Rating based on 17 reviews

Nedbank Life Cover

  • Flexible life cover
  • Online insurance quotes
  • Fast claims process

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Author Nedbank. Screenshot of Nedbank website.
[Accessed February 6, 2023]

About Nedbank

Nedbank is one of South Africa’s most well-known and respected Financial Services Providers, with a customer base of more than 7 million.

Nedbank is a purpose-driven organization that places integrity, respect, accountability, and people at the centre of everything they do. They strive to develop long-lasting relationships with customers by delivering more than expected and empowering people to make their dreams come true.

Exceeding customer expectations

While Nedbank is the fourth largest bank based on the number of customers they have, its customer satisfaction rating is higher than all those FSPs with more customers. This is a result of their commitment and dedication to delivering excellence to each and every customer.

Financial and risk management solutions for all

Whether you’ve just had your first child or are looking to switch to a bank that offers you better products and services, Nedbank is a prime choice.  They offer a host of financial products and services and top up these offerings with a range of personal insurance products that deliver real security and value for money. This can be said for their entire range of insurance products from their life cover to their car insurance – you’re in good hands!

Nedbank Life cover insurance products

Nedbank’s R2 million life cover cap is sufficient to meet the needs of most South Africans but is admittedly lower than caps you’ll find with other large insurance providers which offer as much as R10 million.  It’s also slightly lower than other FSPs like FNB but, once again, this is more than sufficient to cover most people.

Nedbank Services

If you’re a Nedbank customer and are looking to establish a decent financial plan.

Nedbank will give you peace of mind and ensure that your family is well taken care of in the event that something disastrous happens.

Mycover Life from Nedbank

Nedbank’s Mycover Life product offers South Africans life insurance cover of up to R2 million with a host of optional added benefits and features. If you die or any of the events that you’re covered occur, such as being diagnosed with a terminal illness or becoming permanently disabled, your policy will pay out as per the cover amount.

Your cover amount and applicable reductions

Your cover amount will be unique to you and will be set out in your policy schedule which sets out all the important details and information regarding your life cover. This amount may be paid out in full if you pass away (and no exclusions apply) or may be reduced in the event that any accelerator benefits are activated.

Accelerator benefits

Accelerator benefits allow you to make claims before you pass away but, making these claims will reduce the funeral cover amount discussed above.

Optional add-ons available on Mycover Life

  • Accidental death cover up to 100% of your main benefit
  • Funeral cover of up to R75,000
  • Grocery benefits of up to R5,000 for six months
  • Access to Nedbank’s Value for Life Programme which offers a trauma, assault, and HIV benefit, legal services, funeral support services, and access to a personal health advisor.

Nedbank – Life insurance

  • Product Life insurance
  • Cover
    You can get cover for up to R2m
  • Multiple Beneficiaries
    You can cover up to ten beneficiaries one one plan
  • Added value as a Nedbank Client
    Enjoy flexible premiums, no waiting period (subject to conditions) and an extra 5% discount if you are an existing Nedbank client.

Benefits of Nedbank

  • NIC (Nedbank Chat) - a live chat is available to you while you look at the different options, buy or make a claim on line. 
  • Insurance - Nedbank offers you insurance for all your assets including vehicle, building and home contents
  • Credit Protection is insurance for all loans or lines of credit. If anything should happen to you this insurance will cover your debts so as not to burden your family with this responsibility.
  • Legal cover - Nedbank offers you the opportunity to have a lawyer at your disposal when needed. 

Quick and easy application process

Applying for life cover with Nedbank is quick, simple, and there’s no need to worry about invasive medical check-ups and complicated questionnaires.

You can call Nedbank’s personal assets department, request a callback, or simply apply for an insurance quote online via your online banking profile. Of course, you’re also welcome to visit any of their branches to speak to a consultant.

Important details that you must provide

There is certain information that you are obliged to share with Nedbank when applying for cover. This includes any pre-existing health conditions you may have, your general health and lifestyle details, where you work and what you do, your level of education, and your place of residence.

You will need to complete an application, provide all the requested information, submit to any tests if required, complete a policy declaration and make sure that you review and understand all the benefits, exclusions, and other details as provided in your policy schedule.

Important updates you’re obliged to make:

  • If you change jobs
  • If you start or quit smoking
  • If you leave South Africa for 3 months or more

Exclusions that are available for insurers

All insurers have a list of exclusions that specify under which circumstances they will not pay a claim made. For instance, if you die of a pre-existing condition before a 24-month period from your cover start date has lapsed, any policy claims will be declined.

This also applies in the event that death results from suicide, an accident caused by driving under the influence of drugs or alcohol, or if you die while committing any criminal offense. Other exclusions include death as a result of exposing yourself to extreme danger or death as a result of terrorism, war or rebellion, or insurrection.

Additional information to note

Most of the crucial information regarding your Mycover Life insurance policy will be contained in your policy schedule. Pay particular attention to your cover amount, policy start date, premium amount, payment pattern, and due date contained in your policy schedule. You’ll also find a complete list of benefits as well as exclusions.

Cooling-off period and policy cancellations

If you’ve just taken out life cover and, for whatever reason, wish to cancel it, you may do so within Nedbank’s 31-day cooling-off period and they will refund any monies paid.

If you cancel after the cooling-off period you must do so by providing a 31-day written notice but you will not be entitled to any premium refunds. If you’ve missed a premium instalment you will be given a 30-day grace period.

Additional features you can enjoy

As an existing Nedbank customer you can get 5% off on your Mycover Life policy and can enjoy immediate cover with no waiting period (as per your individual policy). You can add up to 10 beneficiaries and enjoy flexible premiums that will suit your budget.

Customer Reviews & Testimonials

July 2020

When I lost my wife last year Nedbank took care of all the heavy work and stressful work so that I could mourn her in peace. Thank you Nedbank for all the assistance and support from your side wi...

Tiaan JVR
— Free State —

September 2021

Nedbank have helped my family for years , opening businesses, helping put my children to school, full insurance coverage!!. So much less stress on me as the man of the house.

Sthemba L
— Mthata —

March 2021

Very nice people and helpful. I have used Nedbank all my life. And not planning on changing that!

Belinda M
— Rivonia —

Nedbank Contact

Physical Address

  • Victoria & Alfred Waterfront Cape Town Western Cape 8001 South Africa
  • Get Directions

Opening Hours

  • Monday 08:00 – 17:00
  • Tuesday 08:00 – 17:00
  • Wednesday 08:00 – 17:00
  • Thursday 08:00 – 17:00
  • Friday 08:00 – 17:00
  • Saturday 08:00 – 17:00
  • Sunday – Closed