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FNB Life Insurance Review 2021

Posted on January 3, 2021 by Staff Writer

Rateweb | South Africa

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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 Summary

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 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.

FNB Life insurance is still new and cannot be compared with that of big insurance companies like Sanlam or Momentum.

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.

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.
Features of  FNB Life insurance

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.

FNB critical illness cover

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:

  • 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

FNB life insurance

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:

  • 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

FNB life insurance

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:

  • 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 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.

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