We Know Time is Money - Sanlam Express Cover

They say time is money and we know that while everyone’s time is precious, some people could really do with a 25-hour day! If you are an employee by day and your own boss by night, or if you are in a demanding profession, you most probably appreciate hassle-free things, especially when it comes to finances. Simplified products, simplified transacting and now, from Sanlam: simplified underwriting.

Sanlam financial adviser Tyler Brown says Sanlam’s new Express Cover is designed to significantly reduce the time it takes to write and issue risk cover policies. When applying for insurance, everyone has to undergo various types of underwriting. The most time consuming of these is the medical underwriting aspect, which includes long lists of questions about your health, as well as medical tests – which may range from blood tests to GP examinations, scans and requests for previous reports, to name a few.

Other types of underwriting involve questions relating to occupational and financial aspects, part-time activities, overseas and foreigner-status affairs.

Knowing that medical underwriting can usually take up a lot of time and some people are generally not comfortable with needles, Sanlam has simplified the medical underwriting requirements on its risk benefit and launched Express Cover.

“The medical underwriting you’ll undergo when applying for cover will depend on the amount of cover you select. For cover of up to R1 million, you will not need to undergo any medical tests. This means no blood tests, no requests for previous medical reports or exams, no ECGs, no scans or any other medical information. You will only need to answer seven health-related questions. For larger amounts of cover, however, you will be required to answer a few more health questions and you may be selected for a random BMI verification and a random cotinine (smoker) test,” says Tyler Brown.

Furthermore, unlike with other limited underwriting products, there are no waiting periods on claims arising from natural causes. Cover is provided from day one (or even earlier if Free Cover or Immediate Cover features apply to your policy). And if it is necessary for us to place a medical exclusion, it will be

for a specific condition, as opposed to the vague pre-existing exclusion clauses usually applicable to limited underwriting products.

If you place a premium on your time and you want a no-hassle process when applying for risk cover, this is a product for you, and your spouse can also apply. An additional benefit is that you can add funeral cover for your other family members to the same plan. To find out if this cover will meet your needs, speak to your financial adviser about any special occupational duties and activities that you may be involved in.

Sanlam is a Licensed Financial Services Provider.