FNB Life Insurance
FNB Life Insurance provides a comprehensive range of products, ensuring that clients can choose cover suited to their individual needs. With up to R100 million life cover, FNB Life Insurance includes a variety of benefits like funeral cover, accidental death cover, critical illness cover, and income protection. It also offers unique features like eBucks rewards and the Spend Protect benefit, which offers payouts to cover a portion of your monthly FNB or RMB spend.
King Price Life Cover
King Price Life Cover, offered in partnership with Stangen, is a customizable life insurance policy. Clients can choose the level of cover they need, with up to R10 million available for life cover. King Price also offers salary protection, disability cover, critical illness cover, and funeral plans tailored to individual preferences. A unique benefit is its commuter cover, which offers payouts for commuting-related accidents.
Comparison Table: FNB Life Insurance vs. King Price Life Cover
| Feature | FNB Life Insurance | King Price Life Cover |
|---|---|---|
| Life Cover Amount | Up to R100 million | Up to R10 million |
| Funeral Benefit | R30,000 paid within 24 hours | Customizable funeral plan |
| Accidental Death Cover | Yes | Yes |
| Income Protection | Yes | Up to 75% of salary (up to R90,000) |
| Critical Illness Cover | Lump sum payout | Lump sum payout for stroke, heart attack, cancer |
| Disability Cover | Lump sum payout | Lump sum payout |
| Salary Protection | Available as an optional add-on | Up to 75% of salary |
| eBucks Rewards | Up to 40% back on premiums in eBucks | Not available |
| Spend Protect Benefit | Covers monthly FNB/RMB spend | Not available |
| Commuter Cover | Not available | Yes |
| Waiting Period | No waiting period for accidental death | No waiting period |
| Group Schemes | Not available | Available |
Benefits of FNB Life Insurance
- Comprehensive Life Cover: FNB Life Insurance offers up to R100 million in life cover, making it one of the highest in the market.
- Funeral Benefit: The R30,000 funeral benefit is paid out within 24 hours at no extra cost, ensuring that funeral expenses are handled swiftly.
- Accidental Death Cover: FNB’s accidental death cover helps families financially in the event of an untimely accident.
- eBucks Rewards: Earn up to 40% of your premiums back in eBucks, which can be used for purchases or lifestyle rewards.
- Spend Protect Benefit: Unique to FNB, this benefit provides a lump sum payout to cover part of your FNB or RMB account expenses.
- Flexible Cover Options: Customers can add-on disability cover, income protection, and retrenchment cover, providing a comprehensive safety net.
Benefits of King Price Life Cover
- Customizable Life Cover: Clients can tailor their life cover to suit their needs, with options up to R10 million.
- Funeral Plan Flexibility: King Price Life offers a customizable funeral plan, allowing you to choose benefits that align with your family’s needs.
- Commuter Cover: This unique benefit protects against commuting-related accidents, offering cover to both drivers and passengers.
- Salary Protection: Up to 75% of your salary is covered in case of disability, with a payout of up to R90,000 per month.
- Critical Illness Cover: Receive a lump sum payout for major health conditions like cancer, heart attacks, or strokes.
- Group Schemes: Ideal for businesses, group schemes offer comprehensive cover at lower premiums, making them cost-effective for teams and companies.
Requirements for Each Policy
FNB Life Insurance
- Must be an FNB or RMB Private Bank customer.
- No medical questions or tests required for accidental death cover.
- Must hold an FNB Fusion or Current account to earn eBucks rewards.
King Price Life Cover
- Available to any individual (no need to be an existing client).
- No waiting periods for life cover and funeral plans.
- Commuter cover and salary protection available based on employment status.
Pros and Cons of Each Policy
FNB Life Insurance
Pros:
- High life cover amount (up to R100 million).
- Extensive rewards program (eBucks).
- Funeral benefits paid within 24 hours.
- Wide range of add-on benefits, including retrenchment cover and Spend Protect.
Cons:
- Only available to FNB or RMB customers.
- Some benefits require a higher level of banking relationship with FNB.
King Price Life Cover
Pros:
- Customizable life and funeral cover.
- Commuter cover, unique to King Price.
- Salary protection provides substantial financial relief (up to 75% of salary).
- No waiting period for life or funeral cover.
Cons:
- Lower life cover limit (up to R10 million).
- No rewards program like eBucks.
Who Is Each Policy Suitable For?
FNB Life Insurance
FNB Life Insurance is best suited for existing FNB or RMB Private Bank customers who want a comprehensive and flexible life insurance policy. This policy is particularly appealing to high-net-worth individuals due to its high life cover limit of R100 million. It is also ideal for those who frequently use FNB’s banking services and want to earn eBucks rewards. The inclusion of Spend Protect and other flexible add-ons makes this a good option for customers looking to protect their lifestyle and income.
King Price Life Cover
King Price Life Cover is suitable for individuals looking for a more affordable, customizable life insurance policy. Its flexibility in terms of funeral cover, commuter cover, and salary protection makes it a great choice for individuals who want tailored coverage. Additionally, King Price Life’s group schemes are perfect for businesses and teams, offering a cost-effective solution with extensive benefits. This policy is also a good fit for those who do not require high life cover limits but want comprehensive protection.
Other Relevant Comparison Indicators
- Waiting Periods: Both policies have no waiting periods for life cover, ensuring immediate protection.
- Additional Cover: FNB offers a wider range of add-on options (like Spend Protect and retrenchment cover), while King Price focuses more on customizable options like commuter cover and salary protection.
- Claims Process: FNB provides a faster payout for funeral benefits (within 24 hours), whereas King Price’s claims process may vary depending on customization.
Conclusion
Both FNB Life Insurance and King Price Life Cover offer comprehensive protection, but they cater to different customer needs. FNB Life Insurance provides extensive coverage, high life cover limits, and valuable rewards like eBucks. It is ideal for high-net-worth individuals and those already banking with FNB. On the other hand, King Price Life Cover is more flexible and customizable, with unique benefits like commuter cover and salary protection, making it suitable for individuals who want personalized coverage.