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Make sure your overdraft is paid should you pass away, be disabled or be retrenched.
Make sure your overdraft is paid should you pass away, be disabled or be retrenched.
Overdraft insurance
An overdraft is a useful tool to help manage your cashflow, but you should always be in control of it. If you were suddenly unable to earn an income, you’d want to make sure your overdraft was paid back so your family wouldn’t have to worry.
With our overdraft insurance we’ll pay off your overdraft balance if you pass away, become disabled or are retrenched. This will give your family peace of mind knowing they won’t need to cover your repayments if you can’t.
Benefits
- If you pass away we’ll pay out the full cover amount whether you have used the overdraft facility or not.
- If you’re temporarily disabled, we’ll pay up to six monthly instalments into your account, provided that you remain disabled throughout these six months.
- If you’re retrenched, we’ll pay up to 10% of your overdraft balance for 10 months up to a maximum amount of R30 000. Payments will stop if you return to employment within the 10‑month period.
With Nedbank’s overdraft insurance, you'll have a financial safety net when you really need it most.
You can take out our overdraft insurance if you're between the ages of 18 and 64.
Is overdraft insurance right for me?
Overdraft insurance is right for you if:
- you are Nedbank accountholder and have an overdraft facility.
- you want to make sure that your overdraft will be paid back in the event of your retrenchment, disablement or death.
- you want to protect your family’s financial stability.
