Bond Cover | Bond Insurance | Bond Protection Plan
Also Referred To As:
Mortgage Cover, Mortgage Life Cover, Mortgage Protection Cover, Home Loan Cover Insurance
BondAbility is a Bond Insurance Plan that has been specifically designed to provide flexible risk benefits in respect of Home Loan Protection. Think of it as life cover for your home loan.
BondAbility provides the homeowner with the ability to maintain their monthly installments in the event of disability and illness and ensures that the family home remains exactly that in the event of death.
Nedgroup Assurance Company Limited, a joint venture between Old Mutual SA Limited and Nedbank Limited, underwrites BondAbility.
Home Loan Protection Plan Benefits
- Ease of application.
- No medical, or HIV testing.
- Tailored made home loan insurance relieves the homeowners of
- bond repayments in the event of:
- injury or illness
- the homeowners death.
- Flexibility allows the level of security to be adjusted to accommodate budgetary and / or home loan increases.
- Excess cover can provide additional security for financial needs.
- Bond insurance ensures that financial resources are not compromised by unsettled home loan obligations.
- 3 months free Death Cover while bond registration pending.
- In the case of a valid Installment Protector claim all premiums will be waived while the homeowner is unable to perform their own occupation.
- Full death benefit even if Installment Protector benefit has been claimed.
- In the case of a valid Installment Protector claim those benefits that were due in the 90 day working period will be paid in arrears.
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.
Installment 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 installments 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.
Terms and Conditions
|Minimum entry age||18 next birthday|
|Maximum entry age||60 next birthday|
|Maximum expiry age||Policy anniversary prior 80th b/day|
|Expiry age||Policy anniversary prior 65th b/day|
|Term||10, 15, 20, 25 or 30 years|
|Installment Protector Options||24 months or full term|
|Minimum sum insured||R100 000|
|Minimum monthly premium||R80 per month|
|Minimum annual premium||R912|
|Loans||No loan facility will be available|
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.
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