- Joint Bond Insurance Cover Available
- No Medical Or HIV Tests Required
- Increase/Decrease Cover As Needed
- Benefits Paid Directly Into Home Loan
- Free Death Cover Pending Registration
Bond Insurance or Bond Cover is a life insurance plan providing cover specifically with regards to home loan and mortgage protection in South Africa.
A Bond Insurance Plan pays the outstanding home loan in the event of death, dread disease or permanent disability, and the monthly home loan instalments in the event of illness, injury, temporary disability and retrenchment.
As a homeowner you have the option to choose any additional benefits to the death benefit.
NO Medicals Or HIV Tests Required!
What Cover Options Do I Have?
The total sum insured will be paid in case of the insured’s death, even if it is more than the outstanding home loan.
Instalment Protection Cover
Should the insured not be able to earn an income for 90 days or more due to illness or injury, the bond insurance plan will cover the monthly home loan instalments.
In case of permanent disability where the insured is unable to earn an income for 90 days or more, the bond protection plan will cover the monthly instalments for the first 2 years. After this period, the full sum insured will be paid out.
If the insured is retrenched for longer than 30 days, his/her bond insurance plan will pay the home loan instalments for a maximum period of 6 months.
Dread Disease Cover
In the event where the insured is diagnosed with a dread disease, the bond protection plan will pay the sum insured after a period of 90 days into the home loan account.