What our Insurance Covers
Death, Terminal Illness, Critical Illness and Total Permanent Disability
Pays the outstanding balance on your account up to a maximum of R100 000 in the event of your Death, Terminal Illness, Total Permanent Disability or Critical Illness
Total Loss of Income or Total Temporary Disability
Pays your instalments for up to 12 months, up to a maximum of R100,000 in the event of Total Loss of Income and Total Temporary Disability.
Instant Cover
Cover is immediate upon activation of the insurance.
Please Note the Following
In order to make use of the benefits mentioned above your account must be in good standing.
You will not be covered in the first 6 months for Death and Critical Illness that is linked to a pre-existing condition that existed in the 6 months before the policy was activated.
This policy will end in the event of a settlement claim being paid for the Death, Terminal Illness, Critical Illness or Total Permanent Disability benefit.
There is a 3-month waiting period for Total Loss of Income claims. The waiting period starts from the policy inception date.
Total Loss of Income and Disability covers will end at the age of 65 years.
Full details of all the benefits and exclusions are available in the terms and conditions below. You will also receive a copy via post. Please ensure that you read the full policy wording on receipt and you are familiar with all the exclusions.
We will not pay a Total loss of Income claim due to the inability to earn an income because of the expiry of a fixed-term contract of Employment and in the case of a self-employed policyholder, the failure by that policyholder’s business to renew its contract/s, will not be covered, nor will you be covered if you are employed by the owner of a non-registered company.
Balance Protection Terms & Conditions
Pricing
The cover only costs R5.50 per R1000 of the outstanding balance. No Thanks
Balance Protection Insurance is underwritten by Absa Life Limited (Reg. No. 1992/001738/06), a licensed long-term insurer and an authorised financial services provider (FSP 36116). Balance Protection Insurance is administered on behalf of Absa Life Limited by Woolworths Financial Services (Pty) Ltd (Reg. No. 2000/009327/07), an authorised financial services (FSP 15289) and registered credit provider (NCRCP 49).