The insurance business was modelled in response to the “WHAT IFs” which are certain probabilities in our natural everyday life. Having started catering for basic essential things, insurance now covers many interests of human concern and importance from life, property, vehicles to even small gadgets. Chances of success as a business in the insurance industry basically rests on the significance that customers attach to the insured event or interest, and therefore an interest with more importance has improved chances of success.

Bond Insurance in South Africa

Owning a home of your own ranks amongst the top most fulfilling experiences in life for many people. It is a feeling of security, status and success. It therefore is no surprise why any homeowner would never wish to involuntarily lose such a substantial asset. This feeling is especially prominent in those who purchase through home finance as their ownership is conditional on them repaying the home loan in full.

What does Bond Insurance Cover?

But then again, as they say the only constant thing in life is change, circumstances do change in a positive or negative way. It can be loss of a job, running down of a business, loss of income, death or disability, these are the “what ifs” that Bond Insurance on a home loan seeks to cater for.

Bond Insurance covers the balance on home loan repayments in the event that the Purchaser is no longer able to do so owing to one or more reasons as noted above i.e death, disability, loss of income. Even though it is generally not compulsory (though some financiers insist on it for a class of property buyers), bond insurance is important in that it ensures that eventually the property will become yours as the repayment will be secured till settlement.

Home Insurance is good as a cover, but what good will it be if the ownership of such home is at stake and not secured? We urge home buyers to take deep introspection into the security of their properties as well as the security of their ownership, as these two interests are not competitive of each other but complementary with one resting on the guarantee of another.

Phoenix Group - Bond Originators South Africa

At Phoenix Bonds, we are in a position to assist property buyers to choose Bond Insurance packages that suit their circumstances. Some home loan packages insist on bond insurance and while we assist in bond origination, we stand on an informed pedestal to assist in that regard (bond insurance) as well.

Phoenix Bonds specialises in bond origination to secure the best deals on your home loan, as well as bridge financing. We commit our work to higher standards so that our clients walk away secure in the services we offer.

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