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Bond Insurance Quotes & Premiums in South Africa

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Indicative Monthly Premiums

SettleMyBond vs. typical bank cover

Bond Amount Bank Cover SettleMyBond
R500,000 R200–R300 R90–R175
R1,000,000 R400–R600 R180–R350
R1,500,000 R600–R900 R270–R525
R2,000,000 R800–R1,200 R360–R700
R3,000,000 R1,200–R1,800 R540–R1,050

Indicative figures. Get your exact quote using the calculator.

How Much Does Bond Insurance Cost in South Africa?

Bond insurance premiums in South Africa are calculated as a rate per R1,000 of outstanding bond balance. Through independent providers like SettleMyBond, you can expect to pay between R0.18 and R0.35 per R1,000 per month.

On a typical R1,000,000 bond, that translates to R180 to R350 per month for comprehensive death, disability, and retrenchment cover.

By contrast, bank-provided bond insurance - bundled into your home loan - typically costs R4.00 to R6.00 per R1,000, meaning the same R1m bond costs R400 to R600 per month. The difference: up to 40% - or R2,400 to R3,000 per year - in unnecessary costs.

See how SettleMyBond stacks up against typical bank bond insurance.

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How Much Does Bond Cover Cost?

Detailed premium breakdown by bond size and age

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Cheap Bond Insurance SA

Affordable cover without compromising on protection

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Bank-by-Bank Comparison

the major banks - premiums compared

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Joint Policy Savings

How couples can save up to 25% with joint bond cover

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Switch From Your Bank

Compare the major banks' bond insurance with SettleMyBond. See how much you could save.

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What Affects Your Bond Insurance Premium?

1

Outstanding Bond Balance

The primary driver. It sets the sum assured you need at the start. Cover is level, so premiums do not automatically decrease as your bond balance falls.

2

Your Age

Younger policyholders pay lower premiums. Locking in cover early in your bond term gives you the best rates over the full loan period.

3

Cover Type Selected

Death + disability is the core cover. Adding retrenchment protection increases the premium slightly but provides critical protection in South Africa's volatile job market.

4

Not Your Health

Unlike life insurance, SettleMyBond does not require a medical examination. Your health status does not affect your premium or eligibility.

6 Months Free Debt Cover - Protected From Day One

When you buy a property, there's a registration period of up to 6 months while the bond transfers at the deeds office. During this time, you haven't paid your first instalment - but you're already covered. If anything happens during this period, a leading AA+-rated South African insurer settles the debt at no cost to you. No other bond insurance provider offers this level of day-one protection.

Frequently Asked Questions

How much does bond insurance cost in South Africa?
Through SettleMyBond, expect R0.18–R0.35 per R1,000 of bond balance per month. A R1m bond costs approximately R180–R350/month - compared to R400–R600/month with bank cover.
Can I get a bond insurance quote online?
Yes. Use our quote calculator to get a personalised premium instantly. No medical exam or paperwork required - just your bond amount and contact details.
Does my premium change as I pay off my bond?
No. SettleMyBond cover is level: the sum assured stays the same as your bond balance falls, and premiums do not automatically decrease. Your premium only falls if you ask for a lower sum assured; otherwise it is reviewed annually and is age-rated.
What factors affect my bond insurance premium?
Your premium is primarily determined by four factors: your outstanding bond balance (the higher the bond, the higher the premium), your age at the time of application, whether you smoke (smokers typically pay approximately 25% more), and the type of cover you select (death only, death plus disability, or comprehensive including retrenchment). Unlike traditional life insurance, your health status does not significantly affect your premium - most policies are issued without a medical exam.
Is bond insurance tax deductible in South Africa?
Bond insurance premiums are generally not tax deductible for individual homeowners in South Africa. They are considered a personal insurance expense rather than a business expense. However, if the property is used for income-generating purposes (such as a rental property or a home office that qualifies for a home office deduction), a portion of the premiums may be deductible. Consult a registered tax practitioner for advice on your specific situation.
Can I get bond insurance if I'm self-employed?
Yes. Self-employed South Africans, freelancers, and independent contractors can all qualify for bond insurance. The application process is the same - a short digital health questionnaire with no medical exam required. Retrenchment cover is typically not available for self-employed individuals (since retrenchment applies to formal employment), but death and disability cover are fully available.

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