The FNB life cover is a FNB life insurance policy with premiums starting at R87.00 per month. Policyholders can select up to R10,000,000.00 in life insurance coverage. When the main policyholder dies, the FNB life cover includes a funeral benefit of R30,000.00 to help with funeral arrangements.
The FNB life insurance policy includes a Spend Protect benefit that is limited to the amount of life insurance coverage. Spend Protect is a supplemental benefit that pays out a multiple of average monthly card swipes and loan repayments. Spend Protect benefits and funeral benefits are paid out within 24 hours from a successful claim.
FNB life insurance also includes a terminal illness benefit, which kicks in if a policyholder is diagnosed with a terminal illness and is expected to live for less than a year. If such a diagnosis is made, FNB Life will pay out 100% of the death benefit.
FNB life cover is gradually becoming one of the best life insurance products in South Africa. FNB life insurance has paid out over R600 million in claims to date. To understand how the product works, continue reading below as we explain how the product works.
How does the FNB Life Insurance work?
FNB’s eBucks rewards program rewards its customers. You can earn up to 2500 eBucks points every month as a FNB life insurance policyholder, which is equivalent to R250.00. Depending on your eBucks rewards level, you can get up to 40% payback in eBucks rewards. Only FNB card or account holders are eligible for the eBucks rebate. Those who do not have a FNB or RMB account are not be eligible for rewards.
You can add disability insurance, critical illness insurance, and income protection to your life insurance policy. FNB Life Insurance is still very new and cannot be compared to the offerings of larger insurers such as Sanlam or Momentum. The FNB Life insurance has only paid out R600 million in claims to date which shows that this FNB business unit is still new and has a long way to go.
FNB life insurance, on the other hand, has been gaining popularity in recent years. Due to the high demand for the product, the maximum cover amount has been increasing year after year from R1 million to R10 million today.
Even with its infancy, the FNB Life Insurance comes with some of the best benefits for a Life insurance policy. The benefits of the FNB life insurance are listed below.
Benefits of FNB Life Insurance
- Have an opportunity to bundle your life insurance cover with a disability and Severe illness cover.
- You can earn eBucks of up to 2500 eBucks points in a month.
- Have an opportunity to earn 40% of your monthly premiums in eBucks.
- Comes with an additional R30,000.00 funeral benefit.
- Payment of the Funeral benefit is within 24 hours after a successful claim.
- You get a 100% payment of your life insurance cover should you become terminally ill and you have less than 12 months to live.
- Flexible life insurance covers that aim to suit your life cover needs.
- You can get a life insurance cover of up to R10 Million.
- Premiums start from as little as R87 per month.
- The cover amount starts from R100,000.00 which means those that are looking for a lower cover amount are catered for.
FNB Life insurance has a number of benefits, one of which is that you can receive up to 100% of your premiums back if you are diagnosed with a severe illness. Furthermore, unlike other insurance companies, the funeral benefit is a flat R30,000 which doesn’t require an additional premium. You can add critical illness, disability, and income protection coverage to your life insurance policy.
The insurance products that can be added to the FNB life insurance policy are listed below.
FNB Critical Illness Cover
If you are diagnosed with a critical illness, the critical illness insurance will cover you. FNB life insurance will pay out if you have cancer, a stroke, a heart attack, or other chronic ailments. The payment will be made in one lump sum. The critical illness insurance pays out a lump sum of the entire amount of your coverage. The money can be used for a variety of things, including helping with medical bills, paying bills, and so on. When purchasing critical illness insurance, it’s crucial to balance your coverage amount with your daily financial demands.
Here are the highlights of the FNB critical illness cover:
- Pays out a single lump sum amount when you claim.
- Pays 100% of your cover amount.
- Covers over 50 chronic illnesses.
- You can claim 3 times if you link your critical illness cover with life insurance cover.
- Cover starts from R100,000.00.
- Can get cover of up to R5 Million for critical illness.
FNB Permanent disability cover
Disabilities are a part of life, and accidents can happen to anyone, no matter how careful they are. Disability insurance is an excellent strategy to ensure financial security in the event of a future injury. Medical bills for a disability can be prohibitively expensive, necessitating a trip to an international hospital. The FNB Permanent Disability Cover guarantees that if you become permanently disabled, you will get a lump sum payment. There are 3 ways the payout works. Here are the ways that the FNB permanent disability cover works:
- If you can not perform in your occupation FNB will pay you. Occupation disability payout is 100% of your cover. This is when you are no longer able to perform your work duties because of a permanent disability.
- With bodily impairments, you can also make a claim. However, FNB will assess your disability based on medical criteria with up to 62 events and severities. This claim ranges between 25% to 100% of your cover amount.
- Last but not least you get a payout for a severe impairment. Assessment will be based on your ability to function independently. Payout is between 50% to 100% of your cover amount.
Highlights of the FNB permanent disability cover:
- Pays a lump sum amount in the event of permanent disability.
- Pays between 25% to 100% of your cover amount depending on the severity of your disability.
- The cover amount starts from R100,000.00.
- Can get cover of up to R10 Million.
FNB Income protection cover
If you become disabled or severely impaired and are unable to work, the income protection policy will provide financial security. Your coverage will be determined by your needs and the amount of premiums you are ready to pay. When you are unable to work due to a disability, you will receive an income protection benefit. You can also choose to get a portion or all of your monthly salary.
Here are the highlights of the FNB Income protection cover:
- You get guaranteed payout for specific injuries such as fractures.
- If you get terminally ill, you will receive double payment for up to 6 months.
- Comes with a premium waiver after a payout for the claim duration.
- You receive monthly income when you claim.
- Have a chance to increase your cover by your salary annual increase percentage.
- Can only claim if you become disabled or severely impaired.
Conclusion
FNB’s life insurance is getting more popular, and it has been competitive in recent years. Even better, as a FNB customer, you can receive eBucks cashback. When you reach level 5 of the eBucks rewards program, you can get 40% cashback. The FNB Life insurance coverage is simple to obtain. Using the FNB mobile app, you may get an estimate of how much your premiums will be. That’s an excellent use of technology, and the amount of coverage you’ll receive will most likely be the same as the amount shown on the monthly rates calculator.
