Vital Risk Cover is a risk product designed to provide you with meaningful levels of life, disability and critical illness cover with reasonable underwriting requirements.
In addition to the life cover, two rider benefits are available: Total and Permanent Disability (TPD) cover and Critical Illness (CI) cover.
The TPD and CI cover are not available as stand-alone benefits and must be purchased as riders to the main death cover. The TPD and CI cover must be equal to the main policy cover.
The policy has been designed to provide reasonable levels of cover with blood-test-only underwriting. Should higher levels (greater than Tshs 1.2 billion) of cover be required, more comprehensive underwriting will be required. The full underwriting requirements are available from your intermediary or Sanlam Life Insurance.
The cover will only commence once the underwriting process has been completed and Sanlam Life Insurance's underwriters have approved the results. Should the results of the underwriting be unsatisfactory, the cover will either be declined or the rates will be loaded. The cost of the underwriting will be borne by Sanlam Life Insurance.
Premiums are payable monthly for the duration of the policy and vary by age, sum assured and term. Premium quotations are available from your financial planner or Sanlam Life Insurance.
Vital Risk Cover can be used by companies or partnerships to protect them against financial loss due to the loss of an individual who is key to its success, where such loss occurs due to death or incapacity.
Vital Risk Cover may be used as surety for loans or similar from financial institutions. The owner of the policy needs to complete the necessary cession application in line with the requirements of Sanlam Life Insurance and the relevant financial institutions.
The life assured does not necessarily need to be the owner of the policy. This means that individuals are able to provide life cover for their loved ones. All that is required is that Sanlam Life Insurance’s underwriters are satisfied that the applicant and the life assured meet the insurable interest requirements.