Life Assurance
Life and disability insurance
If you take FNB's insurance, your insurance premiums will be added to your monthly repayment amount. However, if you choose to take insurance cover with an outside company, remember that the premiums will not form part of your monthly loan repayment amount. These will have to be paid by you directly to the insurance provider.
- Before rejecting FNB's insurance quotation, please ensure you have a comprehensive quote.
- You can choose your own insurance company, as long as it meets the minimum requirements of FNB Housing Finance. Please note that the bank has the right to accept or reject the proposed insurance.
Minimum requirements for approval
- Your life insurance must cover the outstanding loan balance.
- Your insurance provider must be a credible and South African registered insurance company.
- Policies ceded must be accepted and approved by FNB Housing Finance and must cover death and permanent disability for the full outstanding loan balance.
- Please ensure that the debt order on the insurance is paid every month. If the premium is not deducted from your account, you must immediately take this up with your insurance provider.
In case of disability, you will need the following documents to claim:
- A copy of the official boarding / welcome letter
- Your identity document (ID) - South African bar coded identity document or smart ID card
- Confidential medical report (from the treating specialist)
- A declaration by your employer.
- Copies of your medical reports (not older than 6 months)
