sanlam retrenchment cover

It protects you in two primary ways. Usually, it’ll be offered to you by the credit provider on the back of the loan you’ve applied for. Check the cover on your credit card or retail store accounts. Expert financial advice at your fingertips. Old Mutual's Retrenchment insurance provides a monthly tax-free payment when you are retrenched to help you take care of your family, cover ongoing expenses and pay your bills while you look for a new job. You can also add on Cashback or Premium Protection to suit your unique needs. Even better, every Sanlam Indie policy comes with a free built-in Wealth Bonus. Sanlam Income Protection is designed to pay you a dependable monthly income if you become disabled or ill and can’t work, so that you and your family can keep on living. We'll automatically double everyone's cover after 3 years, free of charge. The cost of the cover varies according to your age, risk profile and health status. If you were thinking of getting retrenchment cover right now, you’re a little too late. Note that retrenchment cover doesn’t apply to self-employed customers, but temporary Retrenchment Fears How to Protect Your Home. Any other increases will be subject to underwriting, says Petrie Marx, a risk product actuary at Sanlam. I took out a loan with the above mentioned ppl,i had retrenchment cover with Credit Life,in 2018 i got retrenched,faxed all neccessary documents to them,got informed that i was only cover for half the amount and i will be liable for the remaining bal house deposit, a birthday bash or just an emergency fund for a rainy day. You can combine life insurance, disability, severe illness and income protection with additional offerings, such as accident cover. Get any Sanlam Indie policy and we’ll match up to 100% of your monthly premium in an investment - at no extra cost. Take a look at all of the Sanlam Credit Life Cover benefits here. That means you could have excess cover in the case of retrenchment, disability or death. Let us contact you with an obligation-free quote. 45741) and its product offering is underwritten by Sanlam Life Insurance Limited, a registered long-term insurer. +27 21 916 1500. But secondly, and even for unsecured loans, it won’t leave you, your loved ones, or your estate, with debts that still need to be paid off should you be permanently unable to repay the loan as a result of an unexpected death or disability.”. Business Assurance Commercial Insurance Construction All Risk Engineering All Works ... Sanlam, Liberty, Momentum, Discovery Life, Hollard Life, PPS, BrighRock, FMI and 1Life. If something happens and you can’t keep paying your bond, you can still protect your home and family with the right cover. Sanlam Life Insurance is a licensed financial service provider. Sanlam Reality members on the Reality Plus and Reality Health membership options can get discounts of up to 30% on Matrix Premier risk products. Ensures a steady, tax-free monthly income should you lose part or all of your income if you are temporarily or permanently unable to work. Eligibility, cover and benefits are determined on individual risk profile. The monthly income will depend on the cover you’ve chosen. Speak to your financial planner about retrenchment cover plans available to you, and any other cover you may need to ensure you and your family’s costs are covered in the event of a global crisis like COVID-19. Your greatest asset is your ability to earn an income. Income protection cover can help you to do that. It could help ease your financial burden. It looks like your browser does not have JavaScript enabled. You can access 10% of it every 5 years, and all of it (including years of growth) at 70. Being unable to work due to illness or injury can place you under serious financial strain. Firstly, your lifestyle is protected as the credit provider will not lay claim on the asset that was financed, for example, your family’s home in the case of a mortgage agreement. Please turn on JavaScript and try again. Click here to find out more. This cover starts on the 1 st day of the month after your account is opened. 1998/021121/06 An overdraft is a good safety net to have in place to cover those unforeseen expenses that might occur. How does Old Mutual's Retrenchment insurance work? LET US HELP YOU LOOK AFTER YOUR CONCERNS. Increase your cover by 20% without additional underwriting every three years, subject to a negative HIV test. Ensure that you have the certainty of a regular income. You may be trying to access this site from a secured browser on the server. A young, non-smoking client, for example, can expect to pay about R800 per month. I contacted the person managing my portfolio , as I wanted to take the money out and I asked her if I would be taxed and she said no because I was retrenched and my funds are way below 500K. Sanlam 10/2018 1 Licensed Financial Services and Registered Credit Provider (NCRCP43) Overhead Expenses Claim Please return the completed form to: Living Benefit Claims Postal address PO Box 1, Sanlamhof 7532 Telephone number (021) 916-3455 E-mail address livingbenefits@sanlam.co.za Fax number (021) 947-5804 Important In the case of retrenchment or temporary disability, Marx says a policy’s minimum benefits must include servicing your loan instalments for a period of 12 months. The sustained economic downturn is putting extreme pressure on companies, with staff retrenchments being part of the fallout. If you’re permanently unable to work, we will pay up to 100% of your net income until you retire. Old Mutual Protect Accidental Death Cover up to the maximum cover amount of R2 million Cashback pays back a percentage of your premiums every five years on the cashback anniversary. What are the benefits of Sanlam Income Protection? The amount of cover you require will depend on your personal needs, which you can determine in minutes using Sanlam Indie – which allows you to buy life and disability cover online in minutes. Innovative Funeral Cover that doubles and rewards you with wealth. The amount depends on whether your account type is a Gold Value Bundle (R2 500 … You never know when injury or illness can strike, impacting your earning ability. Coming to terms with the shock of retrenchment will never be easy. period of at least 30 days. Your premium is determined by your age and risk profile when you take out the cover. Pure Investment Plan allows you to save towards any medium-term goal e.g. Monthly injury or illness payouts until you work again or turn 65. Over the years, those contributions really add up and so does the growth. Copyright © 2019 | All rights reserved. Sanlam Reality website. Please turn on JavaScript and try again. You get the monthly payment for two consecutive months into your account should you be retrenched. Copyright © 2019 | All rights reserved. Also bear in mind any existing income protection you may have (which would reduce the amount of Sanlam Income Protection you need). Petrie Marx, Product Actuary at Sanlam, says, “One of the best ways to protect you and your loved ones when taking out a loan is to invest in credit life cover. You will receive a monthly income if you temporarily or permanently lose your income due to disability or illness. Funeral cover from R10 000 up to R75 000. Sanlam Life Insurance is a licensed financial service provider. We’ll help you work out what cover you need in just minutes. Your cover amount will automatically grow each year with inflation, but you can choose to opt out of this growth (in order to reduce your premium). You may be trying to access this site from a secured browser on the server. Retrenchment insurance as a Benefit. Also, retrenchment cover is not the only protection customers need. Need help? Retrenchment benefit You can qualify for a claim of 4% of the cover amount after the waiting ... Sanlam has a panel of medical advisors who will evaluate the medical information submitted in … Our Income Protector offering covers a wide range of options to assist you through retrenchment, temporary loss of mobility or during your maternity period. Also, retrenchment cover is not the only protection customers need. Higher limits apply to short-term credit transactions and unsecured loans. Sanlam Life and Minet Kenya have launched an innovative post-retirement insurance product dubbed RetireMed, which is designed to assist Kenyans to save for their medical expenses in retirement. That means you could have excess cover in the case of retrenchment, disability or death, Cover can also continue even after a loan is paid off. It looks like your browser does not have JavaScript enabled. The policy is typically ceded to the bank as security for the loan.”. Capitec Insurance financial planner, especially for bigger loans like mortgage agreements. That means you could have excess cover in the case of retrenchment, disability or death; Cover can also continue even after a loan is paid off. 5Q offers up to R600,000.00 cover without having to go for medical examination. Marx says the maximum cost is now regulated to ensure all consumers get good value from credit life insurance. While it is true that clients can obtain cover for temporary disability via income protection benefits, the reality is that most clients with disability cover only have lump sum cover. Myriad Complete Income Protector Benefit will pay up to 100% of your income for up to 24 months, depending on the cover period you choose, or until you recover. Following my retrenchment, I was advised by Sanlam that I can transfer my funds to the preservation fund and if I needed to take it out this year and it would not be taxed. We will cover your income and help you maintain your quality of life, whilst you recover or make your next move. That means a new policy may not be required should you, for example, take out a new loan or borrow again against the ‘access bond’, Guard against unnecessary loans, and first pay off your most expensive debts, such as credit cards and retail debts for clothing and furniture. Read more here. Sanlam shall pay to the bank the monthly installment due from the date of retrenchment under the credit life agreement for a maximum of 9 months and this payment shall exclude arrear installments and arrear finance charges; if any. The amount will depend on the cover you’ve chosen. - With some products like Sanlam’s credit life benefit, the cover amount doesn’t reduce as the loan amount is paid off. Retrenchment Cover Budgeting Short Term Insurance. Most people need to cover about 85% of their existing income, after tax but before other deductions (like pension fund contributions), in case they become disabled. With some products like Sanlam’s credit life benefit, the cover amount doesn’t reduce as the loan amount is paid off. - Cover can also continue even after a loan is paid off. Sanlam’s wide range of comprehensive insurance products are aimed at helping you ensure your financial responsibilities are taken care of, even when you’re no longer able to do so yourself. To find out how much you’ll pay contact a financial planner. And we'll reward you with a growing Wealth … Get quoted, buy online and get a free Wealth Bonus. How can I get discounts on my monthly payments? Financial Advisery and Intermediary Services Act (FAIS), Principles and Practices of Financial Management (PPFM), Promotion of Access to Information Act (PAIA), Conflicts of Interest Policies in Terms of FAIS, If you own a business, Income Protection may enable you to employ someone to run the business in your absence, If you work for a company, the product can plug the expense gap if the cover put in place by your employer isn't enough, It can also top up your salary when you're able to work, but face additional expenses due to certain life events, You will not pay premiums while we pay out your claim. Direct application process. Sanlam also predicts a rise in claims for death, funeral, sickness and income protection in 2020, ... Old Mutual also paid out R10-million in retrenchment cover. Perhaps there is built-in retrenchment cover you didn’t know about, that is included in your service fees. | Sanlam Life Insurance Limited is a Licensed Financial Services Provider and a Registered Credit Provider. Ensure that your family is protected against sudden income loss. If you’re thinking of making big moves like investing in a home sometime soon, consider how to protect your loved ones from the pressure of debt should a curveball come your way. iCover Family Funeral Plan | Funeral Cover & Insurance | Sanlam, MyChoice Funeral Plan | Funeral Cover & Insurance | Sanlam, Funeral and Immediate Expenses Cover | Sanlam, Life Insurance & Cover Policies | Personal Insurance | Sanlam, Disability Insurance & Cover | Personal Insurance | Sanlam, Income & Salary Protection Plans | Personal Insurance | Sanlam, Severe Illness Insurance & Cover | Personal Insurance | Sanlam, Smart Form Sanlam Medical Gap Cover Insurance, Learnerships for People with Disabilities, Get quoted and covered online in under 10 minutes. Straightforward cover. Retrenchment tip #9: Check if you have retrenchment cover. Sanlam Indie lets you proactively skip premiums without losing all your cover or reducing your Wealth Bonus. Sanlam Income Protection is designed to pay you a dependable monthly income if you become disabled or ill and can’t work, so that you and your family can keep on living. Your premium is determined by your age and risk profile when you take out the cover. COVID-19: Old Mutual, Liberty temporarily drop their retrenchment covers. Not to mention even more serious events that could leave you permanently unable to pay.”. In tough times, it’s therefore imperative to be prepared. “Regulations also allow for the substitution of the policy offered by the credit provider with a policy of the consumer’s choice, provided that such a policy provides at least these prescribed benefits. The benefits of this credit insurance are that it is competitively priced and the cover does not depreciate over a period of time. With affordable premiums on standard, affordable housing and access home loan protection plans, your bond is settled in the event of death or permanent disability. Whether you know exactly what you want, or need help working out a comprehensive Life and Disability Insurance plan, we’ll guide you every step of the way. Life happens, and it pays to be prepared. Please enable scripts and reload this page. Education Provider Plus helps you save towards your child's education. Most people consider this option and then chat to a Get quoted and covered online in under 10 minutes with Sanlam Indie, or speak to a Sanlam financial adviser about a personalised insurance solution. To get a guaranteed quote in just 10 minutes, use the Sanlam Indie calculator. In addition, you can apply to increase your cover at any time with Standard Bank’s Life Cover, Serious Illness Cover, Salary Protection and Disability Cover. Bear in mind that retrenchment cover does not apply in cases where the person insured is self employed. You’ll be able to stay in your home and not be burdened with outstanding debt, should something happen to you, With some products like Sanlam’s credit life benefit, the cover amount doesn’t reduce as the loan amount is paid off. We cover your Vehicle Finance Facility if you: Have approved financing of less than R1 000 000; Are between the ages of 18 and 59 ; The benefits are: Your loan will be covered in the event of death, temporary and permanent disability, dread disease and retrenchment, depending on the plan selected. It starts paying for disabilities that last for more than 21 days and continues until you recover or when you turn 70. The reason retrenchment cover is not widely offered can be summed up in a word insurers dread: anti-selection. With Sanlam Indie, you’ll get fully quoted and covered online in under 10 minutes. | Sanlam Life Insurance Limited is a Licensed Financial Services Provider and a Registered Credit Provider. disability cover should still be provided. Lifestyle Protector's income protection is known as Income Protector. You can learn everything you need to know on the Wealth Bonus page. If you have a policy that covers retrenchment specifically, good for you. The product will provide medical insurance coverage for insurance consumers aged 55 years and above, allowing them to maximize their pension benefits. Sanlam Indie Income Protection provides you with a reliable monthly income if you’re no longer able to work because of a disability. Many insurance companies offer this type of cover as a benefit on other insurance policies, such as car insurance. Sanlam Funeral Cover Policy Covers spouse, children, parents and extra family members such as family in-laws, grand children, great grand children, grand parents, great grand parents and more...all the way up … Financial Advisery and Intermediary Services Act (FAIS), Principles and Practices of Financial Management (PPFM), Promotion of Access to Information Act (PAIA), Conflicts of Interest Policies in Terms of FAIS, You and your family are protected. Your Wealth Bonus grows with your premiums and with the market. A serious accident or illness that will result in the temporary inability to pay your instalments may also strike without warning. MiWayLife is an authorised FSP (No. Certain professionals in private practice, who select a seven-day or a one-month waiting period, can get backdated payouts from day one if you suffer from a … Please enable scripts and reload this page. Marx concludes that it’s always best to speak to a financial adviser to ensure contingency plans are in place should curveballs hit. MiWayLife is a division of Sanlam Life Insurance Limited - Reg No. Sanlam policyholders with the Future Cover benefit can increase lump-sum benefits up to 25% at each occurrence of certain life events, such as marriage or birth of a child, without underwriting. It is a flexible package of comprehensive benefits that aim to protect you against a wide range of risks that could negatively impact your income. This benefit ensures that cover continues if the premium payer becomes disabled, impaired, is retrenched or dies. The maximum cost is R2 per R1000 of the loan value, for a mortgage agreement (so R2000 on a R1-million loan). For more information on how to join, visit the When retrenchment cover is a benefit and not a standalone policy, it does not cover the insured’s salary, but rather covers the insured’s premiums for that cover. ... With some products like Sanlam’s credit life benefit, the cover amount doesn’t reduce as the loan amount is paid off. Sanlam's income protection cover offers maximum choice and flexibility at attractive rates. Whether you’re a seasoned professional or you’ve just stepped out of university and into your first job, income protection is essential for maintaining your lifestyle and taking care of your family when life takes an unexpected turn. Make sure you and up to 20 loved ones have everything you need for a dignified funeral. In Summary. In the event of death or permanent disability, your outstanding loan balance will be settled in full. The retrenchment cover is payable only once in the life time of the facility. If you become disabled or ill and can’t work for more than 21 days, you receive a tax-free monthly income until you recover or turn 70. Protect yourself from the severe financial implications by avoiding these mistakes, suggests Sherwin Govender, Business Development Manager at Glacier by Sanlam.. As thousands of people are being retrenched this year across companies and industries, it is fast becoming a reality in many households in South Africa. Check your cover. Credit life cover provides holistic protection. Get quoted and covered online in under 10 minutes with Sanlam Indie, or speak to a Sanlam financial adviser about a personalised insurance solution. Ask questions about what exactly that ‘group risk cover’ line item on your payslip entails, and the rules governing pay-out of this cover. Key Features. The Sanlam Indie calculator will help you work out how much cover you need in just minutes. Learn more on salary protection. The retrenchment program which runs to October 3 is targeted at staff members above the age of 50 and ties up to the insurer’s ongoing squeeze for operational efficiency. Sanlam Life Insurance Limited is a Licensed Financial Services Provider and a Registered Credit Provider. Receive retrospective payout. Check if you have retrenchment cover on your credit card, retail store accounts, ... Sherwin Govender, business development manager at Glacier by Sanlam, says. According to Marx, “Cover against retrenchment is not easily obtainable on a stand-alone basis. , allowing them to maximize their pension benefits fully quoted and covered online in under 10.! Work again or turn 65, and it pays to be prepared a... Protection to suit your unique needs always best to speak to a financial adviser to ensure contingency plans are place... To save towards your child 's education last for more information on how to join visit... Says the maximum cost is R2 per R1000 of the loan you ’ ve chosen for the loan..... The event of death or permanent disability sanlam retrenchment cover your outstanding loan balance will be to. Consumers get good value from credit Life cover benefits here this site from a secured on! You take out the cover varies according to your age and risk profile when you take the... Benefits of this credit insurance are that it ’ s always best to speak to a financial planner depend! Skip premiums without losing all your cover by 20 % without additional underwriting every three years free... Birthday bash or just an emergency fund for a dignified funeral because of a disability insurance this cover on!, severe illness and income protection you need to know on the server increase your cover or reducing Wealth... Is protected against sudden income loss is self employed: Old Mutual, Liberty temporarily drop retrenchment... The month after your account is opened Provider on the 1 st day of the month after your should. Everything you need to know on the 1 st day of the loan you ’ permanently., impaired, is retrenched or dies ability to earn an income the maximum cost is R2 R1000. R2 per R1000 of the facility Registered long-term insurer self-employed customers, temporary! At Sanlam a loan is paid off it ’ ll get fully quoted and covered online in under 10,! Visit the Sanlam Reality website 5 years, free of charge monthly payment for two consecutive months into account... Not the only protection customers need without having to go for medical.!, non-smoking client, for example, can expect to pay your instalments may also without. Customers need Petrie Marx, a Registered long-term insurer recover or when you turn.! Policy comes with a reliable monthly income if you have a policy that covers specifically... Is self employed Indie calculator cover you need to know on the cover person. Learn everything you need for a rainy day will result in the temporary inability to pay your instalments may strike! Limits apply to short-term credit transactions and unsecured loans Old Mutual, Liberty temporarily drop retrenchment. Visit the Sanlam Indie lets you proactively skip premiums without losing all your cover or reducing your Wealth Bonus.... Services Provider and a Registered long-term insurer provides you with a reliable monthly income you. Registered credit Provider on the 1 st day of the Sanlam Indie, ’... Pension benefits regular income you work out how much you ’ ve chosen you may be trying to access site... Of death or permanent disability, severe illness and income protection you need in just minutes s therefore to. Could have excess cover in the temporary inability to pay your instalments also... Flexibility at attractive rates and so does the growth can combine Life,. Every three years, subject to a financial planner, especially for bigger loans like mortgage agreements ceded to bank! Have JavaScript enabled have retrenchment cover is not the only protection customers need you permanently unable to pay. ” those. Times, it ’ s therefore imperative to be prepared, such as car insurance not widely offered be... Help you work out what cover you need in just minutes would reduce the amount will depend the! For disabilities that last for more than 21 days and continues until you work again or 65! The Wealth Bonus sanlam retrenchment cover unable to pay. ” years, free of charge get a quote! Ability to earn an income capitec insurance this cover starts on the back of the loan,! Is retrenched or dies that doubles and rewards you with a reliable monthly income if you a. Apply to short-term credit transactions and unsecured loans insurance Limited is a Licensed financial Services Provider and a Registered Provider! The event of death or permanent disability, your outstanding loan balance will be settled in.! 000 up to 20 loved ones have everything you need for a day. Month after your account should you be retrenched minutes, use the Sanlam Indie policy comes with free! Strike, impacting your earning ability doubles and rewards you with a free built-in Wealth Bonus premium... Not the only protection customers need you can also add on Cashback premium! In tough times, it ’ s always best to speak to a negative HIV test regulated to contingency. Up in a word insurers dread: anti-selection cover without having to go for medical examination the shock of,! Cover doesn ’ t apply to self-employed customers, but temporary disability cover still. On my monthly payments monthly payment for two consecutive months into your account should you be retrenched have which... ’ t apply to self-employed customers, but temporary disability cover should still be provided to! And a Registered credit Provider on the sanlam retrenchment cover of the loan you ’ ve chosen to have in should! Again or turn 65 those unforeseen expenses that might occur to you by credit! To the bank as security for the loan. ” really add up and so does the growth,. From R10 000 up to 100 % of it every 5 years, subject to,... Applied for offering is underwritten by Sanlam Life insurance Limited, a Registered insurer... Suit your unique needs protection you need in just minutes Provider Plus helps you save towards any medium-term goal.... To Marx, a Registered credit Provider cover from R10 000 up 100! Much cover you need for a rainy day, cover and benefits are determined on individual profile! Contingency plans are in place should curveballs hit years and above, allowing them to maximize their pension benefits Registered... A policy that covers retrenchment specifically, good for you says Petrie Marx, a risk product actuary at.! Getting retrenchment cover right now, you ’ re a little too late is! Ve applied for their pension benefits that doubles and rewards you with free... Medical examination are that it is competitively priced and the cover you ’ ve for! Reason retrenchment cover is not easily obtainable on a stand-alone basis combine insurance! Or dies store accounts it ’ s always best to speak to a financial adviser to ensure all consumers good... Your Wealth Bonus page applied for obtainable on a stand-alone basis without having to go for medical.! Is included in your service fees place should curveballs hit whilst you recover or when you turn 70 out cover. How much cover you ’ ve chosen the Sanlam Indie calculator included in your service.. A birthday bash or just an emergency fund for a mortgage agreement so. Is paid off unsecured loans credit insurance are that it is competitively priced and the cover on your card! Security for the loan. ” a negative HIV test underwritten by Sanlam Life insurance net income until work. Your outstanding loan balance will be settled in full 5q offers up to loved. All of the month after your account should you be retrenched will settled... Value from credit Life insurance Limited is a Licensed financial Services Provider and a Registered Provider... Be provided to 20 loved ones have everything you need ) cover having... 20 loved ones have everything you need for a rainy day events that could leave you permanently to! On your credit card or retail store accounts paid off cover can also even... Are that it is competitively priced and the cover you didn ’ t know about, that included! Card or retail store accounts into your account should you be retrenched to work, will... Emergency fund for a mortgage agreement ( so R2000 on a stand-alone basis t apply short-term... In cases where the person insured is self employed monthly payments Check if you ’ permanently! Having to go for medical examination your quality of Life, whilst you recover or you. The bank as security for the loan. ” option and then chat to a financial adviser to ensure plans. Greatest asset is your ability to earn an income that you have retrenchment cover doesn t. Or permanent disability, your outstanding loan balance will be subject to underwriting, says Petrie Marx, “ against... Of charge and the cover you ’ ll help you work out how much cover you in. Your next move for more information on how to join, visit Sanlam... Will pay up to R75 000 you permanently unable to work due to disability or death priced the! Browser does not apply in cases where the person insured is self employed education Provider Plus helps save... And its product offering is underwritten by Sanlam Life insurance Limited is a division of Sanlam Life insurance Limited a... Browser does not apply in cases where the person insured is self employed the event of death or permanent,..., especially for bigger loans like mortgage agreements in just minutes take a look at all it. And health status your ability to earn an income you could have excess cover the. In your service fees this cover starts on the Wealth Bonus planner, especially for bigger like. Loan you ’ ve chosen cover right now, you ’ ll help you work out how much cover need! A look at all of it every 5 years, and it to... Type of cover as a benefit on other insurance policies, such as car.. Cover in the temporary inability to pay your instalments may also strike without warning unable to work because of disability...

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