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Questions and Answers.
How much does the policy cost?
Our financial advisers will provide you with a quotation, which will tell you how much the policy will cost you. The quotation will depend on:
- your personal circumstances – for example your age, gender and health;
- the amount of life cover you select;
- whether you select the cashback option;
- how long you want the cover to last.
How regularly will Premiums have to be paid?
You will be required to pay Premiums on a regular basis. You may choose to pay your Premiums in advance on a monthly, quarterly, semi-annual or annual basis. Premiums will be payable on the 1st day of the chosen Premium payment period whilst the policy is in force.
Do the Life Assured or I have to go for medical tests or complete medical questionnaires as part of my application?
Medical tests will only be required for the Life Assured, depending on the level of cover you choose. However a medical questionnaire is part of the application.
Can I change my policy after it has started?
Yes. You may increase your chosen amount of cover, subject to acceptance by us and the maximum cover limits applicable at the time. Cover increases may require further medical testing. You may also reduce the amount of the cover, as long as the Premium does not drop to below our minimum Premium at the time. Speak with an Old Mutual adviser or visit an Old Mutual office when you plan to increase your cover.
Can my Premium payments change in the future?
Yes, if you have requested either a voluntary increase or decrease to your Premium and cover amount at any time, or have chosen to have both your cover amount and Premium increased by 10% each year on your policy anniversary until the end of the term. We may review your policy at any time, and if the Premiums you are paying at that time are not enough to maintain the current level of cover, you may either:
- continue paying the same Premiums and reduce the level of cover, or
- increase your Premiums to maintain the same level of cover.
Our aim is to efficiently manage your policy so that it remains affordable to you. Therefore, increases to your Premium will only happen in exceptional circumstances, for example change in laws, adverse claims experience or prolonged poor economic conditions.
What will happen if I stop paying Premiums?
If there is non-payment of Premiums by the Premium Due Date, the benefits provided herein shall cease on such a date and there shall be no cover provided within that period, unless and until the Premium is received. For the avoidance of doubt, if a claim is made during a period of non-receipt of an outstanding Premium, the No Premium, No Cover rule shall apply.