SanlamAllianz launches new cover for older clients, children

SanlamAllianz has introduced two new insurance benefits aimed at helping older policyholders keep their cover and supporting families facing the financial burden of a child’s serious illness.

The company launched the Premium Conversion Benefit and the Child Dread Disease Benefit during its first Life Summit, held for financial advisers and brokers. The event focused on strengthening financial advice and introducing solutions that respond to clients’ changing needs.

SanlamAllianz Chief Executive Officer Tertius Stears said advisers and brokers play an important role in helping people make financial decisions that affect their lives and those of future generations.

“We hosted this summit to create an opportunity to learn, exchange insights and strengthen our ability to respond to changing client needs. By investing in the people who provide advice, we can help more families build financial confidence,” he said.

The Premium Conversion Benefit is designed for clients aged between 60 and 70. It allows qualifying policyholders to convert selected disability insurance premiums into additional death cover, dread disease cover or both without undergoing new medical assessments.

The company said this gives older clients more flexibility, especially as health conditions later in life may make it difficult or expensive to take out new insurance.

** Protection needs evolve with age **

SanlamAllianz Head of Client Strategy and Insights Shivaar Chuturgoon said people’s financial protection needs change as they grow older, making it important for insurance products to adapt.

The company also introduced the Child Dread Disease Benefit, which provides financial support when a child is diagnosed with a serious illness.

“Severe illness is not just something that happens to adults, but also happens to kids,” Chuturgoon said.

The benefit is available under qualifying Comprehensive and Comprehensive Plus Dread Disease cover and protects against 47 child-specific illnesses.

Children can receive cover worth up to 15% of a parent’s qualifying cover, with a maximum benefit of N$250 000, depending on the approved claim.

SanlamAllianz said a child’s successful claim will not reduce the parent’s own dread disease cover. Children may also be covered under both parents’ qualifying policies.

The insurer said families often face financial pressure beyond medical bills when a child becomes seriously ill. Parents may need to take unpaid leave from work to care for their children while household expenses continue.

Where parents have qualifying dread disease and temporary disability or sickness income cover, a qualifying child illness claim may also trigger an income payment on the parent’s policy.

If the child’s claim is paid at 75%, the parent may receive one monthly income payment. A claim paid at 100% may qualify for three monthly income payments, with the normal waiting period waived.

The company said its broader Childcare Cover also includes child death cover for parents with qualifying life insurance, at no additional premium, subject to policy terms and conditions.

During the summit, financial advisers also attended presentations on economic trends, financial literacy, retirement planning and the future of financial advice. Product providers showcased services aimed at helping advisers better meet clients’ financial needs.

The event also featured a discussion with parents who shared their daughter’s battle with leukaemia, highlighting the emotional and financial strain families face when caring for a seriously ill child.

SanlamAllianz said the summit forms part of its efforts to equip advisers and brokers with the knowledge and products needed to help clients protect their financial future as their needs change over time.

*-pmukokobi@nepc.com.na *

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