SA Bank Offers Income Insurance

October 12 -In today's economic realities, one of the biggest fears facing all South Africans is the loss of income.

Statistics say that most South Africans are supporting extended families and for every one person who loses a job, ten other people will be effected by this loss of income.

Nedbank, one of the country's leading financial organizations, has introduced a product that should help out with this problem - at least for the first three months.

In the case of the account holder losing income for any reason, the bank will pay three lump sums of money, up to R30,000.

The payout will be made whether the loss of income was a result of retrenchment, disability or death.

Three payouts of R10,000 will be credited to the account holder's account, no matter what his or her salary was at the time that the income was stopped.

There are certain limitations to this income insurance, the first and most important being that the account holder is new to the bank.

In addition, an income of at least R3000 needs to be deposited into the account and two debits per month for the duration of the cover need to be made.

As soon as the new account (Dezign Account, Everyday Account, Nedbank Current Account, Optimum Current Account, Savvy Electronic Account and Transactor Plus Account) is opened, the free insurance product kicks in.

The offer is open at Nedbank branches and runs until June 30, 2011.