Home Loan Protection Plan (HLPP)
In the event of your death or disability, make sure your home is secure for your family

Homeloan Protection Plan

Put your home first

Keep your home safe

Simple and easy to afford

Affordable Housing Home Loan

  • The SBIB Home Loan Protection Plan (HLPP) covers death, temporary and permanent disability.

    You have the option of cancelling the SBIB credit life policy and providing alternate insurance cover at any stage of the existing Home Loan.

    The premium rates are age banded and will vary depending on your age

    Premiums are calculated based on your age and outstanding balance and these will reduce in line with the reduction in the outstanding Home Loan balance

    The cover ends at age 65 years for Temporary and Permanent disability

    The Death cover ends at 75 years of age

Death

  • Payment of outstanding balance, excluding arrears, limited to R1.6 million (R810k for Access Home) for each life assured.

Temporary disability

  • Payment of a maximum of 12 bond instalments for each bond term.

Permanent disability

  • Payment of outstanding balance, excluding arrears, limited to R1.6 million(R810k for Access Home) for each life insured.

Standard Home Loan

  • A Home Loan Protection Plan(HLPP) covers the outstanding balance of a Home Loans up to R1.6 million, in the event of death, dread disease and permanent disability and pays limited monthly instalments on retrenchment and temporary disability

    This offering has limited underwriting with provides you with a customised premium based on the following;

    • Income category
    • Smoker status
    • Gender
    • Age
    Cover ends at age 65 years for disability, retrenchment and dread disease.

    Cover ends at 75 years of age for death.

    A Home Loan Protection Plan covers your bond instalments for up to 12 months if you are temporarily disabled. If you are retrenched, it pays six months' instalments. Premiums are calculated on the plan chosen, age band of the insured and outstanding balance.

    Access Home Loan customers qualify for death, temporary disability and permanent disability option only(Plan L) and the maximum sum insured is R810 000. Insurance is a requirement of the bond. Insurance is mandatory however you have an option to cede your own insurance which has same benefits.

Dread disease

  • Payment of the outstanding balance, excluding arrears, limited to R1.6 million for each life assured on diagnosis.
Critical illness (dread disease) Benefit Disclosure Grid as measured against ASISA critical illness definitions.

The table below shows the percentage benefit payable for each severity level. Liberty Active will pay 100% of benefit on all severity levels.

LEVEL A MOST SEVERE IMPAIRMENT

  • 100%

    History
    Coronary artery by-pass graft
    Stroke
    Cancer

LEVEL B MODERATE IMPAIRMENT

  • 100%

    History
    Coronary artery by-pass graft
    Stroke
    Cancer

LEVEL C MOST SEVERE IMPAIRMENT

  • 100%

    History
    Coronary artery by-pass graft
    Stroke
    Cancer

LEVEL D MODERATE IMPAIRMENT

  • 100%

    History
    Coronary artery by-pass graft
    Stroke
    Cancer

Exclusions

  • Building loans are excluded
  • If you are older than 55 years you are required to cede your own life cover

Premiums

  • The premium is calculated on an "interest strip" basis, which means that as your bond balance decreases, so does the premium on your Home Loan Protection Plan.

    Premiums are adjusted according to the outstanding balance, your age and the cover selected.

How do I get a home loan protection plan?

  1. 1. Please visit your nearest branch.
    Visit nearest Standard Bank Branch
    Branch Locator
  2. 2. Apply online for home loan protection plan:

    Get Quotes
  3. 3. Complete a Call me back and a consultant will call you

    Call Me Back
  4. 4. Call the home loan protection plan contact center for assistance

    0860 123 999
Standard Bank Insurance Brokers (Pty) Ltd (“SBIB”) is an authorised financial services provider FSP 224. SBIB is a group company of The Standard Bank of South Africa Limited (Reg. No. 1962/000738/06), an authorised financial services and registered credit provider (NCRCP15). Moving Forward is a trademark of The Standard Bank of South Africa Limited.