Reviews

FNB Life Insurance Review 2022

Published by
Staff Writer

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.

How does the FNB Life Insurance work?

FNB’s eBucks rewards program rewards its customers. You can earn up to 1500 eBucks points every month as a FNB life insurance policyholder, which is equivalent to R150. 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 will not be eligible for rewards.

You can add disability insurance, critical illness insurance, and income protection to your life insurance policy. Before going on to the advantages that you can add to your life insurance, we’ll go through the FNB Life insurance and its characteristics. FNB Life Insurance is still very young and cannot be compared to the offerings of larger insurers such as Sanlam or Momentum. To yet, the FNB Life insurance has only paid out R200 million in claims. This shows that this company unit is still young and has a long way to go.

FNB life insurance, on the other hand, has been gaining popularity in recent years. Because of the high demand for the goods, the maximum cover amount has been increasing year after year.

Features 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 1500 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.

FNB Life insurance has a variety of advantages, one of which is that you can get up to 100% of your premiums back if you suffer from a serious illness. In addition, unlike other insurance firms, the funeral benefit is a single value of R30,000 rather than a range of amounts. You may supplement your life insurance with critical illness, disability, and income protection coverage. We’ll go through each of these in more detail 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.

Staff Writer

Published by
Staff Writer
Tags: FNB