There are a number of things that you need to consider. The first will be whether your risk benefits will still satisfy your protection needs, now, and into the future. This should be done both in terms of the types of benefits still retained and the respective cover amounts. Think carefully through your needs and make sure your main needs are still taken care of, for example looking after your loved ones when you are unable to, or settling any outstanding debts. And even if all of these typical risk cover needs are now less than what it used to be, sufficient life cover is also a way to leave behind a legacy if that is your desire.

It is also important to consider the general state of your health. Ask yourself the question, ‘How easy would it be for me to obtain new risk cover again?’ If you are living with a chronic condition, it may just be worth your while to retain your existing cover.

Please consult with a financial planner before you take any action regarding your policies.

Once a policy is in place, the options to change your monthly premium are unfortunately quite limited. Generally speaking, a change in premium will require a change in your benefits or cover amounts. If your premiums are structured to contractually increase as you grow older, it may be possible to change it to something that remains the same but that will also require a once-off adjustment to the cover amount going forward as well. In the case of your annual policy premium increase, which is done in line with inflation, it is only possible to skip or cancel those increases if the policy is no longer required.

Please consult with a financial planner before you take any action regarding your policies.

This depends on your policy framework. Where it is possible, there are a number of things to consider. Firstly, between different benefits, it is possible that a claim under some of the overarching benefits on the policy may have an effect on the life cover remaining after an initial claim for, say, disability or severe illness. On the other hand, on most risk cover products, it is also possible to structure your benefits in such a way that a claim on one benefit will not limit your ability to claim again, on another benefit.

Then, depending on the type of risk benefit, it may also be possible to claim more than once under the selfsame benefit, for example for new events that are not related to the first claim, or where a condition progresses to a more severe level. Again, make sure you understand the technical details of how your policy caters for possible multiple claims, and clarify it with your financial planner if you are unsure.

Before taking out a policy, ensure that you go through the finer details carefully and have your financial planner explain any details that are unclear.

Please consult with a financial planner before you take any action regarding your policies.

Sanlam is here to protect you in spite of COVID-19 and the challenges it’s brought. Sanlam will continue to deliver on its policy promises and provide you with this peace of mind. Sanlam Life Cover policies will still pay out regardless if the cause of death is due to a pandemic infection.

Restricted forms of risk cover, such as accidental death plans, don’t stretch to covering pandemics such as COVID-19, because these deaths don’t fall into the criteria of ‘death as a result of an accident’, for which accidental death plans are intended to cover.

Although COVID-19 is not listed as a separate claimable event under severe illness and disability policies, it is fully covered if it leads to any of the claimable events, for example, being unable to work under the disability policy.

So, what if you are unable to work due to lockdown or quarantine? Unfortunately, insurance is not in place to cover individuals if there’s a lockdown and everyone needs to stay at home. We look at the medical condition that requires you to stay at home.

If you’re sick at home or in hospital for a sustained period of time and unable to work due to COVID-19, this is where a disability income- or sickness benefit under their income protection policy could pay out.

Please consult with a financial planner before you take any action regarding your policies.

COVID-19 has made us all aware of our own vulnerabilities and the value of protection that cover can provide. It is therefore important to maintain, as far as possible, any existing risk policies that you may have. Generally, there’s no need to update or change policies purely in light of COVID-19. That said, if during the COVID-19 pandemic you become aware of any risks that you are not covered for, it may be wise to consider taking out additional cover for those risks.

Please consult with a financial planner before you take any action regarding your policies.

Speak to your financial planner, who will help you assess your needs and advise you on any update or upgrade which may be available to you.

Please consult with a financial planner before you take any action regarding your policies.

The purpose of sickness and temporary disability income benefits are to cover your inability to work as the result of an illness or injury. In the spirit of this purpose, Sanlam is extending our assessment of being unable to work to include being medically isolated on medical advice of a doctor or by government authority, in response to direct or probable contact with COVID-19.

However, these benefits are not designed to cover business interruption as the result of such a lockdown. That is why governments worldwide announce certain measures to ease the financial burden on individuals and businesses in these times.

Please consult with a financial planner before you take any action regarding your policies.