Do you really need severe illness cover if you already have life insurance in place? Here’s what each one has to offer you. Life insurance is designed to provide financial support for your family should you pass away unexpectedly by paying out a tax-free lump sum that can be used to cover immediate and future expenses. While severe illness cover also pays out a tax-free lump sum, it does so when you’re diagnosed with a specified serious illness. This payout can help to keep you and your family going financially if you need to take time off work to recover, for treatment costs not covered by medical aid, for other costs associated with a dread disease – home care, travel expenses for specialist treatment, childcare if you are hospitalised – or to improve your quality of life. If you have loved ones who are dependent on you, adding severe illness cover to your life insurance ensures that they are taken care of should you be diagnosed with a dread disease. If you don’t have any dependents, however, you may decide to opt for severe illness cover only and relook your decision should your circumstances change in the future.

We’ve created two valuable benefits that reward you for keeping your cover in place. As a Sanlam Matrix client, you have the option of adding our Cashback benefit to any qualifying new or existing risk plan. If you do so, your monthly payment will increase by 35% until you reach the 15-year mark, when 100% of your contributions will be made available to you to spend as you like – put the payout towards your children’s education, home renovations, unexpected expenses or even your retirement. Alternatively, you can choose to leave your lump sum to grow until you need it. You can also look forward to benefiting from Wealth Bonus – a portion of your contribution that’s invested in a Money Market fund until you turn 70, ensuring that your money keeps making money. With every 60 premiums you pay, a portion of your Wealth Bonus is made available to you to withdraw or leave invested.

Speak to a Sanlam adviser who can help you determine the amount of severe illness cover you need and assist you in creating a personalised solution.

Because we understand that claims are submitted under very difficult and distressing circumstances, we’ve kept the process as simple and straightforward as possible. All claims can be submitted online in a few easy steps, and we’re here to help you every step of the way.

We strive to offer our clients a claims experience that sets the standard in the industry at all times, and follow a consistent, fair and objective assessment approach to ensure payment of valid claims. Severe illness claims will only be considered if the policyholder meets the definition of the claim event in question as it is explained in the policy, as well as any other contractual requirements.