Mortgage Protection Plan Cover (Life Cover)

Maelly

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Jun 14, 2006
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Guys, just a quick question, I'm in the process of buying a property (all stuff approved and now I'm left with meeting the attorneys to register the bond). The lender gave me a quotation for the Mortgage Protection (for those not in the know, this is a life cover should anything happen to you, e.g. death, (and disability, retrenchment - should u choose these extras) the cover will settle the bond). Their quotation included all the benefits (death, disability, retrenchment, etc) and the premium is quite expensive - as expected.


I have been shopping around since then, and I got a great one (just death and disability) and at a very great monthly premium.

My question, what would you recommend, the exact Mortgage Protection Plan or a standalone Life Cover (that you can cede for the bond protection), and why?

Thanks
 
Last edited:

supersunbird

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Standalone life cover which is ceded to the mortgage provider. Reason: cheaper.
 

xrapidx

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Feb 16, 2007
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Whats high?

I'm paying R190 for R1,680,000 life cover.
 

xrapidx

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I was thinking the same thing,
I pay around R375,
that includes 1.25 mil for life
1.5 mil for disability
In that case :p

I'm paying R190 for R1,680,000 life cover.
and
R230 for R3,153,000 disability.

total of R420 :)

I also pay R880 for income protection (7-day waiting period)... which I need - I was sick for three weeks a couple of years back and it almost bankrupted me (contractor).
 

Maelly

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Jun 14, 2006
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2,226
Standalone life cover which is ceded to the mortgage provider. Reason: cheaper.
Thanks

Whats high? Sorry, meant the premium, corrected now :)

I'm paying R190 for R1,680,000 life cover.
Ya, sounds good, ok guys, let me get more life cover quotations, and take the best one. NB: I hate those that requires blood tests though, I have a phobia for needles!
 

syntax

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May 16, 2008
Messages
7,714
Thanks

Ya, sounds good, ok guys, let me get more life cover quotations, and take the best one. NB: I hate those that requires blood tests though, I have a phobia for needles!
I actually dont think you can get cover without being tested (mainly for HIV i think)
 

Lupus

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Apr 25, 2006
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Okay I had a phone call in July with regards to this, not sure if they put it into action or not as I didn't sign anything? Does anyone know how I would go about checking if this Mortgage protection plan is in place?
 

MartyMarts

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May 16, 2006
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I actually dont think you can get cover without being tested (mainly for HIV i think)
True. When the nurse came out to get the blood sample she said I'd get a call in 2 or 3 days. A week went by and I started stressing thinking I had some 'bad news' coming... all worked out in the end though.
 

xrapidx

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Feb 16, 2007
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Okay I had a phone call in July with regards to this, not sure if they put it into action or not as I didn't sign anything? Does anyone know how I would go about checking if this Mortgage protection plan is in place?
Bank statement?
 

Lupus

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Apr 25, 2006
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Still waiting on the house to be registered to me, so nothing has come off from that side...
 

Lupus

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Welcome to SA ;-) first it was the big strike for all workers that delayed it, then SARS delayed it further, hopefully end of this month, here's hoping
 

AvOk

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Oct 6, 2008
Messages
302
In that case :p

I'm paying R190 for R1,680,000 life cover.
and
R230 for R3,153,000 disability.

total of R420 :)

I also pay R880 for income protection (7-day waiting period)... which I need - I was sick for three weeks a couple of years back and it almost bankrupted me (contractor).
I feel like I am being ripped off. I pay R141 a month for R700 000, Life Cover.(Death Benefit) I am 25, don't smoke and I am healthy!

If I may ask, with which company/companies is the above?
 

xrapidx

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Feb 16, 2007
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36,743
I feel like I am being ripped off. I pay R141 a month for R700 000, Life Cover.(Death Benefit) I am 25, don't smoke and I am healthy!

If I may ask, with which company/companies is the above?
Discovery - through a broker.
 
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