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.
Use an expert to protect your home loan debt
What would happen to your home if, for some reason, you were unable to pay your
bond? This is essential to consider when buying a property so that you and your loved
ones are covered should an unforeseen circumstance arise.
Reasons why you have a Bond Protector
• We cover your outstanding bond amount in the event of death, disability or dread disease.
• No medical information or testing required and everything can be finalised in one call.
• Immediate cover.
• Our cover is approved and automatically ceded to the bank.
• Our premiums never increase making your cover increasingly affordable over the duration of your bond term.
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*Article sourced from Ooba Home Loans*
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