- Bond insurance guarantees that monthly home loan repayments will be covered in the event of death, disability, dread disease or loss of income.
- Bond insurance provides peace of mind, knowing that you and your family will always have a home.
You’re probably thinking “great, yet another type of insurance I have to worry about”, but bond insurance, like other forms of insurance, provides significant value through the burden it lifts off your shoulders. While homeowner’s insurance protects your home, bond insurance protects the home loan itself.
Here, we provide a rundown of what bond insurance entails, and why you should consider acquiring it.
What is bond insurance?
Bond insurance ensures that with death, dread disease or permanent disability, the outstanding loan amount is settled. If you experience loss of income or temporary disability, the bond installment is paid for a period of time
Is bond insurance compulsory?
This is compulsory with affordable housing or with certain FNB clients, based on the bond value. Otherwise, bond insurance is voluntary.
Why get bond insurance?
Bond insurance grants you peace of mind, knowing that you and your family will be covered.
Getting the best bond insurance package
Take into account, when shopping for a bond insurance package, the premiums. Look for a package that grants you the best price for the coverage you need. Find out if the package can be tailored to meet your individual requirements.
Remember that you are not always obliged to take bond insurance, but as with other forms of insurance, it goes a long way to provide additional security. It ensures that you and your family will always have a home regardless of what circumstances may arise.
ooba Home Loans — South Africa’s largest home loan comparison service, provides insurance packages such as bond insurance, buildings insurance, and household contents insurance that guarantees the coverage you need.
Furthermore, they provide a range of tools that can make the home buying process easier. Start off with their home loan calculators; then use the ooba Bond Indicator to determine what you can afford. Finally, when you’re ready, you can apply for a home loan.
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