BondAbility
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Bond life insurance
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home loan protection
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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.
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
- Ease of application.
- No medical, or HIV testing.
- Tailored made home loan insurance relieves the homeowners of bond repayments in the event of:
- injury or illness
- the homeowners 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 Installment Protector claim all premiums will be waived while the homeowner is unable to perform their own occupation.
- Full death benefit even if Installment Protector benefit has been claimed.
- In the case of a valid Installment Protector claim those benefits that were due in the 90 day working period will be paid in arrear.
Product 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 or 25 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.
