Standard Bank is moving ahead… into insurance. The bank not only provides finance for your assets, but also insurance premiums to go along with them. The range of insurance products offered by Standard Bank insurance includes home insurance, loan insurance, accident and health insurance and life cover.
The home insurance on offer by the blue bank functions much the same as other home insurance policies in that it covers the structure of the home and associated fixtures, such as driveways and swimming pools, from damage as a result of flooding, earthquakes, fire and explosion. The benefits of the policy include geyser maintenance, domestic employee compensation (for personal accident of domestic workers), legal assistance for employers (for disputes with domestic employers) and settlement cover for employers (should the domestic worker go to the CCMA).
Geyser maintenance provides cover for normal wear and tear of your home’s geyser before it breaks or bursts. The home insurance policy also includes cover for leaks, broken windows, electrical problems and appliance repairs, and pest control. This covers the first hour’s labour and call out fee.
As with all banks, Standard provide credit life cover for your assets. They call it Vehicle and Asset Finance Protection which covers all financed assets for up to R1 million. Should the insured die before having covered all his or her debt, then the loan cover will pay out the remaining costs. It covers the insured in the event of death, total and permanent disability, dread disease, and retrenchment.
The permanent disability and dread disease options cover the principle debt if the illness and disability prevent the insured from earning a living. The temporary disability and retrenchment options cover the monthly installments for up to 12 and six months (respectively), giving the insured enough time to recover or find another job.
The accident and health benefit by Standard pays out up to R750 000 in the event of death or permanent disability as a result of an accident. As the policy covers accident only, it does not require a medical exam. This option is best suited for insureds who do not qualify for full life cover.
Standard Bank offers four types of long-term insurance, namely life cover, salary protection, disability cover and serious illness. The life cover protects your family or other dependents in the event of your premature death. Salary protection includes cover for retrenchment and disability or illness, while the disability and serious illness options pay out a lump sum.
For more information on Standard Bank insurance, visit their site. Otherwise move straight ahead to get a range of insurance quotes for car, home, life or business right here on Insurance.co.za. All you need to do is fill in an online form and an insurance representative will call you.
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