Old Mutual Life Cover Requirements
Life insurance is one of the most essential tools for protecting your family’s financial future. Old Mutual, a trusted leader in life insurance in South Africa, offers a variety of life cover options tailored to diverse needs. Understanding the specific requirements for obtaining Old Mutual Life Cover can help you make informed decisions and ensure you get the right protection for you and your loved ones.
Essential Highlights
- Old Mutual offers several life cover products, with cover ranging from R100,000 up to R3 million or more, depending on the product.
- Medical tests may or may not be required, based on the type and amount of cover.
- Policyholders must generally be South African citizens or permanent residents meeting specific residency, property, and banking criteria.
- Accidental death cover is available without medical tests.
- Customisation is possible: you can tailor your cover and add options such as disability cover and premium protection.
- Application is quick and can often be completed online or through an adviser.
Table of Contents
What Is Old Mutual Life Cover?
Eligibility Criteria and Basic Requirements
Types of Life Cover & Associated Requirements
The Application Process Step-by-Step
Medical Requirements & Limits Explained
Customisations and Add-On Benefits
Claims Process: What Beneficiaries Need to Know
Related Resources & Useful Links
FAQs: Old Mutual Life Cover Requirements
What Is Old Mutual Life Cover?
Old Mutual Life Cover is designed to give you and your family financial security in the event of death or terminal illness.
It’s a policy that pays a lump sum (or sometimes an income) to your beneficiaries, helping cover living expenses, debts, education, or other financial obligations after you’re gone.
- Policies can be tailored to fit your unique needs and budget[1][6].
- The money paid out can be used however your beneficiaries choose, with tax-free benefits[6].
- Cover can start from as little as R100,000 and goes up to multiple millions of rand, depending on the plan and underwriting outcomes[1][6][7].
Eligibility Criteria and Basic Requirements
To qualify for Old Mutual Life Cover, you need to meet certain eligibility criteria.
Basic Eligibility
- Be the policyholder and insured person on a qualifying Old Mutual Personal Cover product[1].
- Be a member of Old Mutual Rewards (for specific products)[1].
- Be a South African citizen or permanent resident[2].
Additional Criteria for Non-citizens
If you are not a South African citizen, you may qualify if you:
- Have resided in South Africa for over 12 months.
- Own property in South Africa.
- Have a South African bank account[2].
Age and Health
- Most policies are for adults between 18 and 75[4].
- Health and lifestyle questions are standard, but full medicals may only be required above certain cover limits[1][3].
Types of Life Cover & Associated Requirements
Old Mutual offers several types of life cover, each with different requirements.
| Product Type | Minimum Cover | Maximum Cover | Medical Test Required | Key Features |
|---|---|---|---|---|
| Protect Life Cover | R100,000 | Based on risk | Sometimes, for higher amounts | Lump sum payout, terminal illness, optional add-ons |
| Protect Life Income Cover | R3,000/month | Based on risk | Sometimes | Monthly income benefit, terminal illness |
| Protect Accidental Death Cover | R100,000 | R2 million | No (up to limit) | Covers death by accident only |
| iWYZE Life Cover | R250,000 | R3 million | No (for lower limits) | Lump sum, quick online process |
- Accidental death cover often requires no medicals, while higher-value or comprehensive covers may require medical testing[1][5][6].
- For cover above certain limits, a Short Medical Report and Blood Profile may be required, paid for by Old Mutual[3].
The Application Process Step-by-Step
Applying for Old Mutual Life Cover is straightforward and can be done online, by phone, or through an adviser.
- Determine Your Needs
Assess your family’s financial obligations, debts, and goals to decide how much cover you need. - Get a Quote
You can request a quick quote online or through an adviser. The process typically takes less than a minute[6][7]. - Complete the Application
Fill out a form with personal, health, and lifestyle information. -
Underwriting Process
- For some products and cover amounts, you’ll just answer health and lifestyle questions.
- For cover above standard limits or specific products, Old Mutual may require a medical exam and blood tests[1][3].
- Policy Issuance
If accepted, your policy is issued for your review and signature, and you begin monthly premium payments (by debit order)[2][7].
Medical Requirements & Limits Explained
Not all life cover requires medical examinations, but higher sums assured often do.
- Up to R3 million may be available without a medical for some policy types and risk profiles[4][6][7].
- Above R3 million or if your health/lifestyle is high risk, medical reports and blood tests are standard[3].
Steps If Medicals Are Required
- Visit a doctor or nurse for a Short Medical Report.
- Complete a Blood Profile at a lab (cost covered by Old Mutual)[3].
- Submit the completed forms and test results as directed.
If you don’t meet medical requirements for full cover, you may qualify for a lower “core cover” amount instead[3].
Customisations and Add-On Benefits
One of Old Mutual’s strengths is policy flexibility and optional add-ons.
- Premium Protection: Ensures premiums aren’t payable (and cover continues) if you become disabled, impaired, retrenched, or die[1].
- Disability and Illness Cover: Add these for additional protection alongside life cover[1].
- Cover and premium escalation options: Decide if your benefits and premiums increase annually[1].
- Accidental Death Benefit: Fast, no-medical cover for accidental death[5].
Claims Process: What Beneficiaries Need to Know
Filing a claim with Old Mutual involves clear steps and documentation.
- File a claim with all requested documents: death certificate, claim forms, policy documents, and any required medical records[2].
- Claims are only assessed in South Africa; payment to minors will be made to their guardian, a registered trust, or the Guardian’s Fund as required by law[2].
- Old Mutual will confirm claim receipt with a claim number—ensure you keep this for reference[2].
- Premiums must be up to date and the policy must be active for claims to be valid[2].
Related Resources & Useful Links
- Requirements.co.za – The Official Life Cover Requirement Resource
- Detailed Old Mutual Life Cover Requirements
- Browse More Life Cover Requirements
- Old Mutual Official Website
- South African Insurance Association
- Financial Sector Conduct Authority
- National Treasury: Consumer Education
FAQs: Old Mutual Life Cover Requirements
1. Do I need a medical examination to get Old Mutual Life Cover?
You can get accidental death cover and lower-value cover without a medical examination. If you want higher cover amounts (typically above R3 million), or if your health/lifestyle profile requires further assessment, a medical exam and blood tests will be requested[1][3][4].
2. Who is eligible for Old Mutual Life Cover?
Eligibility typically requires you to be a South African citizen or permanent resident, or a foreign national meeting specific property, banking, and residency criteria[2].
3. What types of life insurance does Old Mutual offer?
Old Mutual offers lump sum and income protection life cover, accidental death cover, survivor cover, and add-ons like disability and critical illness protection[1][6][7].
4. How quickly can I get covered after applying?
For many policy types, cover starts immediately after your first premium is paid, and the application process for standard cover usually takes less than 15 minutes online or via an adviser[6][7].
5. Are premiums fixed or do they increase?
You can choose whether you want your cover and premiums to increase annually, which helps offset inflation. This is customisable at the time of policy setup[1].
6. What happens if my beneficiary is a minor?
If your nominated beneficiary is underage at the time of your death, payouts will go to their guardian, a registered trust, or the Guardian’s Fund according to South African legal requirements[2].
7. Where can I find more detailed requirements for Old Mutual Life Cover?
Visit Requirements.co.za’s Old Mutual Life Cover Requirements for in-depth, up-to-date guides and contact details.
For authoritative, up-to-date details tailored to your unique needs, always consult a qualified Old Mutual adviser or explore requirements.co.za for comprehensive resources.
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