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Good day Maya
My husband and I we have a bond with Standardbank which includes a life cover for both of us. In the event when one of us dies it will pay the outstanding amount of the bond. What I don’t understand is the premium for the life cover doesn’t decrease as the bond is decreasing. Please advise
Check with the bank but the life cover may have been designed so that it is priced as a declining level of cover. For example it may cost R5000 for the cover in 2000 but R1000 for the cover in 2010 – but they charge a rate in between of R2500 per month. But it is worth checking if it was a mortgage linked life cover or just a set amount