Old Mutual is a well-established brand that was founded in Cape Town in 1845. They were the first mutual life assurance society in South Africa. This should tell you a lot about who they are, just imagine a company that survived for almost 180 years. Just to give you an idea of how big they are, they currently employ around 30 000 people across 14 countries.
Old Mutual offers clients a very broad range of insurance products. You can cover everything from your life to your property. On this page, we will only focus on their funeral plan. It’s a very straightforward funeral plan with valuable funeral-related benefits. We often see products in the funeral market that are over-complicated. The Old Mutual funeral plan range is a well-thought-out product that focuses on what is important.
We offer 3 different Old Mutual funeral plans. We offer our clients the Care, Standard & Comprehensive + funeral plan. Our agents will help you find the best option tailored for your needs.
With all three Old Mutual funeral plan options, you can cover up to a maximum of 10 extended family members. Extended family will be for example a brother, sister, aunt, uncle, etc. Your parents will not fall under this bracket. Over and above your allowance of up to 10 family members, you can cover up to 4 parents and children. This is a great policy for both small & large families. We understand that there are many single-income households in South Africa. This is the perfect policy to make sure everybody can be under the same funeral plan.
You can cover your extended family, and parents up to the age of 85. The policy will not stop if a person covered becomes older than the maximum entry age. This means that you can only take out a new policy if the person is below 85, it will remain in force once in place.
The amount of additional benefits on your policy is based on what you can afford. There is a funeral plan for every pocket. The core of the product remains the same, on all 3 option, you get a cover amount. This is the amount paid when you claim on the policy. The monthly premium becomes slightly more every month, depending on the amount of additional benefits you require on you policy.
- (C) = Care Plan
- (S) = Standard Plan
- (C+) = Comprehensive + Plan
- Money Back Guarantee (C) (S) (C+)
- Premium Holiday Benefit (C) (S) (C+)
- Restart Benefit (C) (S) (C+)
- Premiums Back (C) (S) (C+)
- Terminal Illness Benefit (S) (C+)
- Grocery Benefit (S) (C+)
- Educational Benefit (S) (C+)
- Double Accidental Death Cover (C+)
- Paid-Up Benefit (C+)
The Old Mutual funeral plan does not require any underwriting. What this means is you do not have to undergo any medical examinations to join. You do not have to disclose your health in any way. There are no medical questions, regardless of your health, your acceptance is guaranteed. To accommodate for this, Old Mutual has to impose a 6 month waiting period for natural causes. The waiting period may be reduced if this is a replacement policy for another funeral plan that was canceled within two months before taking out his policy.
There will be no waiting period for accidental death; there will be cover for accidental death starting from the application date. (Suicide will be considered the same as natural causes and will have a 6 month waiting period)
Policyholders will receive cashback every after every premium cycle. A premium cycle is 36 months (3 years) long. The value of your premiums received back will be equal to 6 times the last premiums in that cycle. This means if you pay R100 a month, you will receive R600 back every 3 years. This is money you can use for anything, it’s paid back to you to enjoy as you please.
This is a great way Old Mutual uses to say thank you to their loyal clients for trusting them with their funeral policy.
Old Mutual is a well-established brand that was founded in Cape Town in 1845. They were the first mutual life assurance society in South Africa. This should tell you a lot about who they are, just imagine a company that survived for almost 180 years. Just to give you an idea of how big they are, they currently employ around 30 000 people across 14 countries.
Old Mutual offers clients a very broad range of insurance products. You can cover everything from your life to your property. On this page, we will only focus on their funeral plan. It’s a very straightforward funeral plan with valuable funeral-related benefits. We often see products in the funeral market that are over-complicated. The Old Mutual funeral plan range is a well-thought-out product that focuses on what is important.
We offer 3 different Old Mutual funeral plans. We offer our clients the Care, Standard & Comprehensive + funeral plan. Our agents will help you find the best option tailored for your needs.
With all three Old Mutual funeral plan options, you can cover up to a maximum of 10 extended family members. Extended family will be for example a brother, sister, aunt, uncle, etc. Your parents will not fall under this bracket. Over and above your allowance of up to 10 family members, you can cover up to 4 parents and children. This is a great policy for both small & large families. We understand that there are many single-income households in South Africa. This is the perfect policy to make sure everybody can be under the same funeral plan.
You can cover your extended family, and parents up to the age of 85. The policy will not stop if a person covered becomes older than the maximum entry age. This means that you can only take out a new policy if the person is below 85, it will remain in force once in place.
The amount of additional benefits on your policy is based on what you can afford. There is a funeral plan for every pocket. The core of the product remains the same, on all 3 option, you get a cover amount. This is the amount paid when you claim on the policy. The monthly premium becomes slightly more every month, depending on the amount of additional benefits you require on you policy.
- (C) = Care Plan
- (S) = Standard Plan
- (C+) = Comprehensive + Plan
- Money Back Guarantee (C) (S) (C+)
- Premium Holiday Benefit (C) (S) (C+)
- Restart Benefit (C) (S) (C+)
- Premiums Back (C) (S) (C+)
- Terminal Illness Benefit (S) (C+)
- Grocery Benefit (S) (C+)
- Educational Benefit (S) (C+)
- Double Accidental Death Cover (C+)
- Paid-Up Benefit (C+)
The Old Mutual funeral plan does not require any underwriting. What this means is you do not have to undergo any medical examinations to join. You do not have to disclose your health in any way. There are no medical questions, regardless of your health, your acceptance is guaranteed. To accommodate for this, Old Mutual has to impose a 6 month waiting period for natural causes. The waiting period may be reduced if this is a replacement policy for another funeral plan that was canceled within two months before taking out his policy.
There will be no waiting period for accidental death; there will be cover for accidental death starting from the application date. (Suicide will be considered the same as natural causes and will have a 6 month waiting period)
Policyholders will receive cashback every after every premium cycle. A premium cycle is 36 months (3 years) long. The value of your premiums received back will be equal to 6 times the last premiums in that cycle. This means if you pay R100 a month, you will receive R600 back every 3 years. This is money you can use for anything, it’s paid back to you to enjoy as you please.
This is a great way Old Mutual uses to say thank you to their loyal clients for trusting them with their funeral policy.
Join the Old Mutual Family
All policy options available come with some form of additional benefits. It’s important to make sure you can afford the policy option you choose. The most important part of any funeral plan is to get enough money to bury a loved one. All other benefits are there to improve the policy. Even the most basic plan will give you everything needed to arrange a decent funeral.
Multiple Paid Up Benefits
Premium Holiday
Double Accident Cover
Grocery Benefit
Terminal Illness Benefit
Education Benefit
Join the Old Mutual Family Today
All policy options available come with some form of additional benefits. It’s important to make sure you can afford the policy option you choose. The most important part of any funeral plan is to get enough money to bury a loved one. All other benefits are there to improve the policy. Even the most basic plan will give you everything needed to arrange a decent funeral.
Multiple Paid Up Benefits
Premium Holiday
Double Accident Cover
Grocery Benefit
Terminal Illness Benefit
Education Benefit
MASS & FOUNDATION CLUSTER FUNERAL PLAN RANGE
Old Mutual Benefit Explained:
Premium & Cover Increase
Your premium will increase over time to make sure that your policy remains relevant. Your cover amount will also increase. The last thing you want is your policy to be worth less in the future. You can request that your premium does not increase in any particular year.
Premiums Back
You will get some money back in your pocket every 36 months (3 Years) of paying your premiums. You get back your last 6 premiums after every premium cycle.
Money Back Guarantee
If an insure person dies as a result of natural causes within the waiting period, you get back all the premiums for the insured person. This means you will not lose your premiums if a claim is rejected due to the waiting period not being over. Remember, accidental death will be covered from the application date.
Terminal Illness Benefit
You receive half of the cover amount if an insured person is diagnosed with a terminal illness and have 12 months to live. The balance will be paid upon death. This benefit is only available if the policy was active for more than 10 years.
Double Accidental Death Cover
If an insured person dies due to an accident, double the cover amount will be paid. This benefit applies to all insured members (except stillborns). This policy will remain active even if the policy is marked as paid up.
Premium Holiday Benefit
This benefit allows you to miss up to 6 premiums over the lifetime of the policy while the cover remains in place. You can pay some or all of the missed premiums to get the same number of premium holidays again in the future.
Paid Up Benefits
Death & Disability – If you die, or they recognize your disability, premiums will stop but cover will continue. A 12 month waiting period will be applicable for any disability not due to an accident.
Retirement Paid-up – When the policy holder turns 65, 100% of the benefit amount will become paid up.
Restart Benefit
This benefit allows you to continue the plan where you left off if it lapses. You can restart the policy anytime within 6 months after it lapses. You will have to catch up on all missed premiums. If you restart within 3 months after it lapses, you can restart without paying the missed premiums.
Grocery & Educational Benefits
This benefit is only available on single adult family and family benefits. You can cover the policyholder or spouse. Starting cover amount of R12 000 per grocery or education benefit. These benefits provide payments for12 months after a claim to cover expenses. (This is an optional benefit at an additional Premium)
Conclusion
We are very impressed with this product. We believe Old Mutual hits all the right spots with their product range. We often see policies with benefits that are there to trick the client into thinking it’s value for money. With this product range, the additional benefits are there to improve the product. This policy is great for both small and large families. Compared to some of the other providers we represent, the Old Mutual policy range is very affordable when it comes to extended family and parents. You can get up to R70 000 cover and premiums start from as little as R31 p/m.
This is a fantastic policy. We sincerely believe our customers will be in great hands with any variation of the Old Mutual funeral cover.
Join millions of South Africans and get a funeral policy from a provider who is almost 100 Years old…
