I would like to know about insurance to cover my bond when my wife or I pass away. At the moment we have one insurance policy which we thought was with: Hollard which is the Administrator and Guard Right which is the Underwriter and OOBA. (I do not know what they are but they also get my money). When reading their combined policy under the article death cover it stated that only when the first life insured passes on that the policy will pay out although their service centre confirmed that both me and my wife are covered, this paragraph still tells me that only when she as the first life insured passes on then only will the policy pay out, not when I die that mean that she will still sit with the bond payment. Please help and advice what to do as we have this policy since 2004 and never received any documents with a long correspondence we only received documents of this policy in January 2010. From: Vernon
Hi Vernon,
Thanks for your email. While I can't comment directly regarding this product, it seems that it's a type of joint life policy (you and your wife insured on the same contract). What I find very strange is that according to you they will only pay out if your wife passes away. This is not normally how a joint life policy is structured. The standard procedure is to insure both lives and regardless of who passes away the insurer pays out the insured benefit (life cover amount). Regards, Brendan
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