Should I surrender my policy?

Wait! Don't turn your Sanlam Namibia policy over to the high seas just yet - there may be an alternative.

We will understand if you want to cash in your Sanlam Namibia policy and we'll be happy to pay you the full cash value, if that's what you really want to do. But surrendering your policy is like abandoning ship - you can never return to a vessel once it's disappeared under the waves. Nor will you be able to enjoy the benefits built up over many years.

You may have any number of reasons for wanting to surrender your policy. But you do have other options!

Why do you want to surrender your policy?

• Maybe you can't afford to keep up with the premiums

  If this is the case, we may be able to reduce your premiums, or even put them on hold for a while until you've got your head above water again.

• You may need cash urgently

  Nearly everyone gets into financial difficulties from time to time. Usually it's temporary. It makes sense, therefore, rather to cash in part of your policy, or to borrow against it.

• You think you don't need this type of policy any more

  Your Sanlam Namibia policy is flexible enough to meet your changing needs, while still providing valuable death cover. Speak to an advisor to find out what options you have.

• Maybe you can get better returns elsewhere

  Once you've had your Sanlam Namibia policy for some time, the return is likely to be quite attractive. The longer you keep your policy, the better the returns. Remember, also, part of your premium goes to provide valuable insurance cover.

What do you lose by surrendering a policy?

Your Sanlam Namibia policy is a valuable asset. By cashing it in, you may be giving up benefits that are not easily replaced:

• Bonuses

  Your policy is accumulating bonuses, which represent part of the return on your investment. The full value of these bonuses is paid out only when your policy matures or upon your death.

• Death cover

  Life cover would cost more if you bought it today, because you are now older. Depending on your age and health, this death cover may be irreplaceable. It also offers important protection for your dependants.

• Level premiums

  Because your premiums don't increase from year to year, you know how much to budget for.

• Costs already covered

  The cash value of your policy is calculated after taking into account the costs incurred when it was issued. Should you decide to make a new investment after cashing in your policy, you will probably have to pay these costs again.

What now?

If you have any doubts, contact your Sanlam Namibia representative or contact us. We'd be glad to advise you further.