OLD Mutual Life Insurance | ActiveQuote
Established in 1845, OLD Mutual is a pan-African investment, insurance, banking and savings group. With a long history in business, OLD Mutual has risen to become a strong option in insurance. Here, we list the policy, benefits, features and an overview of its life insurance offerings.
Types of OLD Mutual Life Insurance
OLD Mutual offers three types, or terms, of life insurance:
- Fixed Term
- Rolling Term
- Protect
The provider pays out a cash lump sum when an insured party dies or is terminally ill. Life over only is available between the ages of 16 and 85, with the maximum age at the end of the cover to finish on a party’s 100th birthday. Life cover has a 5-year minimum at a cap of 50 years.
OLD Mutual Fixed Term Life Insurance
For fixed-term insurance, it is over a specific period of time. A minimum of 5 years must be taken out, with a cash lump sum paid out at the end.
OLD Mutual Rolling Term Life Insurance
Rolling term cover can be renewed every 10 years. This option also provides a cash lump sum if an insured party falls critically ill or dies. The premium will increase upon renewal, but a guaranteed for a 10-year period. OLD Mutual, however, will inform you of the premium for the first 30 or 40 years, so those insured can plan ahead.
OLD Mutual’s Protect Cover
Protect is a unique product that includes life cover and critical illness cover. It is a fully tailored insurance cover, with each plan being able to have one or more policy. Insured parties can add or remove the cover easily in line with their needs. Certain covers come with additional benefits, too, including premium protection benefit, total permanent disability benefit and cover reinstatement.
Inflation Options
OLD Mutual is a little different from other insurance providers as it offers further inflation options. The company will leave it up to the insured person to decide to increase cover each year in line with inflation, which will increase premiums at the same rate, too. If someone chooses to line their cover-up with inflation, then they can choose to increase cover by 5% or the current rate of inflation by up to a maximum of 10% (whichever is higher).
Other Types of Benefit
Indexation, which is a term for enabling an automatic increase of cover year on year, is available. An insured party can choose the increase themselves. There for You is included, too, which gives insured persons access to a dedicated personal nurse advisor during difficult times. Other optional benefits are available, too, covering a party for permanent disability or paying a premium if you are unable to work because of said disability.
OLD Mutual Life Insurance Review and Results
As of 2018, OLD Mutual’s life insurance policies and underwriters recorded the following results:
- 99.78% of life covers paid
- £37.3m life cover paid total
- Average payment of £82,931
- The average age of claimant was 79 for women and 76 for men.
