What is Old Mutual's Retrenchment Insurance?
- Pays you up to six monthly payments if you’re retrenched.
- Pays out for up to two retrenchments during the term you’ve chosen. You need to have worked for at least 12 months before you can claim for the second retrenchment.
- You can cover up to 60% of your average monthly income, limited to R30 000.
With Old Mutual Protect Retrenchment Cover you get peace of mind that some of your expenses can be taken care of while you look for another job. Take a look at the key features on offer.
Old Mutual Protect Retrenchment Cover
Cover amount
From N$3 000 to N$30 000 a month
Type of pay-out
Up to six monthly payments
How many times can you claim?
Twice over the term of the contract
Can I buy this product on its own?
No*
Do I need to be employed?
Yes
Add on Premium Protection
Ensures that premiums are no longer payable and cover continues if the premium payer becomes disabled, impaired or dies
Add on Cashback
Get a percentage of your premiums paid every five years on the cashback anniversary
Old Mutual Protect Retrenchment Cover
Benefits
Cover amount
From N$3 000 to N$30 000 a month
Type of pay-out
Up to six monthly payments
How many times can you claim?
Twice over the term of the contract
Can I buy this product on its own?
No*
Do I need to be employed?
Yes
Add on Premium Protection
Ensures that premiums are no longer payable and cover continues if the premium payer becomes disabled, impaired or dies
Add on Cashback
Get a percentage of your premiums paid every five years on the cashback anniversary
- You need to be older than 17 and younger than 59 to apply for Old Mutual Protect Retrenchment Cover
- You are only able to buy Old Mutual Protect Retrenchment Cover with another specified Old Mutual Protect product. You can choose your product from either Old Mutual Protect Life Cover, Old Mutual Protect Disability Cover or Old Mutual Protect Severe Illness Cover
- If you stop paying premiums your cover stops. It's important to get in touch with your adviser before this happens so that he or she can assist you with possible solutions
- As this product is not an investment, you won't receive any money if you cancel it
Retrenchment insurance is available from your financial adviser. Unlike off-the-shelf products, this one is designed around what you need and want. Your adviser can help you build your customised cover. If you don't have an adviser please call us on 061 299 3003 or SMS 66522.
Yes, you do but you only pay for what you want.
Cashback pays back a percentage of your premiums every five years on the cashback anniversary.
This benefit ensures that cover continues if the premium payer becomes disabled, impaired or dies.
You need to be employed (note that employees of certain occupations and working in certain employment sectors may not qualify for cover).
You need to have been continuously employed, in a permanent full-time job for at least 2 years, of which one year has to be with your current employer.
If you're claiming for the first time: You need to have had your cover for at least 6 months before you’re retrenched. Once we approve your claim, a one-month waiting period will apply before you start receiving your pay-out.
If you're claiming for the second time: You need to have been employed for at least 12 months between the time you submit your claim and your previous retrenchment.
These documents contain all the rules and disclosures related to the products and the benefits available on each. They are provided to you so that you can read all the information to make an informed decision about the products and whether you should apply for them or want to see all the information before you finalise your application. This is an indication of the contract you will receive if we accept your application but that contract will only include the benefits and options you have selected and we have accepted.
To download, click on the product name of the rules and disclosures you wish to see.
RETRENCHMENT COVER
Pays a monthly tax-free amount when you are retrenched.