Current Date: 28 May, 2024

Sanlam Insurance Overview and Review

Sanlam has been offering life insurance since the turn of the 20th century, and its track record speaks for itself. The business pioneered life insurance in Africa, and its life insurance division has thrived.

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Overview of Sanlam Insurance company

Sanlam was established as a subsidiary of Santam on June 8, 1918. Sanlam, which stands for South African National Life Assurance Company Limited in English, is an acronym for the Afrikaans words Suid - Afrikaanse Nasionale Lewens Assuransie Maatskappij Beperk.

 

Sanlam continuously expanded during its first year of operation. As a result, it generated a profit and announced a bonus in the same year. This is something unusual in the business world. After that, the business expanded until it reached a sizeable size.

It became the largest single shareholder in Santam and an independent mutual life insurance company in 1954.  Santam continued to concentrate on short-term insurance despite being dwarfed by Sanlam.

Later, Sanlam changed its focus from providing traditional insurance to various financial services and products. As a result, 

Sanlam was demutualized by 1998, when it was listed on the JSE and the Namibian stock exchange—becoming a publicly traded company after being a mutual life insurance company.

Sanlam is a multinational company with interests spread across five continents today. 33 African nations, as well as the United States, United Kingdom, Philippines, Malaysia, and Australia, are all home to it.

Black economic ownership has increased to 35%, and direct black ownership has risen to 18% due to the company's efforts to increase black ownership.

 

Sanlam provides various services and goods for individuals, companies, and corporations. In addition, insurance, retirement, asset and wealth management, financial planning, investments, and other services are available.


Below are some of their services.

Personal Insurance

Life and Health Insurance

Sanlam provides life insurance that meets both individual and family requirements. When purchased, insurance offers coverage for dependents, funeral expenses, and dependent coverage in the event of death. 

You can obtain a quote online or over the phone to hasten the application process. Additionally, you can access professional advice to help you get insurance.

Additionally, you and your family have access to medical insurance. To give you a variety of options, Sanlam has partnered with the medical programs Bonitas and Fedhealth. Costs for medical insurance begin at R298 per month.

 

If your medical aid cannot cover the total cost of your care, Sanlam Gap Cover Insurance will pay it. Individual coverage begins at R200 per month, and family coverage starts at R352 per month. 

In addition, you are eligible for both in- and out-of-hospital benefits, such as the emergency casualty benefit and permanent disability benefits, among others.

Go Cover Insurance offers protection against accidental death and injuries. This insurance coverage is available whenever you need it. The security can be used for up to 90 days. Up to R1,000,000.00 is covered by this insurance.

 

 

Personal financial planning services

Financial planners of all types are available at Sanlam. For example, you can pick a planner who is aware of your financial situation to assist with creating trusts, estate plans, and wills. These are also affiliated financial planners that Sanlam has hired to guide Sanlam's goods and services.

Among them are BlueStar financial planners, who focus on a particular economic field and assist clients with estate planning, retirement planning, etc., and Independent financial planners, who are independent of Sanlam and promote a range of businesses goods and services.

By doing this, you can make arrangements for estate administration after your death and make sure a Trust is run by someone you trust.

A life coach who can assist you with your finances and credit profile is available. Using knowledge and professional advice, you can improve your credit profile or ensure it is always good.

Personal loans up to R200,000 are available from Sanlam. With the assistance of a financial advisor, who will ensure that you complete the application process correctly, you can quickly obtain this loan. 

In addition, the advisor will assist you in accessing your credit report and determine whether you are in a position to apply for loans, given your current financial situation.

You can use the free self-help resource, the needs assessment tool, that will direct you in accumulating wealth on the Sanlam website. 


Personal investments

Sanlam offers an investment platform for those who want to invest with the aid of a financial planner. Unit trusts and other investment opportunities are available for purchase. Your investment plans are made to address some or all of your financial needs.

With Sanlam International Investments, you can also make investments abroad. This can be done to diversify a portfolio or spread investment risk. A few advantages include protection from rand depreciation, reduced microeconomic risks, and access to investment opportunities outside South Africa.

Sanlam enables you to invest in your or your kids' ability to attend school. You can use Sanlam's goal manager to ensure that your educational goals are met while considering inflation, lump sum, and other factors affecting your plan.

You can estimate, under various conditions, how much your investment in education will be worth using the education calculator.

Sanlam operates Sanlam iTrade Online, an online share trading platform. On this platform, share investments are possible. In addition, you have access to daily market reports, stockbroker predictions, information on every listed share, ETFs, alerts, stop-loss orders, etc., through the platform.

One can start investing with tax-free savings of as little as R350 per month. Taxes are not charged on this account, but some restrictions must be followed. The maximum monthly contribution for a lifetime is R36,000.00, and the maximum contribution for a lifetime is R500,000.00. Any time is a good time to access these funds.

With Sanlam unit trusts, you have access to top financial managers who can assist you with your unit trust investment. Either standard unit trusts or tax-free unit trusts are options for investing. In addition, one can invest abroad and in South African blue-chip stocks using this facility.

 

Personal Wealth

Sanlam Private Wealth provides specialized services to high-net-worth clients. These include stockbroking, tax preparation, and wealth and portfolio management services. Businessday reports that Sanlam's private wealth was named the best wealth management firm.

Glacier offers a wide range of wealth management services by Sanlam, which partners with experts and financial services providers. These services to high-net-worth individuals include insurance, financial planning, retirement, and investments.

 

Retirement

Through Sanlam, people can set aside money for retirement regularly or one time only. This can be done by investing in a savings account that pays interest or by purchasing annuities with set terms that can be withdrawn after retirement.

There is a way to ensure you only withdraw your retirement funds after the deadline. This is referred to as a preservation fund, and it aids in protecting your retirement goals. The fund grows each year and generates interest.

By setting aside a portion of your earnings for retirement, you can start saving money immediately. In addition, Sanlam offers annuities for people who want to save money for retirement and have a steady income. After retirement, Sanlam will start paying annuities every month.

The Sanlam retirement fund encourages employers and employees to make joint contributions to employee retirement. You can include beneficiaries with this fund. Then, should you pass away, beneficiaries will be paid.

 

Business services

Small and medium enterprises' services

When a member passes away, the Sanlam buy-and-sell solution benefits small businesses. The business assists by providing cash to the surviving partners to purchase the deceased partner's shareholding.

 

This is due to the possibility that the surviving family members of the deceased may not want to be involved in the business or that the remaining partners may lack the funds to purchase the deceased's shares, leaving the company vulnerable.

A company's financial stability is aided by business debt insurance if a partner who had provided a surety dies or becomes disabled. The company has insurance that would pay out if one of the owners passed away or became disabled. 

This stops the owner who is disabled or the estate of a deceased from being required to pay back the loan. If one of the business owners passes away or becomes disabled, Sanlam offers keyman insurance to ensure financial security. It can assist a business with replacement costs and provide financial security.

Businesses can insure with Sanlam to safeguard their assets, operating costs, credit lines, and debt loans. The cost of insurance varies depending on the coverage. Business owners have a platform to ensure the retirement and well-being of their employees' thanks to the Sanlam employee well-being program.


Corporate services

Payment and debit order collections

Sanlam Multi Data has been managing cash flow for more than 50 years. This function provides secure payment and debit order services to help companies manage their cashflows online. Debit orders are used in a complete process to collect money from debtors.

 

Collections and payments are made simply by multi-data. You can pay your employees' salaries if you have enough money in your Sanlam account. Every price that has been specified is completed on time. 

 

Debicheck verification is used with a debit order request to auction off collections.

 

Insurance services to corporates

Sanlam provides insurance to help employers safeguard their staff members. In the event of a protracted illness or death, this product aids in protecting employees' families. Benefits for group risks like life insurance, accident insurance, disability protection insurance, and critical illness insurance.

Businesses can obtain a medical plan for their employees. Healthcare insurance offers affordable options. The needs of the employees' health are taken into consideration when creating custom offers. For instance, coverage for cardiac arrest, TB, and other conditions will be higher if the company employs mine workers.

 

Corporate retirement services

Sanlam provides services in post-retirement planning, savings, and retirement fund administration. This is to guarantee the financial security of employees outside of their employment.

 

This is just a brief rundown of Sanlam Insurance company. However, why should I consider this particular firm? Here's why


Conclusion

Choosing Sanlam life insurance as your life insurance provider has many advantages. Cost savings and tax advantages are just a few of the benefits. There are many advantages for the owner of a Sanlam life insurance policy. 

 

Firstly, Your life insurance payout is distributed to your beneficiaries tax-free. So, for example, if you are told you have a terminal illness and your life expectancy is less than a year, you will immediately get a tax-free lump sum payment.

They will only inquire about your lifestyle and health after you purchase life insurance from Sanlam. Your occupation and smoking habits won't be among them. The Final Expenses Benefit option allows you to specify a time frame for your beneficiaries to receive a payout within 48 hours.

Another is that Sanlam offers its customers two types of life insurance. In addition, solutions provide a wide range of flexible options, enabling customers to choose different amounts of coverage as they look for flexibility when purchasing life insurance.

 

Also, there is a 6-month premium holiday every three years interval. Finally, With the entire transaction completed online, there's a 30% maximum discount on premiums. 

 

Finally, The Matrix Premier Cover, which enables adjustments to the cover amount, is the most intriguing. Sanlam is prepared to provide coverage for various wage earners because premiums start at just R100.

However, with the fallibility of any creature on earth, Sanlam PLC also has some things that could be improved. Firstly, terminally ill policyholders can only be awarded their cover if they have less than six months to. 

 

There have also been many complaints about poor responses to customers' feedback. Again, this affects the customer-company relationship.

 

However, Sanlam Insurance PLC can pay attention to customer complaints and adjust the insurance policy. In that case, it'll be a rain of 5-star ratings. However, Sanlam Insurance still ranks amongst the top ten Insurance companies in Africa.

 

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Excellence Chukwuma Chukwunaedu

Excellence Chukwuma Chukwunaedu

I enjoy marketing, technology and business. I help businesses and brands connect with their ideal customer profiles and build products that excite them and solve their problems.