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Category:
South Africa
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Insurance
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Life Insurance
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Bond Insurance
Bond Insurance | Bond Cover | Home Loan Insurance
BondAbility
is an Insurance Plan that has been specifically designed to provide
flexible risk benefits in respect of Home Loan Protection.
BondAbility
provides the homeowner with the ability to maintain their monthly
instalments in the event of disability and illness and ensures that the
family home remains exactly that in the event of death.
Plan Benefits
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Ease of
application.
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No medical, or
HIV testing.
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Tailored made
home loan insurance relieves the homeowners of
bond repayments in the event of:
- injury or illness
- the homeowners death.
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Flexibility
allows the level of security to be adjusted to accommodate budgetary
and / or home loan increases.
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Excess cover can
provide additional security for financial needs.
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Home loan
insurance ensures that financial resources are not compromised by
unsettled home loan obligations.
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3 months free Death Cover while bond registration pending.
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In the case of a
valid Instalment Protector claim all premiums will be waived while the
homeowner is unable to perform their own occupation.
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Full death
benefit even if Instalment Protector benefit has been claimed.
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In the case of a
valid Instalment Protector claim those benefits that were due in the
90 day working period will be paid in arrear.
Product Features
Death Benefit
In the event of
death, BondAbility will pay a benefit equal to the specified
cover amount. If the cover amount is greater than the outstanding home
loan balance, the payment will provide for additional funds that will be
paid into the home loan account.
Instalment
Protector Benefit
If the homeowner
is prevented as a result of illness or bodily injury from earning an
income for a period of ninety days or more, then BondAbility will
pay the monthly home loan instalments whilst the homeowner remains
unable to work. The homeowner is given the option to select either a
full benefit period that will offer comprehensive cover, or a reduced
benefit period of 24 months, which will provide a more affordable
premium but reduced levels of cover.
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Terms and Conditions |
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Minimum entry age |
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18 next birthday |
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Maximum entry age |
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60 next birthday |
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Maximum expiry age |
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Policy anniversary
prior 80th b/day |
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Expiry age |
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Policy anniversary
prior 65th b/day |
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Term |
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10, 15, 20, 25 or 30 years |
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Instalment Protector
Options |
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24 months or full term |
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Maximum sum insured |
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Bond amount up to R1
500 000 |
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Minimum sum insured |
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R100 000 |
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Minimum monthly
premium |
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R80 per month |
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Minimum annual premium |
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R912 |
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Loans |
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No loan facility will
be available |
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Surrender values |
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None |
The
information is of a general nature and should not be relied on as a
substitute for detailed financial planning. The full terms and
conditions are contained in the policy document, which will be mailed to
you on acceptance of the policy.
Nedgroup
Assurance Company Limited, a joint venture between Old Mutual SA Limited
and Nedbank Limited, underwrites BondAbility.
Complete the following form for an obligation-free
quote:
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