Severe Illness Benefit ensures protection against specified severe illnesses by paying a lump sum in the event of diagnosis or occurrence (and in certain instances survival) of any one of such illnesses.
A waiting period is necessary on this benefit to distinguish severe illness claims from death claims. A 30-day waiting period applies providing the assured individual survives (without the use of life support) to receive the claim proceeds.
Premiums will increase annually on the policy anniversary date by the pre-selected inflation rate on the policy. Premiums are payable on the first day of every month, with a grace period of 15 days for the monthly contractual payments and 30 days for annual contractual payments.
Please note the following exclusion: no payment is made if death occurs in the 30 day waiting period.
For more information on the Severe Illness Benefit please visit your nearest Old Mutual branch, send us an email or speak to your financial adviser.