through your cell phone number. To access the Bot, click here.

You can also:

• Request a call back and an agent will contact you regarding payment options. Alternatively, contact our Debt Recovery Specialists on 0860 485 485 or
• Email Debitorderinfo@sanlamsky.co.za requesting assistance.

For more information on your policy, you can contact our Call Centre or WhatsApp 086 123 5433 or speak to your trusted financial adviser.

<footer> Sanlam Life is a licensed life insurer, financial services provider, and registered credit provider (NCRCP43).