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 home owner 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. |
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Plan Benefits
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Ease of application. |
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No medical or HIV testing. |
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Tailor-made home loan insurance relieves the home owners of bond repayments in the event of injury or illness or the home owner's 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 home owner 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 arrears. |
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 home owner 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 home owner remains unable to work. The home owner 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 birthday |
| Expiry age |
Policy anniversary prior 65th birthday |
| Term |
10, 15, 20, 25 or 30 Years |
| Installment Protector Options |
24 Months or full term |
| Maximum Sum Insured |
Bond amount up to R 1 500 000 |
| Minimum Sum Insured |
Bond amount from R 100 000 |
| Minimum Monthly Premium |
R 80 per month |
| Minimum Annual Premium |
R 912 per year |
| Loans |
No loan facility will be available |
| Surrender Values |
None |
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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. |
