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Designed in conjunction with Hollard Life Insurance, the oobainsure Mortgage Life insurance Protection Plan provides bondholders and their dependants with comprehensive life cover in the event of death, dread disease, permanent and temporary disability or retrenchment.

Life Insurance Mortgage protection

Choose to protect your family, your home and your mortgage by taking out life insurance against the unexpected with oobainsure Mortgage Protection Plan. No medical clearance is required – you are automatically covered for up to R1.25 million. Any condition that were pre-existing in the two years immediately prior to signing the application will be excluded from claims for the first 24 months of the policy term. It's the life insurance package of your DREAMS!

Life Insurance Benefits

You can choose benefits on an individual life insurance or package - basis, depending on the cover you need. The life insurance and death benefit is required to be included in each benefit section. For as little as 3% of your monthly repayment (that is R90 on a R3 000 bond repayment) you can ensure the safety of your home and peace of mind of your family during unforeseen financial difficulties. The life cover package has been structured to ensure that your monthly premium will not increase as you grow older which makes budgeting so much easier.

Free Accidental death cover

On accidental death between bond grant and bond registration, where this option is selected, the granted bond amount, plus an additional 7.5% of the granted bond amount (to assist with costs) will be paid. This is free life cover, for which a premium will not be charged. Premiums will only begin being deducted after bond registration.

In the event of death

In the case of death because of illness or accident, the full outstanding bond amount, as per the individual policy schedule that will be sent to each client, will be paid directly to the bank. Should the actual outstanding bond balance be lower than the sum insured life insurance amount as per the schedule, the difference will be paid to the client’s beneficiaries if nominated. This benefit is available worldwide and to non-residents of South Africa, who have purchased property in South Africa.

Life Cover: Dread disease

If a client is diagnosed with any one of 15 listed dread diseases (see the list at the end of this document), prior to their 60th birthday, the full outstanding bond amount as detailed in the policy will be paid by the life insurance policy.

Life Cover: Temporary disability

Should you suffer an illness or accident and be temporarily disabled, after 3 months of continued disablement, your monthly bond repayments will be taken care of until you can return to work. This benefit is payable for a maximum of 9 months. If still unable to do so thereafter, the permanent disability benefit may apply.

Life Cover: Permanent disability

Should you become permanently disabled on or after the date of bond registration, and not be able to perform your own or another suited occupation for which you are or could reasonably be expected to become qualified, we will provide for the full outstanding bond amount to be paid as per the schedule of the life insurance cover.

Life Cover: Retrenchment

Should you be retrenched, after 3 months of continuous unemployment due to retrenchment, this life insurance benefit will cover your bond repayments for a maximum of 6 months or until the client is re-employed. This option is not available to those customers who are self-employed. Premium waiver Whilst you are in receipt of a temporarily disability benefit or a retrenchment benefit, your premiums to your Mortgage Protection Plan policy will be paid by us.

Life Cover: Joint lives

Give your partner future security by extending the cover to him/her at a reduced premium.

Life Insurance Commencement date you can elect to commence the policy at the time your bond grants, or later when the bond registers.

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