The lack of contact information for members and their dependants contributes to the delays in the resolution of many death claims. These delays can sometimes, last for years at a time, during which the family is in desperate need of money for their basic necessities, such as children’s education costs, bond and vehicle payments, etc. which cannot be met. Often, the departed family member was the only source of income, and the home had no alternative sources of income or savings.
Participating employers may significantly reduce this difficulty by making sure that all of their employees who are members of the Fund have their contact information updated on a regular basis. Physical addresses, cell phone numbers and email addresses are typical forms of contact information. Most important, is to maintain the most recent contact information of close family members such as spouse or life partners, major children, parents, siblings, etc. and other nominees up to date.
When a member of the Fund passes away, the employer records are an invaluable source of information about their dependants and nominees. This information helps the trustees with their investigation into the dependants of the deceased and the equitable allocation of the benefit. To the benefit of all beneficiaries, it goes without saying that the more complete the contact information is, the faster and less costly a death claim can be settled.
The beneficiary nomination form gives the trustees insight into the member’s desires and is a helpful source of information, including contact details. Please encourage your members to complete and review their beneficiary nominations on a regular basis. If your members have just transferred to the Sanlam Umbrella Funds from another fund, these members must complete new beneficiary nomination forms as the forms they completed under the transferor fund are no longer valid after they transfer.
Members can update their beneficiary nominations on the Sanlam Portfolio app or on the Member Portal by logging on: https://www.sanlamonline.co.za/login/ . Should Participating Employers require copies of beneficiary nomination forms, these can be accessed here under Sanlam Umbrella Fund Member Selection Forms.