No, it is not. Bond insurance is voluntary, however, in some instances the bank would require the bond insurance to be compulsory, along with the mandatory building insurance. However, bond insurance gives you peace of mind that you and your loved ones are covered should an unforeseen circumstance arise. ooba’s Bond Protector gives you and your family peace of mind that future repayments can be met during times of unforeseen financial difficulty.
ooba’s Bond Protector policy covers the outstanding bond amount in the event of death, disability (permanent and temporary), loss of income or dread disease, whereby either full outstanding or monthly bond repayments will be made, depending on the type of claim.