Bond Protection (Assurance)

[KOPITE]

Howdy Chaps

Need some good advise on choosing a good broker/life insurance cover for my bond in case myself or wifey pass away, disability and retrenchment.

I am moving bond, but my new bond holder is asking over 1k for death, permanent/temp disability and retrenchment. Not sure if all is needed, but i think death, permanent disability is most important.

Anyone can share their experience or advise the best of the lot out there. I have heard of Santam,Sanlam, Momentum, Old Mutual, etc.

Bond cover for 1.5mil

Thanks guys

 

[lexor]

I have some cover from FNB.
At the time they gave me a really good quotation.

Start investing

Protect your family's future with FNB Life Insurance. Explore customised life cover, legacy plans, & accidental death options designed for financial security.

www.fnb.co.za

 

[KOPITE]

My bond is not with FNB

 

[Hemi300c]

Never use a banks insurance products

Go through a reputable broker and get options.

 

[JV_011_]

Check out Investec. They have mortgage protection. Mine cost me 0.018% of the bond and reduces as the total facility reduces. Check them out.

Edit: it doesn't cover retrenchment though. I have heard that's pricey to insure.

It only covers death.

 

[beefymoocow]

Howdy Chaps

Need some good advise on choosing a good broker/life insurance cover for my bond in case myself or wifey pass away, disability and retrenchment.

I am moving bond, but my new bond holder is asking over 1k for death, permanent/temp disability and retrenchment. Not sure if all is needed, but i think death, permanent disability is most important.

Anyone can share their experience or advise the best of the lot out there. I have heard of Santam,Sanlam, Momentum, Old Mutual, etc.

Bond cover for 1.5mil

Thanks guys

If you willing to commit and have multiple product. Discovery life is the best. Paying 1.3k for over 11 mil cover. And that’s before The 90% cash back after 5,10 years. Thereafter around 40%. So for the first 10 years. I’m probably gonna pay around R150-300 per month.

 

[Dark Agent]

Check out Investec. They have mortgage protection. Mine cost me 0.018% of the bond and reduces as the total facility reduces. Check them out.

Edit: it doesn't cover retrenchment though. I have heard that's pricey to insure.

It only covers death.

I got quotes, they was 0.035% to 0.052% in total. I took 0.043% from FNB since got a bond and account with them. The difference was R62 between them and the cheapest(Discovery).

Covered Events Premium Rate per R1000
Death R0.21 (0.021%)
Permanent Disability R0.09 (0.009%)
Temporary Disability R0.02 (0.001%)
Unemployment/Inability to earn an income R0.10 (0.01%)
Total Premium Rate R0.43 (0.043%)