Flexible Life Insurance from Sanlam
May 28, 2018
How would you feel if your partner died and you had to sell your house because you needed the money so badly? Life cover makes provision for your death and pays out money to your remaining family members when you are no longer there as the bread-winner. Here we will have a look at flexible life insurance from Sanlam.
The type of cover you need will depend on your personal needs, and Sanlam recommends you speaking to a financial planner to help with selecting the right cover. Life insurance can be part of a retirement fund or as part of independent Life insurance policy.
With Sanlam’s Flexible Life insurance, as part of a retirement fund, they make a payout to the fund. The fund then pays this death benefit to the employee’s beneficiaries.
Evidence of Good Health
Employees qualify for insurance up to the, what is known as a Medical Proof Free Limit. There won’t be the need to send in medical evidence of good health. For Core- and Flexible death benefits above the combined Medical Proof Free Limit, employees will then need to submit medical evidence of good health.
More Control over your Benefits
The Flexible Life insurance is provided for employees where a certain amount, also known as the core amount, is compulsory, and the other part, the flexible portion, is voluntary. This means that each employee has the choice as to how much insurance they require, Of course, as an employee’s needs change over time, so can the death benefit.
Employees can choose the Flexible death benefit as well as supplementary benefits in multiples of 0,50 x annual salary up to the maximum applicable, according to their needs.
The Core Death Benefit – Flexible Life Insurance from Sanlam
Each employee gets a basic level of insurance, and the Core part of this death cover is compulsory. This means that the employer chooses the level of insurance. Premiums are an average rate for all employees.
Employees choose a level of insurance. Choosing a level of cover over and above the core cover as their individual circumstances change. Premiums are work out according to gender and age.
To benefit from the Flexible Life insurance from Sanlam, the employee has to be younger than 65 years of age. The Flexible Life insurance doesn’t continue indefinitely but will cease when the employee reaches normal retirement age. You can find these details in the policy rules.
If the retirement fund rules allow it. The insurance can carry on as always if the employee is still working or up to the age of 70 years. With group Flexible Life Insurance, provision can be made for the policy to be converted to an individual policy with Sanlam.
All Members have a Basic Level of Cover – Flexible Life Insurance from Sanlam
South Africa is undergoing constant change and there are also changes in the employee benefits industry which have meant employees wanting more control over their benefits. This is why Sanlam have come up with their flexible risk benefits.
Sanlam underwrites this benefit where there is a certain portion which is compulsory. And which is also known as the core portion and the remainder is the voluntary or flexible portion.
Complete and submit the form on this page to get a Life Insurance quote.
All info was correct at time of publishing