Sanlam supports vaccination against COVID-19, noting that immunity is an important element of fighting the pandemic. However, whether or not you choose vaccination, your cover will remain unchanged and we will continue to offer you exactly the same benefits. As a Sanlam client, this means you can continue to live with confidence, knowing that we’re as committed to serving your needs as we always were.
Sanlam regards Covid-19 vaccines as an effective solution to significantly stop the Covid-19 pandemic.
Severe medical events as a result of vaccination are extremely rare. However, if after vaccination you experience a medical event that meets the contractual requirements of your Sanlam contract/product, we will consider the claim.
We believe our clients take out insurance exactly for times like these. We have no specific vaccine exclusion and our clients will therefore continue to benefit from the cover they need during these times. There are also no new requirements for claimable events in this regard.
Your vaccination status may play a role when you are applying for a new policy. Should you not be vaccinated, and depending on your age, we may limit the amount of cover for which you can apply when we underwrite you.
Feel confident and read our collection of facts about the vaccine.
Remember to register for vaccination on the EVDS self-registration app.
You may be concerned about the impact that COVID-19 is having on global financial markets and your retirement savings. Sanlam wants to help you through this challenging time so we’ve put together vital tips, advice and relevant FAQs to help you navigate your retirement.
Increasing debt has put South Africans under immense financial pressure, and COVID-19 has made this even more acute. Sanlam Credit Solutions offers access to a free, personalised monthly credit profile, consultations with credit management coaches and tailor-made credit products.
We are here to assist with any claims or policy related queries or concerns that you may have.
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Alternatively, see our FAQs for possible answers to your queries.
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What are my options if I am struggling to keep up with my premiums because of COVID-19?
Please talk to your Sanlam financial planner to get information on the various options available to you.
Will I be covered for personal loss of income under the Sickness or Disability Income benefits?
The purpose of both Sickness- and Temporary Disability Income benefits is to cover the life insured’s 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 lock-down, or general directives from professional bodies that are now recommending the suspension of practicing one’s occupation or certain aspects thereof. That is why governments, worldwide, announce certain measures to ease the financial burden on individuals and business alike in these times. Typically, though, such benefits are focused more on the poorer segments of society, for them to afford essential groceries, medication, etc., or on small business. It can also take the form of changes to taxation.
For the more affluent, business interruption cover can also be a short term insurance product, but then it has to be taken out beforehand of course. It will also be subject to the terms and conditions of those products.
Does contracting COVID-19 automatically present a disability, severe illness or impairment?
No, contracting COVID-19 is not a defined disability, severe illness or impairment. Based on international patterns, most people who are infected will make a full recovery. Should it result in permanent disability or impairment, or a condition listed under our Severe Illness benefit however, this will be assessed under Sanlam’s normal claim definitions for disability, impairment or severe illness.
How will Sanlam review my inability to work or sick leave linked to a COVID-19 claim?
When claiming under the Sickness and/or Temporary Disability benefits, we will review your temporary inability to work or sick leave under the following categories:
*Both PCR- and antigen tests will be accepted as proof of your positive status, provided they have been administered by a registered health professional.
What does Sanlam require from me to claim for illness, impairment or disability?
It will depend on the specific benefit you have. For our Sickness and Temporary Disability Income benefits, when claiming for sick leave or temporary inability to work as the result of COVID-19, we will require your doctor to complete a special COVID-19 form to fast track these claims. You will still need to complete a standard claim form as well.
For all the other benefits, like Death, Disability, Impairment and Severe Illness benefits the normal claim requirements will apply.
Are there special forms to complete if I want to claim for illness, impairment or disability?
Only for claims for sick leave or temporary inability to work under our Sickness and Temporary Disability Income benefits a special COVID-19 claim form will have to be completed by your doctor based on your specific claim. This will help to ensure that you experience an easier and fast-tracked claims process. You will still need to complete a standard claim form as well.
For all the other benefits the normal claims requirements will apply.
Does Sanlam pay Death and Funeral benefits linked to COVID-19?
Sanlam pays all death claims in line with its normal requirements, regardless of what caused the death. For funeral claims we will, wherever applicable, take into account the waiting period for natural causes which applies for policies taken out recently.
Can I claim under my Sickness- or Temporary Income benefit if I have been in close contact with a person who has been confirmed to be Covid-19 positive?
You will only have a valid claim if you were booked off from work after having tested positive for Covid-19 yourself and also demonstrated symptoms and clinical signs. Your doctor will have to complete the necessary Covid-19 claim form and you will also have to provide your positive Covid-19 test result as proof for a valid claim.
Should I make any changes to my savings and investment plans?
As one can expect, COVID-19 is currently having a negative impact on global financial markets, and the disruption caused will probably continue for a few more months. However, after being impacted by global turmoil previously, the markets have always recovered and will do so again – it may just take some time. It is now more important than ever that you remain level-headed and continue to stay the course on your savings and investment journeys. Making changes to your investment strategy at this stage can result in you not benefiting from investment returns when the market turns upwards again. Please consult with a financial planner before you take any action regarding your savings and investments
Should I rather stop my monthly contributions now and reinstate them again when the markets have recovered?
No. You should not stop any recurring contributions you are making to any savings product. The best way to take advantage of volatile markets is with a recurring contribution product, because with lower average unit prices over a period of time when the market is down, you will be able to buy more units compared to when the market is up. This is referred to as rand-cost averaging. History has shown us that the market will rise and fall over time, so instead of shying away from investing when the market experiences downturns, rather keep making recurring payments to benefit from rand-cost averaging to really get ahead when things improve again. Please consult with a financial planner for more details about this and the options available to you if you cannot temporarily afford your current savings contributions.
Do I have an option to temporarily stop my monthly contributions?
Sanlam Life offers a payment holiday or bridging period on qualifying savings plans to accommodate clients who are experiencing a temporary lack of income and help them retain their plans. This refers to the period of time that we will allow recurring payments to be missed, provided that our requirements at that time are met. It is not necessary for the missed recurring payments to be paid after the payment holiday period has ended. Irrespective of whether a plan qualifies for a payment holiday period or not, reducing the recurring payment amount to an affordable amount is always an option. You can then always increase the payment to the current level (or higher) when you can afford to do so again versus having to reinstate the plan within 12 months (if the plan doesn’t qualify for a payment holiday period). We strongly urge you to speak to a financial planner about your options or send an email to our Client Care Centre (CCC) at email@example.com. Please be aware that during this time, response time may be slower than normal due to the fact that the CCC is operating with reduced staff, but rest assured that they will definitely respond in due course.
I am worried about suffering further losses. What should I do?
We understand that clients may be scared as they want to protect their savings and not suffer any further losses. History taught us that markets recover from short-term fluctuations, such as the current conditions. Making changes to your investment strategy at this stage can result in you not benefiting from investment returns when the market starts to recover. Unfortunately, we cannot predict when this will happen, but it should be emphasised that saving for retirement is a long-term strategy requiring patience and persistence. Now more than ever, “it is not about timing the market, but about time in the market” is true. Please consult with a financial planner before you take any action regarding your savings and investment plans.
How will my savings be affected by COVID-19?
If you are invested in market-linked portfolios, over the short term, you will most likely experience negative returns. However, history shows it is not uncommon for markets to react negatively and then to recover over the medium to long term. History has also taught us that, in time, there will be a recovery in the financial markets. As one can expect, the current negative impact on global financial markets and the disruption caused will probably continue for many more months. Please consult with a financial planner before you take any action regarding your savings and investment plans.
Is my retirement savings protected against market uncertainties such as that caused by COVID-19?
Retirement fund portfolios are not only invested in equities but are spread across various asset classes – such as bonds, property, cash and international assets – to reduce underlying risk. Your retirement savings are also protected (but not guaranteed) by the limitations of exposure to asset classes enforced by Regulation 28 of the Pension Funds Act if you are invested in funds that are Regulation 28 compliant. Even if you invest in portfolios which are non-Regulation 28 compliant, it is still a requirement that your portfolio as a whole needs to be Regulation 28 compliant. If you are invested in a lifetime investment option, your monies are moved from high-risk portfolios to lower-risk portfolios as from six years before your normal retirement date. Lower-risk portfolios have less equity exposure, which reduces the impact of the falling markets. The lifetime investment option is constructed using reliable investment principles, which are based on a long-term investment approach. Whether you are invested in a lifetime investment option or have specifically chosen your own investment portfolios, we strongly urge you to consult with a financial adviser, for more details about your current portfolio.
What is Regulation 28 of the Pension Funds Act?
Regulation 28 gives effect to Section 36(1)(bB) of the Pension Funds Act, which limits the extent to which Retirement Funds (like retirement annuity funds) may be invested in particular kinds or categories of assets by limiting the maximum exposure to more aggressive asset classes when investment fund selections are done. It plays a vital role in trying to ensure that members’ retirement savings provide them with sufficient income in their retirement. The most important Regulation 28 asset class limits are as follows:
*As prescribed by the South African Reserve Bank.
We urge you to consult with a financial planner for advice and assistance to determine the most appropriate investment strategy and portfolio for your retirement savings and your planned post-retirement income strategy.
Must I switch my money to another portfolio to reduce the risk exposure to equity markets?
It is very important not to make any hasty decisions in the moment, based on fear. Switching to a lower-risk portfolio can lead to “locking in losses”. Remember, cashing in at a low point makes a paper loss a real loss. The best way to deal with uncertainty is through proper financial planning, together with patience and persistence with your investment strategy. Making emotional decisions, based on short-term market fluctuations, may result in more harm than good and destroy the long-term value to your savings. If you have a retirement savings plan and you are invested in a lifetime investment option, your monies are moved from high-risk portfolios to lower-risk portfolios as from six years before your normal retirement date. Lower-risk portfolios have less equity exposure, which reduces the impact of the falling markets. The lifetime investment option is constructed using reliable investment principles, which are based on a long-term investment approach. Whether you are invested in a lifetime investment option for retirement savings or have specifically chosen your own investment portfolios for any of your savings and investment plans, we strongly urge you to consult with a financial planner, if you have not done so already, so that you make sound financial decisions.
How will my retirement savings be affected if I am close to retirement?
The best way to deal with uncertainty is through proper financial planning – this means an appropriate investment strategy and portfolio for your retirement savings which is aligned with your planned post-retirement income strategy. Discuss the options that are available to you with a financial planner, before you make any changes to your investment portfolio selection or your planned retirement date. If you are invested in a lifetime investment option, your monies are moved from high-risk portfolios to lower-risk portfolios as from six years before your normal retirement date. Lower-risk portfolios have less equity exposure, which reduces the impact of the falling markets. The lifetime investment option is constructed using reliable investment principles, which are based on a long-term investment approach. Whether you are invested in a lifetime investment option or have specifically chosen your own investment portfolios, we strongly urge you to consult with a financial planner, if you have not done so already, so that you make sound financial decisions which are aligned to your retirement plan.
What will the impact be if I choose to retire in the very near future?
We strongly urge you to consult with a financial planner, if you have not done so already, for reliable assistance. One of the options that you can discuss is to leave your retirement savings (with or without further contributions) until such time that the markets have recovered and you are ready to buy a pension. This means you postpone the payment of your retirement benefit in order to try to leverage from any gains when the market recovers. Unfortunately, we cannot predict when this will happen but as one can expect, the current negative impact on global financial markets and the disruption caused will probably continue for many more months.
Is my portfolio guaranteed if I am currently investing in Sanlam Escalating funds?
If you are investing in Sanlam Escalating funds, your savings are protected but not guaranteed. What this means is that a Sanlam Escalating fund invests in a combination of cash and the corresponding unit trust. The allocation between cash and the corresponding unit trust is not fixed – it varies according to market conditions. Due to the significant decline in financial markets, the cash component of a number of Sanlam Escalating funds significantly increased over the past few weeks. From this point, should the market value of the corresponding unit trust increase, clients who are invested in the Sanlam Escalating equivalent will participate in a proportion of the growth only. The proportion will depend on the amount allocated to the corresponding unit trust. Alternatively, from this point, should the market value of the corresponding unit trust decrease further, the fund value of clients invested in the Sanlam Escalating equivalent will decrease by a smaller amount because of the low exposure to the corresponding unit trust. Please consult with a financial planner for advice and assistance to determine the most appropriate investment strategy and portfolio for your savings.
What is the impact on the bonuses if I am investing in the Vesting Bonus Fund?
The growth in the Vesting Bonus Fund is smoothed out over the term as the fund aims for moderate growth over the longer term. It targets inflation-beating returns over the long term. The negative impact on global financial markets due to COVID-19 also affects the assets in the Vesting Bonus Fund and its investment performance. Investments in the fund grow through bonuses that Sanlam declares. During periods of where the chosen investment assets perform well, a portion of the fund’s growth is not declared as bonuses. Instead, it’s held back so that in times of poor investment performance Sanlam can declare bonuses that wouldn’t otherwise have been possible. From time to time, and especially in extreme market conditions, this smoothing process can result in significant surpluses or deficits in the investment portfolio.
What about wills, trusts and the administration of deceased estates?
Drafting of new wills and trust deeds will continue as usual, but you can also draft a simple will online. There might be slight delays with many staff members working from home, and possible challenges with remote access to the company’s systems cannot be ruled out.
The administration of deceased estates where Sanlam Trust is the executor continues with administrators working remotely.
Should any other situation beyond our control prevent us from keeping to our turnaround times for the above services, we will inform clients as soon as possible.
Sanlam Trust’s usual lines of communication remain operational as far as possible.
Is an e-signature or email valid when signing a will?
South Africans are governed by the Wills Act, which does not allow for e-signatures. All wills executed in South Africa must be originally signed. That means, paper copy, printed, signed by the maker of the will and witnesses in ink. The Master of the High Court will not accept any e-signed wills.
In cases where the will was signed electronically, the testator’s family will have to apply to the High Court in order to have these wills condoned as a valid will. There have been instances in South Africa in which the Court has declared a document drafted by the deceased and stored on his/her computer to be a valid will, where the court has been satisfied that the computer-generated file represents the person’s final wishes as to the distribution of the estate. However, Sanlam Trust cannot guarantee the success of such an application.
It is important to note that a will must be signed in the presence of two competent witnesses who are not mentioned in the will. In the event that you are unable to print and sign your will, we suggest that you advise family members where and how to find the file on your computer or smartphone. In order to support an application for condonation, it may be wise to record a voice message where you read your will too.
You can also email the will to your financial planner or a close friend and tell them that this document is your last will and testament.
We recommend that you keep your signed will safe during the lockdown and inform close family members where it is kept.
Once the lockdown ends, immediately print and sign your will as required.
How will the current COVID-19 pandemic impact my group risk cover?
At Sanlam we are in the business of paying valid claims, and we want you to have peace of mind that you are properly covered. Please find answers to most of the questions you might have if you are covered by your company’s group risk insurance.
Can I claim for self-employed loss of income under my credit life insurance policy?
You may qualify for policy benefits under your credit life policy linked to your Sanlam Personal Loan should you suffer a loss of income. This benefit may pay up to a maximum of 12 monthly instalments excluding the first instalment after the commencement date of the loss of income.
For a valid claim, please provide evidence of the loss of income as per the policy guidelines and submit three months’ bank statements, showing the income and subsequent loss thereof due to COVID-19.
Can I claim for retrenchment due to COVID-19 under my credit life insurance policy?
You may qualify for policy benefits under the credit life policy linked to your Sanlam Personal Loan should you be retrenched due to COVID-19. This benefit may pay up to a maximum of 12 monthly instalments excluding the first instalment after the commencement of the retrenchment.
For a valid claim, please provide evidence of the retrenchment as per the policy guidelines and submit the following documents:
Can I claim for a full loss of salaried income due to COVID-19 under my credit life insurance policy?
You may qualify for policy benefits under the credit life policy linked to your Sanlam Personal Loan if you have not received any salary due to non-payment from your employer, resulting from you not being able to work and your employer not being able to pay you any salary due to COVID-19. This benefit may pay up to a maximum of 12 monthly instalments.
For a valid claim, please provide evidence of the total loss of salary as per the policy guidelines and submit the following documents:
Who can I contact to find out if I qualify for credit life cover?
Contact Sanlam Developing Markets to find out if you qualify for credit life cover:
In the event that you have substituted your Sanlam Developing Markets’ credit life policy with a policy of another insurer, please contact your other insurer directly.
Visit our vaccination information page for all you need to know about getting the vaccine.
The National Department of Health
The National Institute for Communicable Diseases
The World Health Organization
Your Sanlam Insurance Product and COVID-19
We encourage you to visit our FAQ section, but should you have any questions that are not addressed there, please complete the form below or contact your adviser for advice and guidance regarding your financial decisions and Sanlam products.