Old Mutual has launched a new personal cover solution that allows customers to build their cover to suit their lifestyle and their budget.
“Our brand new personal cover range is a real game changer and is evidence of how our innovation culture enables us to respond to the needs of our customers,” says Thembisa Mapukata, the company’s general manager of alternative distribution for retail mass market.
“Today, people are following non-linear career paths, enjoying non-traditional and blended families, as well as re-assessing parenting and gender role norms. Our current reality highlights the need for personal cover that is comprehensive, flexible, and modular, keeping pace with our evolving lives. This is exactly what our new proposition offers,” says Mapukata.
“When we designed this proposition, we picked only the best features to include in the products that make up the range so that our customers could enjoy cover that is comprehensive.
“We then used the insights we got from the extensive market research we conducted to inform the modularity of the proposition so our customers could choose and only pay for the cover they need, making it truly customisable and affordable.
“And because we understand that circumstances, goals and ambitions change, we ensure that customers have the option to add and remove modules or extras as their needs and budget shift.”
A seamless digital experience
Old Mutual also introduced new technology that makes doing business with them “much easier, quicker, safer and more seamless” from quote to claim.
Customers will now be able to approve their quotes on a mobile phone via USSD, have their cover issued quicker due to a smart underwriting system that uses reflexive questions, get a copy of their advice record straight after interacting with their financial adviser, and be able to receive their claim pay-out quicker than before – and even quicker still if they have an Old Mutual Money Account.
No two insurance needs are the same
According to Mapukata, the first step in choosing the right cover is understanding your needs, what type of cover will help you address that need, and how much you need.
“There is no ‘one-size-fits-all’ approach. For example, the insurance needs of a single working professional are different to that of a new parent,” he explains.
“To help you establish what’s best for you, speak to a financial adviser who will do a financial needs analysis to assess what you need, and then work through a solution recommendation process to structure the most appropriate solution with you based on your need and budget.”
• Life insurance pays out the cover amount, tax-free, when the insured person dies. You can choose whether you want to leave your family with a once-off sum of money or a regular monthly income, or both. Your beneficiaries can choose how to spend the money. You also get cover for up to 30 days before you pay your first premium.
• With Funeral insurance, you can cover up to 22 family members and an unlimited number of dependent children. If an insured person dies, Old Mutual will pay out the cover amount tax-free and within hours of receiving a valid claim. You can also choose what expenses you spend it on.
• With Disability insurance, depending on which product you choose, Old Mutual will pay out a single tax-free amount or a monthly tax-free payment, if, due to an illness or injury, you are impaired, unable to work or take care of yourself.
• With Illness insurance, Old Mutual will pay out a single tax-free amount if you’re suffering from a severe illness to help with your recovery or day-to-day expenses.
• With Future Insurance, you get underwritten at your current age, the younger and healthier the better, so you can get cover in the future without going for medical tests and you pay a premium that’s based on your current good health. This way, you circumvent potentially higher premiums or exclusions if your health deteriorates.
• And lastly, all customers who are signed up to Old Mutual Rewards will get a percentage of their premiums back in points every month for simply having cover. They can invest, donate or spend their points with any of the wide range of partners on the Rewards programme.