Home Loan Protection Plan
Life is hard, and sometimes it throws you unpleasant surprises. You work so hard to keep a roof over your family’s heads, and they deserve that continued security if something should happen to you. That’s why you need a home loan protection plan.
There are many insurance providers that can provide you with this type of cover, and in many cases it is compulsory to take out insurance on your home loan. Take ABSA bank for example; they provide insurance, so that you can relax knowing that your family will be able to live in a paid off house if you die, are diagnosed with a terminal illness, or disabled.
ABSA offers you home loan insurance if:
- Your home loan is less than R1 million
- You want to protect your family financially by covering any outstanding debt on your property should anything happen to you
- You want to provide financial security for your family
Why should you consider this?
- You work hard on maintaining your lovely home and your family deserves to continue enjoying these benefits if you’re gone
- You want complete peace of mind that your repayments will be taken care of and that nobody will come between your family and their home
- You are worried that you may not be able to carry on with your repayments after being badly injured or disabled
- You want some flexibility to change the amount that you are insured for
- You want as little as possible to bother you in the event that you are diagnosed with a terminal illness
With this cover, you get a death benefit, a permanent and temporary disability benefits, a guaranteed insurability benefit and terminal illness benefits. If you would like to increase the amount that your home loan is covered for, you can do this for the first four years on your ‘policy anniversary’. You do not need to provide proof of health to increase the insured amount