Bond Cover

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

• Ease of application
• No medical, or HIV testing
  
• Tailored made home loan insurance relieves the home owner's of bond repayments in the event of:
  
  • injury or illness
    
  • the home owner's 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
  
• Home loan 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 Instalment Protector claim all premiums will be waived while the homeowner is unable to perform their own occupation
  
• Full death benefit even if Instalment Protector benefit has been claimed
  
• 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.

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
Instalment Protector Options 24 months or full term
Maximum sum insured Bond amount up to R1,500,000
Minimum sum insured R100,000
Minimum monthly premium R80 per month
Minimum annual premium R912
Loans No loan facility will be available
Surrender values 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.

For more information, please contact us.