Proudly South African

Living-Smarts.com

Making Life even Better!
  • RSS
  • Home
  • Insurance Companies
    • Insurance Companies in South Africa
    • Absa Life
    • Alexander Forbes Insurance
    • All Life
    • Auto and General
    • Avbob
    • Better Life Insurance
    • Brightrock Life Insurance
    • Clientele Life
    • Constantia Insurance
    • Budget Insurance
    • Dial Direct Insurance
    • DirectAxis
    • Discovery Insure
    • First for women
    • FNB Life Insurance
    • Frank.Net
    • Hippo Insurance Quotes
    • Hollard Life Insurance
    • Iemas Insurance
    • Integrisure
    • 1LifeDirect Life Cover
    • Miway Life Insurance
    • Metropolitan Life Insurance
    • Momentum Life Insurance
    • Nedbank Life Insurance
    • Old Mutual Life Cover
    • Outsurance Life Cover
    • PPS Insurance
    • Prime Meridian Insurance
    • PSG Online
    • Regent Insurance
    • Sanlam Life Insurance
    • Stand Bank Life Insurance
    • Triarc Life Insurance
    • Unity Insurance
    • Virgin Money Insurance
    • Vodacom Life Insurance
  • Life Insurance
    • Top Reasons why you Need Life Insurance
    • Life Insurance Quotes
    • How to File a Complaint with the Insurance Ombudsman
    • Life insurance for diabetes
    • Life Insurance Terms and Definitions
    • Life Insurance questions and answers
    • Things You Have to Know Before Getting Life Insurance
  • Funeral Insurance
    • Absa Funeral Cover
    • Assupol Funeral Cover
    • Hollard Funeral Cover
    • Metropolitan Funeral Cover
    • Momentum Funeral Cover
    • Nedbank Funeral Cover
    • Old Mutual Funeral Cover
  • Healthy Living
    • Diets
      • 12 most popular diets
      • The Atkins Diet
      • The Paleo Diet
      • The 13 Day Diet
      • How to Gain Weight
    • Crime & Safety
      • South Africa – 4th Most Dangerous
    • Illnesses
      • Top Causes of Death in South Africa
  • Insurance News
    • Vodacom Enters Life s Insurance Biz!
    • Bad News for Loan Seekers in NCA Changes
    • SA Customers Disappointed in Life Insurance Companies
    • A Life Insurance Revolution with Big Data?
Search the site...
  • Home/
  • Life Insurance Companies/
  • Old Mutual Life Cover

Old Mutual Life Cover

July 18, 2014 / Emma B / Life Insurance Companies
0
Old Mutual Life Cover

Old Mutual Life Cover: About the Company

Old Mutual Life Cover is provided by Old Mutual, one of the largest financial services providers in South Africa. Founded over a hundred and fifty years ago, Old Mutual partners with two sister companies (Nedbank and Mutual and Federal) to provide a wide range of financial services. Old Mutual Life Cover is available not only to clients in South Africa, but also to those in Kenya, Zimbabwe, Swaziland, Malawi and Namibia. The current CEO of Old Mutual South Africa is Ralph Mupita.

The Location of Old Mutual Life

The head office of Old Mutual is located at 93 Grayston Drive, corner of West Road South, Sandton, Johannesburg, Gauteng. Their Cape Town office can be found at Mutualpark, Jan Smuts Drive, Pinelands, Cape Town, Western Cape.

Old Mutual Life and Their Services

Old Mutual Life provide for a wide range of financial services, including investment and retirement planning. On the insurance front they offer car, household and householder's insurance under the name iWYZE, as well as their Old Mutual Life Cover life insurance options.

Old Mutual Life Cover Insurance Options

Old Mutual Life Cover is composed of two main life insurance policy options, called Greenlight Old Mutual and Life Plan. The company also offers an additional disability insurance plan.

Greenlight Old Mutual

The Old Mutual Life Cover Greenlight option pays out in a lump sum in the event of death, and there are three benefit options available:

  • Death Benefit, which pays out in a lump sum in the event of death, though Old Mutual's website doesn't specify presumably this is for natural death or natural death and accidental death as compared to the second benefit below;

  • Accidental Death Benefit, which pays out in a lump sum in the event of death by accident, as opposed to natural death;

  • Final Expenses Benefit, which provides money to pay funeral expenses, and debt that needs to be settled immediately such as credit card debt.

The Mutual Life Greenlight policy also offers additional options that you may want to add to your policy, these include:

  • Earning Ability Cover, which will pay your income should you become unable to work through illness or disability;

  • Lifestyle Adjustment Cover, which provides money to manage costs from life changing events, though the website does not give examples of what this may mean;

  • Future Needs Cover, which covers you in the case that you should become uninsurable in the future or unable to pay your premiums.

Obviously, this is not a lot of in depth information. For example, there is no information about the amount of coverage that you can expect, nor an example of what Lifestyle Adjustment Cover gives you as a policy holder. Unfortunately, we could not find this information on the Old Mutual website.

Old Mutual Life Plan

Old Mutual Life Plan has three different policies, called Pure Life Plan, Life and Disability Plan and Accidental Death and Disability Plan. The identical features of all three of these policies are:

  • No medical exam is necessary;

  • All offer a premium holiday meaning that you can miss up to six premium payments during the policy term without losing coverage;

  • Telephone access to health advisers for advice or support;

  • Access to trauma, assault and HIV exposure support and counselling;

  • Emergency medical response in case of accidents;

  • Telephone access to legal advice.

The notable differences between the three plans are as follows:

  • The maximum benefit for the Pure Life Plan and Life and Disability Plan is R500,000, whilst the maximum benefit for the Accidental Death and Disability Plan is R250,000;

  • The Accidental Death and Disability Plan has a cash back option, meaning that every five years you get the cash equivalent of five monthly premium payments back.

Old Mutual Accidental Death and Disability Cover

Additionally, you can opt for an Accidental Death and Disability plan from Old Mutual. The features of this plan are:

  • Coverage ranges from R50,000 to R250,000, with higher coverage meaning higher monthly premiums;

  • Pay out in the event of accidental death or permanent disability due to accident;

  • No waiting period, Old Mutual's website claims that pay out is immediate after an accident is reported;

  • If death or disability results from causes other than an accident all premiums paid will be refunded in full;

  • The Cash Back Benefit means that you receive a sum equivalent to five months of premium payments every five years as long as you own the policy;

  • The Premium Holiday Benefit means that you can skip up to six premium payments during the course of the policy and still have coverage;

  • Coverage is for as long as you are paying premiums, even after the age of retirement;

  • To qualify to apply for the policy you must be a permanent South African resident and between the ages of 18 and 60.

How are the Customer Reviews for Old Mutual Life Cover?

On Hellopeter, the consumer review website that allows customers to write reviews of companies, Old Mutual has received 1011 reports over the last twelve months, which is a lot compared to other life insurance companies reviewed here. Of these reports, 796 were negative, giving the company a 78% negative rating. The majority of complaints were about poor customer service and slow pay outs, which is surprising since in at least one policy description the Old Mutual website states immediate pay out as an advantage of the policy. Obviously customer service is something that the company needs to concentrate on. Having said that, many of the Hellopeter reviews did have feedback from an Old Mutual Life Cover representative, suggesting that Old Mutual takes interest in customer feedback.

Is the Old Mutual Website Customer Friendly?

We found the Old Mutual Life Cover website fairly user friendly. It's easy to navigate, and finding information was simple. Policies wereOld Mutual Life Cover outlined in an easy to read way, making them informative but not loaded down with technical terms and definitions. However, there were occasions where we wanted more information but couldn't find it. This was particularly true for the Greenlight life insurance plan, where we got only a basic outline of the plan's features. Using the Old Mutual website was simple, but we'd like to see more information for certain policies since this would help consumers make better decisions.

Old Mutual Life Cover in a Nutshell

Old Mutual Life insurance comes in two different plans, and the company also offers an additional disability and accidental death policy. Whilst the company website was easy to use we did find it slightly lacking in detailed information about some of these life insurance policies. Plus, consumer reviews on Hellopeter weren't especially encouraging for potential clients. All in all we do recommend that you get life insurance quotes from two or three different insurance companies before making your final decision. Fill in the green form (scroll up) and an agent will get back to you with multiple life insurance quotes, giving you a good comparison and variety for you to chose from.

* Disclaimer: We do not represent any of the companies, products and/or services reviewed, published or advertised on this website. Nor are we financial, health or insurance professionals or services provider. If you request a quote or purchase a product/service, it will not necessarily be given by the company reviewed on any specific page. Any decisions you make based on the information presented is at your own discretion and we advise that before doing so, you consult with the relevant professional.

Main subject: Old Mutual Life Cover

Posts you might find interesting:

What is Critical Illness Cover?

What is Critical Illness Cover?

Life Insurance for Extreme Sports

Life Insurance for Extreme Sports

Pinnafrica

Pinnafrica

disability insurance, insurance companies, insurance company review, life insurance, life insurance South Africa, Old Mutual insurance, Old Mutual Life Cover, Old Mutual life insurance

Leave a Reply Cancel reply

You must be logged in to post a comment.

Stuff you have to see!

60
The ultimate eating contest
Prison Video

<< >>

Popular Articles

  • Most Viewed

    Signup for our newsletter

    Which subject interests you the most?

    View Results

    Loading ... Loading ...

    Categories

    Like Us and Stay Updated!

    Recent Posts

    • Critical Illness Cover Cr: Navy Medicine http://tinyurl.com/p4devpc

      What is Critical Illness Cover?

      March 4, 2016
    • How to Quit Smoking Cr: R. Cruz http://tinyurl.com/p4devpc

      How to Quit Smoking

      February 26, 2016
    • Living with Diabetes Cr: Practical Cures http://tinyurl.com/p4devpc

      Living with Diabetes

      February 18, 2016
    • What is HIV and AIDS Cr: S. Hardy http://tinyurl.com/p4devpc

      What is HIV and AIDS?

      February 11, 2016

    Categories

    • Crime & Safety
    • Diets
    • Funeral Insurance
    • Healthy Living
    • Illnesses
    • Insurance News
    • Life Insurance
    • Life Insurance Companies

    Get In Touch

    Useful Links

    • Sitemap
    All rights reserved (c) 2015 Living-Smarts.com
    • Contact Us
    • About Us
    • Terms of Use
    • Sitemap
    • Login
    Living-Smarts.com ("LS" or "Site") is not a financial services provider, nor are we an insurance company. We do not provide insurance ourselves. All content on the Site is for informational purposes only and does in no way constitute legal, health or financial advice. We advise that before making any financial or medical decision you consult with the relevant professional. LS will not be held liable in any shape or form for damages, direct or indirect, resulting from any decision you make based on the information on the Site. The Site does not represent any companies reviewed, published or advertised on the website. Any decisions you make based on the above information is at your own discretion.