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For most people, their largest financial obligation is their outstanding home loan. What would happen if you died became disabled or lost your job, without having paid off your home loan debt? Would your family be able to meet the future home loan repayments along with all their other commitments?
PROLINK Namibia is proud to be able to offer its clients a unique mortgage protection insurance policy, which provides clients and their families with peace of mind in the event of their death, disability or retrenchment, that their home loan commitments will be taken care of. The policy will cover:
• The clients’ full outstanding home loan balance, in the event of death or permanent disablement
• The clients’ monthly home loan installments in the event of temporary disablement or retrenchment.
The policy has been designed with mortgage bonds specifically in mind and therefore includes some innovative, client-focused benefits to provide our clients with absolute convenience during the home buying process and thereafter:
• No medicals required - clients are automatically accepted for cover up to R1 million. All the client need do is complete and sign the application form, which is provided by our home loan consultants, and cover will be in place as soon as his bond is approved.
• Free accidental death cover up until registration – As you are aware, the time period from the date a clients bond is granted by the bank, to the date the bond is registered can take up to 3 months. FREE accidental death cover will be provided in this period with premiums only becoming payable after the clients bond actually registers.
• Joint life cover – The client has the ability to cover a co-applicant on the bond for benefits under the same policy at a reduced premium.
Importantly, PROLINK Namibia has also made certain that our insurance package offers extremely competitive premium rates when compared to competing products in the marketplace.
PROLINK Namibia has designed the product in conjunction with PROWEALTH INSURANCE, who administers the entire insurance package.
The PROWEALTH Group of Companies has been in operation for a number of years and is an upcoming group of highly specialized professionals, rendering services related to insurance, investment, bookkeeping, accounting, property and legal services.
Prowealth is at the forefront of delivering innovative, tailor-made solutions to the process of wealth creation for our increasing number of clients.
A more detailed summary of the benefits offered under the policy is set out in the Product benefits section.
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Product benefits
The product has been structured such that the cover under the policy will reduce each month over the term of the policy, in line with the projected reduction in your outstanding home loan balance. The premium rate that is applicable on initiation of the policy remains level over the term of the policy.
The product offers the following benefits:
• On accidental death between bond grant and bond registration, the granted bond amount, plus an additional 7.5% of the granted bond amount (to assist with costs) will be paid. This is free cover, for which a premium will not be charged. Premiums will only begin being deducted after bond registration.
• On death after bond registration, due to accident or illness the outstanding cover in terms of the policy will be paid.
• On temporary disablement, after 3 months of continued disablement, your monthly loan repayments, until the earlier of your recovery, your death, or a period of 12 months has elapsed from the date of disability. In order to qualify for temporary disability benefits, you must be unable to perform your own occupation as a result of illness or injury.
• On total and permanent disablement, the outstanding cover in terms of the policy will be paid. In order to qualify for total and permanent disability you must be unable to perform your own or another suited occupation for which you are or could reasonably be expected to become qualified. Payment will only be considered if the disability has endured continuously for 12 months.
• On retrenchment, after 3 months of continuous unemployment due to retrenchment, your monthly loan repayments, will be paid for a maximum of 6 months. Retrenchment cover is not applicable for self-employed persons.
• A premium waiver benefit is included, which pays your full monthly insurance premium whilst you are in receipt of either a temporary disability benefit or a retrenchment benefit.
This is a summary of the benefits and is not intended to be comprehensive. Contact your insurance hotline for more detail.
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Information hotline
PROWEALTH Insurance
P O Box 2835
Swakopmund
Namibia
www.prowealth.com.na
Facsimile number : +264 (0)64 40 1115
Telephone number : +264 (0)64 40 1114
E-Mail your query
Please quote your policy number if applicable on all communications with the Administrator. |
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