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Life Insurance

No family ought to endure the emotional and financial stress that accompanies unforeseen events.

Within minutes, and without the need for stressful medical check-ups, you can obtain a no-obligation quote for an Insurance Protection policy. 

This policy provides death coverage along with optional disability, critical illness, and retrenchment protection.

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Life cover is essential when buying a home to ensure that your mortgage is settled should you pass away unexpectedly. This not only secures your investment but also protects your family or dependents from the financial burden of paying off the home loan in your absence. It provides peace of mind knowing that your loved ones will have a place to live without the added stress of dealing with outstanding debts.
When you take out life cover in the context of a home loan, the policy is typically designed to cover the outstanding balance of your mortgage. In the event of your death, the life cover policy will pay out a lump sum that is used to settle the remaining mortgage amount. This ensures that your property is fully paid off and can be transferred to your beneficiaries debt-free. The amount of cover generally decreases over time as you pay down your mortgage.

When selecting life cover for your home loan, consider the following factors:

Coverage Amount: Ensure the coverage amount is sufficient to cover the outstanding balance of your home loan.
Premiums: Compare premiums from different insurers to find a cost-effective option. Remember, the cheapest option may not always offer the best value.
Policy Terms: Understand the terms of the policy, including any exclusions or conditions that may affect the payout.
Flexibility: Consider whether the policy allows for changes, such as increasing the cover if you upgrade your home or take out a second mortgage.
Insurer Reputation: Choose a reputable insurer with a track record of prompt and fair claims processing.

Yes, you can use an existing life cover policy to secure your mortgage, provided it meets the lender’s requirements for coverage amount and terms. You would need to inform your insurer and possibly adjust the policy to ensure the payout amount covers the mortgage balance. However, it’s also worth evaluating whether taking out a new policy specifically tailored to your mortgage might offer better terms or coverage based on your current needs.
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