Old Mutual Insurance Review
Old Mutual Insurance at a Glance
- Old Mutual’s offerings include investments, insurance, loans and unit trusts.
- Emergency assistance includes medical, accident, and roadside assistance.
- Four ways to access your policy or submit claims.
What we like:
Old Mutual has several unique insurance offerings that showcase its years of expertise in the South African market. These insurance policies include their 'Allsure’, ‘Domestic Package Insurance’, and ‘Burial Society Support Plan’. Their emergency assistance programme is comparable to many similar programmes offered by other insurers, and their premiums are fair and tailored to your cover.
Best for:
Old Mutual insurance products are best suited to South Africans who are looking for convenience and value from their insurance policy. People who have a clear idea of what type of cover they are looking for and an idea of their risk factors may benefit from an Old Mutual insurance policy. For example, the ‘Allsure' policy allows for broader coverage, but consumers will have to be savvy in making sure they are getting exactly what they need from the policy.
- Wide range of tailored insurance policies.
- Comprehensive emergency assistance programme.
- Range of contact options when it comes to enquiries and claims.
- Successful claims are subject to numerous terms and conditions.
Reviews provided by Hellopeter
Steeped in heritage, Old Mutual started out in 1845 as ‘The Mutual Life Assurance Society of the Cape of Good Hope’. The Old Mutual Group expanded to include a myriad of financial products, growing to serve a worldwide customer base with varying financial needs.
From savings accounts to retirement investments to insurance, Old Mutual is an experienced and trusted financial service provider in South Africa. Their insurance offerings include life, car, home, and travel insurance. There are also specific insurance policies for larger corporations and small businesses.
Aside from their business dealings, Old Mutual is committed to helping African people achieve their educational goals. The company has funded and supported over 408,000 people through its education programme. Additionally, Old Mutual aims to promote investing responsibly with billions invested in the green economy.
Old Mutual Insurance Products
Medical Gap Cover
Depending on the type of treatment, many medical aids may require you to cover the whole or a percentage of the bill from your pocket. Old Mutual’s medical gap cover is designed to take care of this shortfall payment and applies to all treatments covered under your existing medical aid plan.
You and up to six immediate family members are covered for up to 500% of your medical aid rate. Any shortfalls on maxillofacial and back and spinal surgeries are covered up to 100% of the medical aid rate.
Life Insurance
With a maximum payout amount of R3 million, Old Mutual’s life insurance policies cover death, disability and terminal illnesses. This gives you peace of mind that your loved ones can sustain themselves financially when you’re no longer able to provide for them.
There are no premium increases for the first 23 months, and the lump-sum amount paid out is tax-free. The cover amount is adjustable and you can claim a lump-sum payout if you are diagnosed with a terminal illness, which accounts for life’s unpredictability.
Funeral Cover
With four distinct plans, Old Mutual offers funeral cover that is tailored to your needs. Three plans cater to individual policyholders and their extended family members. Old Mutual also offers the unique ‘Burial Society Support Plan’ which caters to larger groups of people, for example, churches or stokvels.
Old Mutual allows consumers to start a claim on their funeral plan via WhatsApp, email, online, or by using a USSD. No medical testing is required and cover ranges from R70,000 to R100,000 depending on the plan.
Car Insurance
Owning a car can become really stressful! Old Mutual offers comprehensive car insurance policies tailored to the South African market. The company’s 24/7 emergency service programme is included in your policy and covers flat tyres, dead batteries, mechanical and electrical breakdowns and more!
But their cover and benefits don’t stop at vehicle-related expenses! Old Mutual offers their customers access to trauma counselling and covers emergency medical expenses and accommodation in case the worst should happen.
Home Insurance
Old Mutual’s ‘Domestic Package Insurance’ is designed to provide a financial cushion to both homeowners and renters in the event of loss and damage to their property and its contents. There are two sections of cover: section A covers the physical building and permanent fixtures on the premises, and section B covers the contents of your home.
If you’re tired of keeping track of multiple policies, Old Mutual’s ‘Allsure’ insurance policy may be worth checking out. This policy offers comprehensive cover for vehicles, homes, and personal liability. Cover is tailored to your needs and situation, and so are your premiums so you won’t pay more than you ever need to!
Travel Insurance
Don’t let your dream holiday turn into a prolonged nightmare with Old Mutual’s ‘travelsure’ insurance. With premiums starting from R25, Old Mutual also has different plans for local, international, business, corporate, and senior international travel.
Your insurance policy is tailored to your travel plans and risk factors, so your premium and coverage are unique to your situation. Importantly, Old Mutual offers an on-demand medical service which gives consumers access to telephonic medical advice and foreign language translation.
Old Mutual Headquarters and Contact Information
- HQ Address: Entrance 1, Jan Smuts Drive, West Campus Mutual Park, Cape Town
- Customer Support Phone: 0860 22 55 63
- Support Email: [email protected]
Frequently Asked Questions (FAQ)
How do I get a quote from Old Mutual Insurance?
Depending on the type of cover and payout amount, you may be able to get a quote online via their website or self-service portals. You can also get a quote by calling the customer service line on 0860 22 55 63.
How can I make sure that I choose the right Old Mutual policy for my needs?
Old Mutual allows customers access to a database of financial advisors via their website. Important information about advisors including their areas of experience is included in the database and there is an option to have your chosen advisor call you back.
Is the emergency assistance programme available free of charge for all plans?
No, the emergency assistance programme is available at no extra cost only on the ‘Allsure’, ‘Prosure’ and ‘Motorsure’ plans.
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