What happens to my premiums if I never claim?

Everyone’s premiums go into a "pot" and that’s what we use to pay out people who do claim. There are 2 reasons why.

The main reason is that insurance works by what’s called "pooling". We chuck everyone's premiums together into a "pool" and claims are then paid from the "pool". This means that if you as an individual never claim, your premiums are still used to pay the claims of those clients who did claim. If you think about it for too long, you might realise that insurance is probably the most socialist system on the planet.

Also, we don't use nearly as much of the "pool" to pay our overheads as some traditional insurers do (yay for digital insurance). This is how we can afford to give our clients a nice, fat Wealth Bonus at the end. 

So, although you don’t get your premiums back, you do get a rewarding Sanlam Indie Wealth Bonus for free that you can cash out at certain times. That’s a pretty sweet deal.