The Old Mutual Term Life is a Term Assurance policy that provides a life cover to the person insured within the selected term of the policy.
The size of your premium will depend on the Life Assured’s age, gender and health.
Your first premium will be due as soon as your application is approved and all policy documents have been issued.
Monthly, quarterly, semi-annually or annually.
Yes. You may choose to increase both your premiums and cover amount with a scheduled annual escalation of 10% on each policy anniversary until the end of your policy term. Alternatively, you may choose to keep both your premiums and cover amount level throughout the term of your policy. You may also choose to voluntarily increase or decrease your premiums or cover amount at any time, but only once a year, subject to minimum and maximum cover levels.
Yes, you may, as long as you do not change the individual who is the Life Assured. Also, the policy term may only be extended to a maximum of 20 years or until the Life Assured reaches 76 years.
At the start of the policy you may nominate up to 5 beneficiaries who will receive the cover amount upon the death of the Life Assured. If the beneficiary has passed away at the time of a claim or you have not nominated a beneficiary, then the cover amount will be paid to you if you are alive or to your estate if you are the Life Assured.
The grace period (45 days) and the reinstatement periods.
You did not provide us with all the information we asked for or were not honest in your application for your policy or you were not honest when making the claim.
Contact your Old Mutual Adviser or call our Customer Service Centre on +234 (1) 271 9393.