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Overview

 

Even though it's an unpleasant thought, death is inevitable. When you or someone in your family dies, it's important to ensure that the expenses of a funeral do not add to you or your family's burden. Are you sufficiently protected such that, upon your death or the death of a family member, you and your family will have the cash available to provide a dignified burial?

 

The FBN Insurance Extended Family Support Plan (FSP) is a funeral product for immediate and extended family. The plan provides financial assistance in the unfortunate event of the loss of a family member – for you, your spouse, parents and extended family. We will also reward you should you not make claims under the policy.

The family financial support plan not only provides funeral cover but also provides a “cash back” benefit. For each completed five year period of cover in respect of each individual covered under this policy, an amount equivalent to one year’s premium will be paid back to the policyholder. In determining this benefit, each person covered under the policy will be looked at individually. Thus, even when there has been a claim in respect of one person covered under the policy, this benefit will still apply to the others.

 

 

How does the plan work?

  • The plan will pay the sum assured on the death of anyone covered under the policy
  • The plan will also pay one year premium every five years for any insured member as reward for not making claims under the policy.

 

How much will the plan pay out?


You decide how much benefit you would like this plan to pay out. There are eight different cover levels and you can only select one. The cover chosen as well as your age determines your monthly premium.

 

Who can be covered?

  • You
  • Spouse
  • Parents and Parents-in-law
  • Wider family
    • Uncles
    • Step Parents
    • Aunties

 

Are there any age limitations?

 

Yes. These are the minimum and maximum ages applicable at inception and vary for the different category of lives. They are as follows:

 

 

 

Description

 

Minimum

 

Maximum

 

Life Assured

 

18

 

60

 

Spouse

 

18

 

60

 

Parents & Parents-in-laws

 

30

 

75

 

Wider Family

 

0

 

75

 

 

 

 

Do all the covered members enjoy the same benefits?

No. The maximum benefit available for each category is tabulated below:

 

 

 

Description

 

Maximum Units Allowed

 

Maximum Cover Allowed (N)

 

Life Assured

 

8

 

2,000,000

 

Spouse

 

8

 

2,000,000

 

Parents & Parents-in-laws

 

4

 

1,000,000

 

Wider Family

 

2

 

500,000

 

No member can have more units than the number of units selected by the main life.

 

Premium Payment Mode:

 

Premiums can be made monthly, quarterly, half yearly or annually.

 

Inflation Protection

 

To protect against inflation, the policyholder can elect to choose the premium increase option. This will result in an increase in the sums assured.

 

Sums Assured increase will be simple while the premium increase will be compound. The increase rates allowed under this plan are 0%, 5% and 10%.

 

Surrender Value:

 

There is no surrender benefit payable under this product and the policy has no paid-up value.

 

Maturity Benefit:

 

Except for the premium payback described earlier, the policy has no maturity value

 

Waiting Period

 

Except for accidental death, there is a six month waiting period from the inception date before rights to benefit can accrue. However, for extended family members, the waiting period is one year.

 

Plan options – Riders

 

Policyholder can elect to buy any of the optional benefit in addition to the basic cover provided by the plan:

 

o   Waiver of premium on death of the main policy holder – should the main policyholder die, all future premiums are waived and cover continues for the remaining members at the benefit levels available as at the date of death

 

o   Waiver of premium on attaining age 65 – this is usually only available if the policy is taken out before age 55. At age 65 cover continues for the life for the policyholder and spouse and all future premiums are waived.

How do I get cover?

 

You must do the following:

 

  • Give us all the information we ask for in the application process.
  • Pay the required premium by the selected payment mode (i.e.., cheque, debit payment or employer’s deduction etc) every month.

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