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Questions and Answers.
How long will my policy last?
You may choose the term which suits your needs. There is a choice of a term between 3 to 15 years.Your policy will end if:
Your policy reaches the end of the policy term.
- We pay a claim.
- You stop paying your Premiums before the end of the policy term and use up all 3 reinstatement periods.
- When the Life Assured attains the age of 70.
You may choose to renew your policy at the end of the Term.This renewal of your policy is subject to the Insured Person meeting the minimum requirements.
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 status;
- the amount of critical illness 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, half-yearly or annual basis. Premiums will be payable on the first day of the chosen Premium payment period whilst the policy is in force.
Does the Insured Person 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 Insured Person, depending on the level of cover you choose. However a medical questionnaire is part of the application irrespective of which level of cover is selected.
Can I change my policy after it has started?
Yes. You may increase your cover provided you meet Old Mutual’s requirements for doing so. Please talk to a Financial Adviser to find out more about the requirements. Increases to your cover 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. 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 a change in laws, adverse claims experience or prolonged poor economic conditions.