FNB Bond

I have recently been granted an FNB Home Loan and one of the requirements was to have the following cover: - Death cover - Permanent Disability - Temporary Disability (12 months repayment period) - Occupational Disability (12 months repayment period) - Unemployment/ Retrenchment (12 months repayment period) I am not so sure such cover requirements can be forced onto a customer though....However I am now told by the bank that due to the fact that the bond will be registered in my and my spouse names, both of us must have life cover and also cover for Death and Permanent Disability, Temporary Disability (12 months repayment period), Occupational Disability (12 months repayment period) and Unemployment/ Retrenchment (12 months repayment period).

My spouse is unemployed, thus what benefit will we gain from cover such as Occupational disability, Retrenchment cover or Permanent disability for her? I can understand this is required from me as I am the breadwinner and will be paying the bond.

Also, this requirement was not stipulated in the agreement with the bank which I signed and did not stipulate that both should have this cover when a joint bond account is registered. All bond costs have been paid at the bond attorneys and the transferring attorneys and was due to lodge soon, but I will not proceed with this bond until this has been sorted.