Fnb Life Insurance: Is It Worth The Hype?

FNB Life Insurance is an insurance policy offered by the First National Bank. The policy includes a range of benefits, such as funeral cover, critical illness cover, disability cover, and income protection. One of the advantages of FNB Life Insurance is the opportunity to earn eBucks rewards, with up to 40% payback in eBucks for those who reach level 5 of the rewards program. The life insurance premiums can start as low as R87.00 per month, with cover of up to R10 million. In addition, FNB offers mortgage life assurance, which covers outstanding mortgage debt in the event of the policyholder's death.

FNB Life Insurance Premiums and Cover

FNB Life Insurance is an insurance policy offered by the First National Bank. The premiums are affordable, starting from as little as R87 per month, and the cover can be up to R10 million. The insurance includes a R30,000 funeral cover, which is paid out within 24 hours of a successful claim. The funeral benefit is a single value, unlike other insurance companies that offer a range of amounts.

Features of FNB Life Insurance

• Customisable cover: You can bundle your life insurance with disability and severe illness cover.
• EBucks rewards: You can earn up to 1500 eBucks points in a month, which is equivalent to R150. Depending on your eBucks rewards level, you can get up to 40% payback in eBucks rewards.
• 100% payout for terminal illness: If you are diagnosed with a terminal illness and have less than 12 months to live, you will receive a 100% payout of your life insurance cover.
• Critical illness cover: FNB life insurance will pay out a lump sum if you are diagnosed with cancer, a stroke, a heart attack, or other chronic ailments. This can be used to help with medical bills and other expenses.
• Permanent disability cover: If you become permanently disabled, FNB will pay out a lump sum. There are three ways the payout works: occupation disability payout, bodily impairment payout, and severe impairment payout.
• Income protection cover: If you become disabled or severely impaired and are unable to work, the income protection policy will provide financial security.

FNB Life Insurance is a good option for those looking for affordable premiums and comprehensive cover. The insurance policy offers flexibility, rewards, and financial support for individuals and their families.

Critical Illness Cover

Standalone Critical Illness allows you to claim up to three times, while Accelerated Critical Illness allows you to claim once. In the event of a claim, the Accelerated Critical Illness option will reduce your Life Cover lump sum amount by the amount claimed for Critical Illness. Your premiums and lump sum benefit amount will be recalculated for the remaining duration of your Life Cover.

FNB's Critical Illness Cover includes:

• 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.
• Pays between 25% to 100% of your cover amount depending on the severity of your illness.
• No waiting periods, so you are covered as soon as the policy comes into effect.
• Your premiums will be waived for 6 months if you make a claim.

Permanent Disability Cover

FNB's Permanent Disability Cover offers a lump-sum payout in the event of permanent disability. The payout amount ranges from 25% to 100% of the cover amount, depending on the severity of the disability. The cover amount starts from R100,000 and can go up to R10 million.

There are three ways in which the payout works:

• Occupation disability payout: If the policyholder is unable to perform their work duties due to a permanent disability, FNB will pay 100% of the cover amount.
• Bodily impairments: FNB will assess the disability based on medical criteria, with up to 62 events and severities. The payout for this claim ranges between 25% to 100% of the cover amount.
• Severe impairment: The assessment will be based on the policyholder's ability to function independently. The payout for this claim is between 50% to 100% of the cover amount.

FNB's Permanent Disability Cover also offers the following benefits:

• The policyholder can increase their cover by their salary annual increase percentage.
• There is a guaranteed payout for specific injuries, such as fractures.
• If the policyholder gets terminally ill, they will receive double payment for up to 6 months.
• There is a premium waiver after a payout for the claim duration.

Income Protection Cover

FNB's income protection cover has several key features. Firstly, it guarantees a payout for specific injuries, such as fractures. Secondly, if you become terminally ill, you will receive double payments for up to 6 months. The cover also includes a premium waiver after a payout for the claim duration. Additionally, you have the option to increase your cover by your salary annual increase percentage. It's important to note that you can only claim if you become disabled or severely impaired.

FNB's life insurance, including its income protection cover, has been gaining popularity in recent years. As an FNB customer, you can also benefit from eBucks cashback. When you reach level 5 of the eBucks rewards program, you can receive up to 40% cashback. Obtaining FNB Life insurance coverage is straightforward, and you can get an estimate of your premiums using the FNB mobile app.

Overall, FNB's income protection cover provides valuable financial security for individuals who may face the inability to work due to disability or severe impairment. With its guaranteed payouts, double payments for terminal illnesses, and the option to increase coverage, it offers a comprehensive safety net for those who need it.

Funeral Cover

FNB Life Insurance is an insurance policy offered by the First National Bank. The life insurance premiums can be as low as R87.00 per month and the cover can be up to R10 million. The insurance includes a R30,000.00 funeral cover.

The FNB Funeral Cover helps your family access cash so they don't have to worry about expensive funeral costs. It covers your loved ones when the unexpected happens, offering both individual and family cover options.

The funeral benefit is a single value of R30,000, and payment is made within 24 hours after a successful claim. This benefit is included in the FNB Life Insurance policy, but it can also be purchased as a standalone product.

With FNB Life Insurance, you can also get up to 100% of your premiums back if you suffer from a serious illness. You can supplement your life insurance with critical illness, disability, and income protection coverage.

The FNB Accidental Death Plan provides cover of up to R3 million in case of accidental death, helping to ease the financial burden on your family. No health questions or medical tests are required for this plan.

Frequently asked questions