BOND PROTECTION INSURANCE
Home Loan Protection Plan
Also Referred To As:
Mortgage Insurance, Mortgage Life Assurance, Mortgage Protection Plan, Home Loan Insurance, Bond Insurance, Bond Life Insurance, Bond Protector, Home Loan Protector.
Bond Protection Insurance is an insurance plan that has been specifically designed to provide flexible risk benefits in respect of home loan protection.
This Bond Protection Insurance Plan is underwritten by Old Mutual Alternative Risk Transfer Limited a registered long-term insurer, and a member of the Old Mutual (South Africa) Limited group of companies.
A Bond Protection Insurance plan pays the original bond in the event of Death, Dread Disease or Permanent Disability, and pays the monthly bond instalments in the event of illness, injury, temporary disability and Retrenchment.
The homeowner has the flexibility to select any combination of the benefits, in addition to the Death benefit.
The Bond Protection Insurance Value Proposition
Ensuring Bond Protection Insurance is even more accessible and giving you Choice, Convenience and Expertise as we offer an affordable alternative insurance product to protect your home. The simple and quick process can ensure that your financial needs are adequately met and that your most important asset is protected for life.
Bond Protection Plan Benefits
- Direct payment of benefits into your home loan.
- Death benefit (pays a lump sum directly to the home loan within 48 hours of receiving all the documentation on a valid claim).
- Instalment protection benefit (covers the bond instalment in the event of illness, injury, temporary and permanent disability)
- Permanent disability benefit (pays a lump sum directly to the home loan in the event of a valid disability claim)
- Dread Disease benefit (pays a lump sum directly to the home loan in the event of a valid dread disease claim allowing you to focus on getting better)
- Retrenchment benefit (covers the bond instalment for up to 6 or 12 months while you focus on finding new employment)
- No medicals or HIV test required
- Two lives (Joint Bond Cover) may be insured under one policy, providing a more affordable premium.
- The policy can be ceded to any financial institution.
- The policy will pay the full death benefit on death even if the instalment protector benefit has been claimed.
- While a valid Instalment protection benefit is being claimed, all the policy premiums due during that period do not have to be paid.
- Ease of application. (We handle all the paperwork ensuring you ease of application)
- May Increase or decrease your cover to suit your home loan requirements.
- Up to 3 months free death cover while the bond registration is pending.
- Cover provided for the term of your home loan.
- Excess cover can provide additional security for financial needs.
|Terms & Conditions
|Minimum entry age
|18 next birthday
|Maximum entry age
|60 next birthday
|Maximum expiry age
|Policy anniversary prior to 80th birthday
|Benefit Expiry age
|Policy anniversary prior to 65th birthday
|Matches the term of the bond
|Instalment Protector options
|24 months or full term
|Minimum sum insured
|Minimum monthly premium
|R75 a month
|No loan facility will be available
This information is of a general nature and should not substitute 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.
Get Your Bond Protection Insurance Quote Below:
Home and Car Insurance
Insure your assets against damage, loss and liabilities on a Short Term Insurance policy with South Africa’s leading Insurance Companies.
Bond Protection Plan to cover your home loan or monthly installments in the event of death, disability, illness, injury or retrenchment.
Gone are the days of complicated life insurance product offerings and irrelevant policy elements. Buy Life Insurance online or over the phone.
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Call: 086 110 1338
Fax: 086 743 6455
PO Box 804