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Questions and Answers.
In the case of an accident, what must I do?
- Please move to a safe location away from other moving vehicles
- Collect the details of the 3rd party
- Contact Old Mutual
When should I notify old Mutual of an accident?
- Within 2 weeks of the accident and before any repair work is done, Old Mutual should be notified either by a telephone call or an e-mail.
What is underwriting?
Underwriting allows us to balance the premium you pay with the possibility of a claim. Without it, we would charge everyone with the same age, gender and cover, the same premium irrespective of their health. To ensure that you pay the right premium we assess each person individually by considering your health (morbidity). This means we may ask you for personal medical and financial information, but be rest assured that we will treat all your information as confidential.
What underwriting decisions can be made?
Our aim is to offer you the standard premium rate. If we are unable to do this, we will give you an alternative (non-standard terms). When underwriting, we consider your health and lifestyle against the ‘norm’ to ensure that you enjoy cover that
is commensurate to the premium rates.
Is the policy right for me?
The policy is suitable for you if you are looking for affordable cover to provide financial protection for yourself and your family should you fall critically ill.
What are the benefits provided by the policy?
a) Lump sum cover amount
You decide how much cover you would like when you apply for the policy. The amount of your chosen cover will be shown on your Certificate of Policy Commencement, which will be sent to you when we receive your first premium and issue your policy. Please note that you may increase or decrease your cover voluntarily at any time, but this change is limited to once a year, subject to the minimum and maximum limits.
b) Cashback option
If you select the cash back option indicated in the Certificate of Policy Commencement, a cash back benefit equal to 10% of the total Premiums paid will be paid to you at the end of the Policy Term. The benefit becomes available, provided that no claim has been submitted and the Policy has not lapsed. Where the cash back option is selected, the premium payable will be marginally higher than where the cash back option is not selected. Please note that your Policy will never have a surrender
value. This means that we will not pay any Premiums, cover amount or cash back amount to you if you surrender value. This means that we will not pay any Premiums, cover amount or cash back amount to you if you surrender your policy before the end of your chosen Term