Review of Old Mutual Wealth Life Insurance

Old Mutual Wealth Life Insurance, formally Skandia, has been providing financial protection to its customers for over 35 years. In 2017 they won the Five Star Award in the Life and Pensions category from Financial Advisers Magazine.

They have a variety of plans offered with flexible covers and comprehensive benefits. Last year they paid out 100% of their life cover claims and 95% of their critical illness claims.

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Pros
  • Ability to place payout into a Trust
  • Ability to pay monthly or annually
  • Ability to increase cover for Life Event
Cons
  • Only sold through Financial Advisers
  • Health and Dangerous Pastimes can affect your premium

Insurance Options: Our Honest Breakdown

Old Mutual Life Insurance offers both fixed and rolling term covers, critical illness cover, and a whole of life plan.

Premiums for these plans varies according to age, medical history, amount of cover and length of policy term. Rates start as low as £10 a month or £120 a year

Old Mutual Wealth Life Insurance offers an Accidental Death benefit. They will pay the lower of the cover amount and £500,000 if the insured dies as a result of an accident between the application submission and when the cover takes effect.

While some policies can be taken out on an individual who is 16, the person who owns the policy must be at least 18 years old

Protect Fixed Term

Protect Fixed Term with Old Mutual Life Insurance. It will cover individuals between the ages of 16 and 85. They can choose their cover amount and a term from 5 to 50 years. Premiums will be guaranteed for the entirety of the term unless you add to your cover. This fixed term policy can last until they attain 100 years of age. When the insured reaches the end of their term the cover will end.

This policy will pay out a lump sum in the event of the insured’s death or if they are diagnosed with a Terminal Illness (e.g. cancer, diabetes) with a life expectancy of 12 month or less.

Old Mutual Life Insurance guarantees not to change your premiums unless you add extra cover to your policy, then they will be guaranteed not to change at the new rate with increased cover.

Protect Rolling Term

Old Mutual Wealth Life Insurance Protect Rolling Term allows you to take out insurance in ten-year increments. You can renew every ten years if you choose to keep it without answering any additional health questions.

Just as the Fixed Term is the policy will pay out in the event of the insured’s death or diagnosis of a terminal illness with life expectancy of 12 months or less.

Premiums are guaranteed not to change for 10 years with Old Mutual Life Insurance unless you request additional cover during those 10 years. At the end of each 10 year period, you will be offered an opportunity to extend your cover another 10 years. Your premium will be recalculated at the new age and if you add additional cover. The new premium will be guaranteed for that 10 year period with Old Mutual Life Insurance. You can renew as often as you wish, there is no upper age limit. You can keep throughout your life.

Guaranteed Whole of Life (GWOL)

Old Mutual Life Insurance Guaranteed Whole of Life is just as the name suggests. You will have a cover amount you chose for the whole of your life.

GWOL is no different on the payout than term insurance. It will payout in the event of death or terminal illness diagnosis with less than 12 month life expectancy

With Old Mutual Life Insurance premiums are guaranteed not to change unless you make changes to your cover. They will be generally higher than a rolling term policy has at its start, but you will not have to renew and bear the cost of a higher premium every 10 years.


Critical Illness Cover

Old Mutual Wealth Life Insurance offers a Critical Illness Cover. It can be purchased with or without Life Cover. It is available for those between the ages of 16 and 67.

Critical Illness cover include terminal illness cover with policies which have a fixed or rolling term. For policies with life cover only we will pay the cash sum if you are diagnosed as having less than 12 months to live. You cannot claim for this cover within the last 12 months of a fixed term life cover policy

A fixed term policy must end before their 81st birth

With Old Mutual Life Insurance you can choose between two cover options:

  • Critical illness only– This stand-alone cover will pay out if you suffer from, or undergo, a covered illness or condition.
  • Combined critical illness and life cover– This cover will pay out when you die or suffer from, or undergo, a covered illness and condition.
  • Children’s Cover-Old Mutual Life Insurance automatically insures your children, from birth to age 21, for all of the main critical illnesses.

We pay the lower of £25,000 and 50% of the cover for one of the main critical illnesses. There is no limit to the number of children covered, but we pay only one claim per c

Conclusion to Old Mutual Life Insurance

Policies which have a rolling term or whole life term include a disability conversion option. You have the option to convert some or all of your life cover into a monthly payment should you become disabled or mentally impaired. This option is available to those 65 and under.

For an additional cost

  • Total permanent disability cover- If you become permanently disabled and unable to work again, Old Mutual Wealth Life Insurance will pay out the full amount of your cover. After payment, your policy will end. This option is unavailable with a guaranteed whole life policy or a rolling term policy on a joint life last death basis.
  • Premium protection benefit-If you have an accident or become ill and unable to work for more then six months, Old Mutual Life Insurance will pay premiums until you recover, return to work, have a claim approved, reach 65, or die. If the inflations option has been chosen, we will continue to increase cover as we may continue to pay premiums.
  • Cover reinstatement option–After filing a claim under a critical illness or disability policy with Old Mutual Life Insurance; you may find any attempts to gain another policy difficult. If you add a cover reinstatement option, you can apply for more cover after your claim.

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We delivered an Old Mutual Life Insurance review to outline all the issues. If you found this review helpful, take your free quote below!