Old Mutual Funeral Cover Review
Old Mutual Funeral Cover at a Glance
- Wide range of funeral plans
- Tax-free lump sum payouts
- Take up to six ‘premium holidays’!
What we like:
Whether you’re a community leader looking for a tailored solution or you’re looking to insure extended family members at a reasonable price, Old Mutual has some unique funeral plans! While there may not be many discounts, there are opportunities to earn cashback and take a ‘premium holiday’ on most plans.
Best for:
Old Mutual’s funeral cover policies were all designed with a specific South African consumer in mind! Each policy has unique selling points, for example, the 'Old Mutual Protect Extended Family Funeral Cover’ is ideal for people who want a funeral policy for the elderly members of their family. Meanwhile, the ‘Old Mutual Protect Family Funeral Cover' policy offers a higher maximum payout and additional benefits for immediate family members.
- Cover for extended family and community members.
- Affordable premiums.
- Additional cover options are available.
- The information available online can be confusing.
Giving your loved ones a dignified send-off does not have to mean breaking the bank! Funeral cover policies are designed to pay out a lump sum to cover the costs associated with the death of a beloved family member.
As one of the oldest insurance companies in the country, Old Mutual offers a variety of funeral plans catering to the niche South African market. From individuals to immediate and extended family, and even large community groups, Old Mutual has something to offer.
What Makes Old Mutual Funeral Cover Different?
Old Mutual’s range of policies makes them stand out from its competitors. There is something for every South African, whether you’re looking to cover yourself, your whole extended family, or even beloved members of your community.
Old Mutual also offers cash-back incentives every five years. This means that you can receive a percentage of your premiums back in cash. On top of this, Old Mutual offers a ‘premium holiday’ on most of its funeral cover policies.
Old Mutual Funeral Cover Coverage Options and Benefits
EasiPlus Funeral Plan
Designed with affordability in mind, Old Mutual’s ‘EasiPlus Funeral Plan’ offers cover for you and your immediate and extended family members. The cover amount ranges from R10,000 to R70,000, and it is paid out as a lump sum.
Once your funeral cover application is accepted by Old Mutual, the cover begins! There is no waiting period for accidental death. Old Mutual aims to pay out valid claims that are accompanied by all the relevant documentation within 48 hours.
Funeral Plan Range
Old Mutual’s funeral plan range is designed to suit any budget! The three plans offer coverage for individuals and their immediate or extended families with increasing coverage amounts and premiums.
The ‘Funeral Care Plan‘ pays out a lump sum to a maximum of R50,000. Premiums start from R26 per month, making it the ideal plan for people with smaller budgets or who are looking for minimal coverage.
Premiums for the ‘Standard Funeral Plan’ start from R29, and the maximum coverage amount is R70,000. This policy also includes a terminal illness benefit and optional grocery/education benefits. This means that a specified amount will be paid out to cover the cost of groceries or fund a loved one’s educational journey. The policy also includes a cash-back benefit which pays out a percentage of your premiums after 36 months.
Last but certainly not least, the ‘Comprehensive+ Funeral Plan‘ starts at R36 per month and pays out a maximum cover amount of R70,000. This policy also includes terminal illness, cashback, and grocery/educational benefits. The ‘Comprehensive+ Funeral Plan’ also offers double cover on accidental death.
Old Mutual Protect Family and Extended Family Funeral Cover
These policies are designed to provide individuals and families with comprehensive coverage, additional benefits, and customised plans. Both plans offer a money-back guarantee and cashback benefit, as well as the freedom to choose how your cover amount and premiums increase. Optional extras include ‘Double Accidental Benefit’, ‘Funeral Paid-up Benefit’, and ‘Monthly Grocery Benefit’.
Old Mutual Protect Family Funeral Cover offers cover for yourself, your life partner, children and even grandchildren. Cover amounts range from R5,000 to R100,000, depending on the age of the insured person. The optional ‘Monthly Education Benefit’ and early accidental death cover are exclusive to this policy.
Old Mutual Protect Extended Family Funeral Cover allows you to purchase funeral cover for extended family members. The cover amount for this policy ranges from R5,000 to R50,000. This includes up to four parents, four biological siblings, and eight other family members.
Burial Society Support Plan
Uniquely, Old Mutual offers a funeral plan designed to financially support members of communities, such as religious groups, stokvels, and social clubs. There are multiple payment options, and the coverage includes adult dependents.
This policy is personalised based on the demographic of the group and the needs of the group. As a result, the cover amount and monthly premiums are unique to your group. The policy and premiums will be reviewed annually.
Pricing and Discounts of Old Mutual Funeral Cover
The cost of most funeral plans is dependent on the insured members, but here’s a list of the known minimum premiums:
- EasiPlus Funeral Plan – R37
- Funeral Care Plan – R26
- Standard Funeral Plan – R29
- Comprehensive+ Funeral Plan – R36
During the course of your cover, you are allowed to take up to six ‘premium holidays’. These can be used during periods of financial difficulty to skip a premium payment. In addition, several funeral cover policies offer a percentage of premiums back in cash. The lump sums paid out are tax-free, leaving your loved ones with less hassle!
Where Old Mutual Funeral Cover Can Improve
With so many funeral plans to choose from, it can become overwhelming! Certain policies, such as the ‘EasiPlus Funeral Plan’, are marketed as one of the more affordable plans. However, Old Mutual does have several cheaper funeral plans. Overall, it can be difficult to make a firm decision and get the best deal with the information available online.
How to Request a Quote for Old Mutual Funeral Cover
- Provide your name and contact number on the Old Mutual website for a callback.
- Phone 0860 60 60 62 to speak to a consultant.
Frequently Asked Questions (FAQ)
How do I claim on my Old Mutual Funeral Cover policies?
Claims can be submitted via the web portal, email, WhatsApp, or USSD. You will need the following documents, along with your completed claims form, which can be downloaded from the Old Mutual website:
- Copy of ID of the beneficiary, policyholder, and deceased
- Copy of original death certificate
- Proof of Address
- Banking Details of the beneficiary
How long does Old Mutual take to pay out funeral cover claims?
Old Mutual endeavours to pay out all funeral cover claims within 48 hours of receiving all the necessary documentation. However, this may change in cases of non-accidental death and suicide.
Is the cash-back benefit automatically included in my Old Mutual Funeral Cover?
No, all ‘Cashback’ incentives or benefits are optional and available at an additional cost.
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