Frequently Asked Questions

The current minimum premium is KSh 6000 per month per contract. This may however change at for new clients.

Premiums increase annually on the anniversary of the policy. You have the option to increase your premium with the inflation rate, or retain the premium as previously.

A benefit can be added to an existing contract subject to terms of conditions being applied for example, age, type of benefit, the assured person among others.

If a premium is missed an arrear notification is sent out to the client. If two premiums are not received, the contract will lapse and the contract ceases. A lapse notification is also sent out with an invitation to revive the contract.

A benefit can be added to an existing contract subject to terms of conditions being applied for example, age, type of benefit, the assured person among others.

Yes, you can revive your contract subject to terms and conditions being met at the point of request for revival.

Yes, this is known as an outright cession and applies at the contract level (i.e. to all your benefits). This means that the Contracting Party no longer has any rights to the contract as he has given ownership to the cessionary. The cessionary becomes the new Contracting Party.

Old Mutual will reschedule the payment of premiums on your Risk Benefit(s) and keep your Risk Benefit(s) in force to that date if you experience financial difficulty and cannot afford to pay your premiums as long as there are sufficient funds in the Savings Benefit.

A policy can be cancelled within 30 days from inception. Thereafter, if it is a savings contract, one can disinvest the investment fund value. However, the life and disability cover ceases if you stop paying your premiums. This is dependent on the structure of the policy and the life and disability cover may remain intact for a period. If your policy lapses, you will have to reapply for life and/or disability cover. This can have significant cost implications, for the cost of cover generally increases with age. It is also possible that you may at that stage be uninsurable.

Disability is when an insured is totally unable by reasons of sickness or accident to follow the occupation stated in the policy and is not able to follow any other occupation.

It is a cause of claim not covered under the policy.

You can make your complaint via a formal written notification of complaint to the company for its further action.

An endorsement is an addition or an alteration to the standard policy document.

The purpose of underwriting is to ensure that people with similar probability of claiming are offered cover at a similar price. The price of cover is based on assumptions pertaining to the likelihood of death, disability or severe illness. This prevents healthy people from subsidizing people with a higher probability of claiming. Therefore, so-called "impaired lives" pay a higher price for their cover. The underwriting process requires personal and medical detail on each life. This information is gathered in the application process. Depending on the age of the applicant, amount of cover applied for and answers to the questions in the Underwriting Annexure, we may require certain medical tests.

Personal Financial Planning can make use of a Blood Profile test, Short Medical Report and a Standard Medical Report to help in the underwriting process. Once your intermediary has the list of medical requirements, the necessary arrangements can be made. The life covered should produce valid photographic identification in all instances in order to prevent fraud. By following the correct process underwriting will be completed quickly and easily.

Claims occur at the point where the policy matures or upon a death claim or surrenders. Maturities will be initiated by the company while death claims and surrenders are initiated by the policy holders. Claims are subject to payment of all due premiums, production of the policy document, proof of title (with the onus being on the claimant), proof death on a death claim and proof of age of the deceased. Claims underwriting involves establishing that the cause of death was covered under the policy and that the right amount is paid to the right person.

The claims process involves:

• Receiving of claims notification
• Receiving of claims support documents from the claimants
• Claims underwriting
• Notification of admission or not of the claim
• Discharge of policy
• Payment