FNB is known for its banking prowess and for being a banking powerhouse in the SADC region. The bank is doing very well in its banking activities. and in recent years has stretched its business portfolio to include insurance. With the new insurance portfolio, FNB now offers life insurance.
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 upto R10 million. The customised insurance includes a R30000.00 funeral cover.
FNB rewards its clients with its eBucks rewards program. As an FNB life insurance policyholder, you will have an opportunity to earn up to 1500 eBucks points per month that equates to R150. With a limit of 40% cashback in eBucks rewards depending on your eBucks rewards level.
The eBucks cashback is only for FNB card or account holders. So, those who are not FNB or RMB account holders won’t get cashback.
On your life insurance, you can add a disability cover, critical illness cover and income protection. We will start with the FNB Life insurance and its features before moving to the benefits that you can add to your life insurance.
To date, the FNB Life insurance has only made payouts that equate to R200 million. This is clear evidence that this business unit is still new and it is still yet to grow.
FNB life insurance has, however, been making favourable attractions in recent years. The maximum cover amount has been increasing year after year, due to the demand for the product.
The FNB Life insurance comes with a number of benefits and the great thing is that you can get up to 100% of your cover back should you suffer from severe illness.
Also, the funeral benefit comes at no additional cost and unlike other insurance companies, it is a fixed amount of R30,000 rather than a range.
You can add a critical illness cover, disability cover and income protection to your life insurance, let us look at these in detail below.
The critical illness cover will cover you should you get diagnosed with a critical illness.
Should you suffer from cancer, stroke, heart attack and other chronic diseases, FNB life insurance will make a payout. The payout will come as a single lumpsum.
The critical illness cover pays out a lump sum of 100% of your cover amount. The payout can be utilized in many ways such as helping with medical expenses, paying expenses and more.
So when taking out a critical illness cover, measuring your cover amount with your financial everyday needs is important.
Here are the highlights of the FNB critical illness cover:
Disabilities are a part of life and no matter how careful we are they sometimes happen because of accidents.
Insuring for a disability is a great way to be financially secure should you suffer an injury in the future.
Medical costs for a disability are costly and can even require one to visit an international hospital.
The FNB Permanent disability cover assures that it will pay out a lump sum should you suffer a permanent disability. There are 3 ways the payout works. Here are the ways that the FNB permanent disability cover works:
Highlights of the FNB permanent disability cover:
The income protection cover protects you financially should you become disabled or severely impaired and you are unable to work.
Your cover will depend on your needs and how much you are willing to pay for your premiums.
Income protection benefit pays out monthly income when you are unable to work due to disability. Alternatively, you can choose to receive some of your monthly income in parts or full.
Here are the highlights of the FNB Income protection cover:
FNB’s life insurance is increasingly becoming popular and has been showing competitiveness in recent year.
Even better is that as an FNB client you can earn cashback in eBucks. You can earn 40% cashback when you are on level 5 on the eBucks rewards program.
It is easy to get the FNB Life insurance policy. You can get an estimate of how much your premiums will be using the FNB mobile app. That’s a great use of technology and your cover amount will most likely be the amount quoted on the monthly premiums estimator.