Tips

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Go to application formCar Insurance

Ever thought what would happen if your car got stolen, hijacked, damaged, or your house burgled, flooded during a storm etc? We all hope (and some believe) it won't happen to us, but reality is:it does happen!

  • What is a short term insurance policy?
    A short term insurance policy provide cover against loss, damage liabilities and more. You pay a premium to an insurance company who in return provides the cover to compensate you when you suffer a loss on insured items.
  • When obtaining insurance quotes for your car and/or household possessions, keep in mind that varous factors could have an influence on your insurance premium.

    These factors may include:

    Car:

    • your age
    • type of vehicle
    • type of cover
    • use of your car
    • additional cover

    Household:

    • If you live in a high risk area
    • a residence with a non-standard roof (eg. thatch)
    • type of cover you require
    • voluntary excess

Go to application formHealth Insurance

Ever wonder what would happen if you were in an accident? Research has shown that a lot of South Africans do not have good medical coverage as they do not realise how important insurance is. Luckily we are here to point you in the right direction.

  • What is a medical scheme?
    A medical scheme can be seen as the "insurance" that you take out in case you get sick or have an accident. You (and sometimes your employer) make regular payments to the scheme. This in turn will assure that when you have healthcare needs like nursing, dental work, surgery or medicines, the scheme will be there to help you pay. A medical scheme is a non-profit organisation, run by a board of trustees and should be registered at the Registrar of Medical Schemes.
  • Why should you have a medical scheme?

    • Peace of mind: The security of knowing your medical needs will be looked after.
    • Tax benefits: A portion of your contribution can be deducted from your taxable income.
    • Budget: You know how much you will be spending each month can work it into you budget.
    • No waiting: Unlike state hospitals, you do not have to be put on a waiting list, but can get medical treatment or undergo surgery and when you need it most.
    • Immediate treatment: In an emergency, the last thing you have to worry about is whether or not funds are available.
    • Extra benefits: Many schemes offer different wellness and vitality options through which you can benefit personally.
  • How do you choose a medical scheme?

    There are important questions that you need to consider before choosing a medical scheme:

    • What can you afford?
    • What is your personal and family's medical history?
    • What kind of medical care do you want? E.g.: Hospital plan or comprehensive cover

    Once you know what your needs are you can talk to an objective, independent healthcare consultant (or broker) to help you in choosing the correct medical scheme. Once you are covered it is important to re-evaluate your situation yearly to ensure that your changing needs are covered.
  • What should your medical scheme pay for?
    The Prescribed Minimum Benefits or PMB was introduced in 2004 as part of the Medical Schemes Act (no 131 of 1998). This act ensures that all medical scheme members receive the same minimum benefits, regardless of what scheme or benefit option they belong too. Minimum benefits include costs relating to diagnosis, treatment and care of certain medical conditions. 271 medical conditions and 26 chronic diseases are also listed on the PMB.

Go to application formLife Insurance

  • Why do I need life Insurance?
    By taking out Life Insurance you are transferring the risks of everyday life to ensure there will be something to support you should you lose your ability to earn income or to support your family, in the case of your death.
  • How does Life Insurance work?
    A monthly fee is paid to a life insurance provider. Life insurance works on the principal that a group of people who have the same concern about a potential loss, pays a sum of money, so that if a loss occurs, they will be covered. As a result of only a percentage of this group experiencing loss, sufficient funds will always be available.
  • What should you insure?
    You need to review the risk in your life. Everyones risk differs. This risk needs to be reviewed once a year to ensure that you are properly covered for any eventuality.
  • You need to address
    • what impact your death will on the financial future of your family
    • what the financial impact will be in the event of you catching a dread disease, becoming disabled and unable to earn an income

Go to application formLoans

  • What is a personal loan?
    A personal loan is an unsecured loan that is available to individual customers as opposed to businesses. A maximum loan amount of up to R50,000 is offered with a repayment period of between 12 months to 7 years. As personal loans are unsecured, you don't have to provide security in order to get your loan approved.
  • Always make sure you receive a financial solution that suits you. Using your bond for a purchase might seem like a good idea, but it means more interest and finance charges and you could end up paying off your purchase over 20 years. For example if you finance a new computer through your bond it's likely to be outdated long before you've actually paid it off.
  • You can use your personal loan for anything you choose. Whether you need the money to settle existing accounts and credit cards, to pay for home improvements, education, medical expenses or for anything else you may need. Your personal loan is yours to spend on whatever you like.
  • Put together a personal budget of your income and expenses to ensure that you can afford the monthly repayments.
  • Choosing fixed interest rates helps you budget, even if interest rates increase, your monthly repayments won't be affected and you can stick to your budget easily.
  • Make sure you understand the costs and the conditions of a loan before you accept an offer.
  • Always make sure you are dealing with a reputable credit provider who is registered in terms of the NCA
  • Consolidate your credit card and retail accounts with a personal loan. By choosing a longer, repayment period with fixed instalments, you'll only have one, more manageable, monthly payment to make and an improved cash-flow.
  • A good credit record is something that every consumer needs. If you consistently meet the necessary repayments you'll build up a solid credit record, and should you apply for further credit, such as a home loan, you'll be more likely to be granted the credit you need.

Go to application formCar Finance

  • What is Private Vehicle Finance?
    When you're looking to buy a vehicle from a private seller, with no dealer involved you may need specialised financing. Private Vehicle Finance is a loan granted to you for this purpose and is secured against the vehicle you are buying. The great advantage of this product is that, being secured, the rates charged are significantly lower than those offered on personal loans.
  • What vehicles qualify for Private Vehicle Finance?
    Vehicles that are no older than 8 years and aren't rebuilt or previously stolen and recovered will qualify. The amount to be financed must also be more than R30 000.
  • Will I qualify for Private Vehicle Finance?
    Qualification, and the rate you will be offered, will be based on your personal credit record. As a minimum you must earn more than R6 000 a month and have a clear credit record.
  • What are the advantages of Private Vehicle Finance?
    The interest rate charged on a secured vehicle finance loan is capped as per the National Credit Act of 2005 and should be significantly lower than that charged on a personal loan. In addition the seller will have to put the vehicle through the AA 101 point check and roadworthy test so you can be confident there are no major problems with the vehicle. The lender will also take care of the licensing and registration of the vehicle and generally assist you with anything else you may require, like insurance.
  • What if I get retrenched and can't afford the repayments?
    You can take up the option of a Group Life Plan which settles your outstanding amount owed on your vehicle in the event of your death, permanent disability or certain dread diseases and offers limited cover in the event of temporary disability and should you be retrenched your monthly payments will be covered for up to 6 months!
  • TOP TIP!
    Affording a car means affording more than just your monthly finance payments. You need to see the bigger picture when buying your car and consider things like the cost of petrol, insurance and maintenance on the vehicle as well as increased payments should interest rates rise.

Go to application formSavings

  • What is Sanlam Liquid?
    Earning money market interest rates and having everyday access to your money need no longer be mutually exclusive. With Sanlam Liquid, you can manage your money market investment in your choice of account while enjoying the high interest rates earned on the Sanlam Investment Management Money Market Fund (SMMF). You have the choice of two accounts to suit your individual needs, the Sanlam Liquid Debit Card or the Sanlam Liquid Savings Account.
  • Sanlam Liquid Debit Card
    This is an everyday transactional account, linked to a VISA debit card issued by Bidvest Bank Limited. However, the account offers the added benefit of high interest rates because your money is invested in the SMMF at SMMF interest rates. A monthly fee applies to this account. This account can be used for saving and transactions via a debit card, the internet or the Contact Centre. This includes cash withdrawals at ATMs and points of sale, till point purchase swipes, the creation of debit orders and internet money transfers.
  • Sanlam Liquid Savings Account
    With the Sanlam Liquid Savings Account, your money is also invested in the SMMF so that you can reap the rewards of the high interest rate. As your balance grows, your annual service fee decreases, and the rate of interest you earn will increase. This account has no recurring monthly fee. This account is mostly for savings and limited transactions via the internet or the Contact Centre. A debit card is not available on this account.
  • What can a Sanlam Liquid account do for you?
    Whether you choose a Sanlam Liquid Debit Card or a Sanlam Liquid Savings Account, you can:

    • Benefit from high interest rates at a low risk.
    • Get a competitive, simple and transparent fee structure.
    • Have your salary paid directly into this account.
    • Add debit orders and stop orders for easy account management.
    • Do internet transactions - balance enquiries, statements, third-party payments, once-off payments.
    • Take advantage of the expertise of the Sanlam Investment Management team who manages the SMMF.
  • Money Market Fund?
    A money market fund is an open ended mutual fund, high means that the fund pools the financial resources of a large number of people and invests in short term, high quality debit securities and other financial instruments such as blue chip stocks. It is a fairly short-term investment. Money market funds are the lowest risk unit trust sector and have the lowest management fees. There are many advantages to money market funds, which is why they are so popular with investors. Capital is safer than in a bank (because it's spread over a number of banks) and the interest earned with be higher. And the investor's cash is readily accessible from the fund should it be needed.