FNB Life Cover

Being South Africa’s oldest bank, FNB’s history traces back to 1838 in a small town in the Eastern Cape called Grahamstown.

Through many trials and tribulations, FNB has risen to become one of the country's leading and most trustworthy banking institutions.

The beginning of an incredible journey

FNB’s journey began as The Eastern Triocrees Province Bank, financing the booming wool industry in the province. By 1874 they boasted 4 branches in Queenstown, Grahamstown, Middelburg, and Craddock.

In 1874, the bank was bought by the Oriental Bank Corporation from India; however, they experienced financial strain and withdrew operations from South Africa. Consequently, the Bank of Africa was established in 1879 to take over the banking institution.

Achievements to be proud of

Winning an award is an outstanding achievement. It speaks of hard work and dedication and FNB proudly boasts numerous awards. The first was the vote as the coolest bank from 2012 to 2019.

In 2015 they received an award for being the most reputable bank from 2015 to 2018. FNB received the Brand Finance Banking 500 report award in 2017 for the strongest banking brand in Africa. This was followed in 2019 with the award for the most valuable banking brand in Africa.

Taking responsibility is important to FNB

FNB believes that everybody can play a role in social responsibility matters. They pride themself on playing an integral role in the communities in which they operate.

They’ve divided their focus into three main areas, namely:

• Society – By the use of innovative technology, FNB is dedicated to the improvement of the financial well-being of its communities.
• Environment – With groundbreaking and practical remedies, they strive to reach a carbon-free future by 2030.
• Businesses – Through the Fundaba education initiative, FNB is committed to helping small businesses and women in business.

Apart from world-class service delivery and outstanding customer satisfaction, FNB provides a wide range of financial solutions. They’ve become a one-stop shop for all your banking requirements.

Let FNB help you leave a lasting legacy

Leaving your family taken care of after you pass away is a comforting thought. FNB has a life insurance product as unique as you are. Their life insurance policies offer a range of benefits included and can be tailored to suit your needs.

Get the life cover you deserve

Life insurance from FNB offers you a lump sum payout to your elected beneficiary that could be used for:

• Settling your outstanding debt
• Paying for your children’s education
• Estate taxes
• Financial support to your dependants

With the terminal illness benefit you’ll get a 100% payout should you be diagnosed with a terminal illness carrying a prognosis of 12 months or less.

There’s an additional benefit of R30,000 funeral funds included in your life cover to be spent on immediate expenses after your passing.

Premium calculation explained

FNB offers options when it comes to your life insurance premium. The first option is Consumer Price Index or CPI for short. This option is based on current inflation rates. Whenever the CPI is negative, you’ll consequently see no change in your premiums or benefit amount for the following year.

Should you opt for CPI in addition to a fixed premium, you’ll only see a change in the fixed premium increase which will increase your premium as well as your benefit amount.

The second option is the age-rated increase. With this selection, you’ll see a yearly premium increase based on your age. For example:

• 31 - 35 – 4.5% per annum
• 41 - 45 – 6.5% per annum
• 61 plus – 10.5% per annum