Funeral Plan

Bereavement is a time for mourning. You don’t need the additional burden of money worries. Funerals are becoming more expensive with payment often expected upfront.

Consider the costs: the actual burial; the casket; transport and catering; a tombstone; newspaper notices. It all adds up to a lot of money. Yet you want to give loved ones the kind of funeral they deserve.

To make this possible, Old Mutual offers a choice of funeral plans to suit your needs and your pocket.

Key Features

• Assuming the current tax structure remains unchanged, a tax-free lump sum is paid on your death. Or on the death of a family member.
• Choice of cover - Up to N$30 000 for you, your spouse, children and each parent/parent-in-law; up to N$15 000 for other family members.
• Save the monthly amount that best suits your personal requirements.
• Immediate accidental death cover for you and your family.
• Funeral support for insured family members in the event of death away from home, transport of the deceased to the funeral home closest to the place of burial in Namibia, from anywhere within the borders of SADC, at no extra cost.
• Premium holiday applicable after the first six months - In the event of retrenchment, unemployment, or illness, with the inability to earn an income or dire financial crisis.
• As long as the necessary documentation has been submitted, death claims can be paid within 48 hours.

Standard or Comprehensive+ Cover?

In terms of both the Standard and Comprehensive+ ranges cover is reviewed and guaranteed in five-year periods. Monthly contributions will increase by no more than 5% per year for the Standard range and by 7% under the Comprehensive+ range. In the case of standard plan and funeral care only health questions are asked, no medical tests or examinations; where as in comprehensive+ health questions as well as medical tests/examinations are allowed.

The following paid-up benefits are only available with Comprehensive+ Plans:

• On natural death due to causes other than accidental, or disability (after 12 months).
• At age 65.
• Reduced paid-up cover, should you stop paying contributions after the Plan has been in force for 10 years.

NB: Terms and conditions apply. Your policy document will have full details.

New and improved product features – added to existing funeral products and the new life plan range.

Money back guarantee

If death/disability of an insured life, due to causes other than accident, occurs in the first 6 months from the application date, a benefit equal to the amount of Monthly Premiums received in respect of that benefit will be paid. However this benefit is extended on Accidental Death & Disability Plan.

Premium holiday

Assists clients when they are short of cash.

Policyholders can miss up to 6 Monthly Premiums, at any time.

Option to repay skipped premiums exists and benefit may then be used again in the future.

Premium holiday does not pay premiums.

Cash back benefit

Provided we have received 60 premiums and the client is still paying monthly premiums at that time, they will receive a benefit equal to the last few premiums we have received in respect of that benefit.

• Standard Funeral Plan’s cash back benefit = 3 months benefit premiums
• Comprehensive+ Funeral Plan’s cash back benefit = 5 months benefit premiums
• Accidental Death & Disability Plan only (ADDP) cash back benefit = 5 months benefit premiums
• Note: Paid regardless of claims

Extended relatives

Waiting period for extended relatives has been reduced from 12 months to 6 months.

The number of extended relatives that can be covered has increased from 6 to 8

Cousins can now be covered

Stillborns

Maximum claim limit of 2 stillborns has been removed

Start Again

A client may restart their policy at any time in the 3 months from the date it was cancelled. If the policy is started again for the first time, the missed premiums do not have to be repaid.

Waiting period

Accidental death (application date, provided Old Mutual has accepted the benefit)

Natural death (6 months from application date)

Cost of benefit

Comprehensive+ Funeral Plan (benefit gets cheaper over time)

Standard Funeral Plan (keeps pace with inflation)

Cover without monthly premiums

Comprehensive+ Funeral Plan (paid-up benefit)

Pure Life Plan and Life & Disability Plan (paid-up benefit after 10 years)

Double accidental cover

Comprehensive+ Funeral Plan

Terminal illness benefit

Comprehensive+ Funeral Plan

Which plan suits you?

Features		Care Plan Range	Standard Funeral Plan			Comprehensive+ Funeral Plan
Lives covered		Individual, family, parents	Individual, Family, Parents (max 4), Extended (max 8)			Individual, Family, Parents (max 4), Extended (max 8)
Minimun monthly premium		N$ 40	N$ 60			N$ 80
Monthly premium increases		0% expected	5% each year (initially)			7% each year (initially)
Maximum benefit		N$ 20 000	N$ 20 000			N$ 30 000
Benefit increases			5% each year (same as premium increase)			10% each year (same as premium increase)
Money back guarantee		0% expected	Yes			Yes
Premium holiday		Yes	Yes			Yes
Start again		Yes	Yes			Yes
Cash back benefit		Yes	Yes (3 benefit premiums)			Yes (5 benefit premiums)
Double accident cover		Yes	No			Yes
Paid-up benefit		Yes	No			Yes
Terminal illness benefit		Yes	No			Yes
						Yes

Whom can you cover?

Funeral Cover			Lives Covered
Individual Funeral Cover			Policyholder only
Family Funeral Cover			Policyholder Spouse Own children (under 21/26*)
Parent Funeral Cover			Parents Parents-in-law (maximum 4)
Extended Funeral Cover			Grandparents/in-law Brother/Sister Brother-in-law/Sister-in-law Aunts/Uncles Additional spouse/ex spouse/s nephews/Nieces Grandchildren Own children (over 21/26*) (maximum 6) Son/daughter-in-law Step parents/in-law
* For full-time students			R30 000