BondAbility
bond life insurance | home loan protection | bond cover | bond protection
Home Loan Life Insurance, sometimes also called “bond insurance or bond cover” is designed to cover any outstanding balance on your Home Loan in the event of death, disability or illness. BondAbility offers Home Loan Protection when you need it.
If you were to die or not be able to generate an income due to an accident or illness, how would this affect your ability to pay your bond?
From as little as R80 per month, BondAbility provides you with complete peace of mind that your family will be protected when you can no longer provide for them.
Should you suffer from an illness or injury BondAbility will ensure you are able to afford your monthly home loan instalments. In addition your family will not have to worry about losing their home at a time when they are dealing with the emotional trauma of your death.
BondAbility* is an Insurance Plan that has been specifically designed to provide flexible risk benefits in respect of Home Loan Protection.
* BondAbility Bond Insurance is underwritten by:
Nedgroup Assurance Company Limited, a joint venture between Old Mutual SA Limited and Nedbank Limited
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.
Plan Benefits
- Application is simple, no complicated forms to fill in – can be arranged telephonically
- No medical, or HIV testing – which means instant cover
- Flexibility allows the level of cover 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.
- 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.
Complete this short Bondability form belowProduct Features
Death Benefit (bond life insurance cover)
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
(Please note that you must have an existing or pending Bond before applying for BondAbility)
| 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 |
| 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.
