Originally founded 170 years ago, Old Mutual in the UK was represented via Skandia Life. Skandia Insurance was part of Old Mutual Wealth ( part of Old Mutual ) and offered a range of protection, retirement & investment solutions to UK customers.
The products were mainly sold via IFA's and brokers.
In 2014 they rebranded from Skandia in the Uk to their parent name, Old Mutual Wealth.
In 2020 after sale of its life insurance division to Reassure, they have decided to then close their Uk protection division.
Old Mutual Uk Head Office is based in Southampton, Hants.
OLD MUTUAL LIFE ASSURANCE UK - OLD PRODUCT REVIEW 2020
Their Protect cover allowes the flexibility of customers to tailor their protection cover to suit their individual needs. Looking to compare or review Old Mutual Life Insurance products in 2020 - either via contacting Old Mutual Wealth or Independant UK Broker.
OLD MUTUAL - MORTGAGE PROTECTION
Designed to cover a repayment mortgage on death or critical illness as it decreases during the plan term.
OLD MUTUAL - WHOLE LIFE INSURANCE
A whole of life policy that will always payout whenever death may occur. Maybe used for IHT planning or over 50's life insurance cover.
OLD MUTUAL - LIFE INSURANCE
Offering family protection if the policy holder dies or is diagnosed with a terminal illness during the term which maybe fixed or rolling term.
OLD MUTUAL - BUSINESS PROTECTION
Offering company protection for a key person, loan cover, partnership or share protection if an employee dies or is diagnosed with a critical illness.
OLD MUTUAL - CRITICAL ILLNESS INSURANCE
Helps ease financial worries if you or your children are diagnosed with a critical illness as specified by Old Mutual Life Assurance - which maybe fixed or rolling term.
Article on: Old Mutual Wealth Life Assurance ~ for more information - oldmutualwealth.co.uk or reassure.co.uk
( * Note: You are now leaving the regulated site of Uk Life Insurance Quotes. Neither ourselves, nor Sesame Ltd, is responsible for the accuracy of the information contained within the linked site.)
FOR PROTECTION PRODUCTS WE USUALLY OFFER FROM A RANGE OF PROVIDERS
OLD MUTUAL LIFE INSURANCE - Frequently Asked Broker Questions
Can you make changes to your Old Mutual life insurance policy ?
In terms of changing your life insurance policy, often you can request some of the following via ReAssure:
The changes could be subject to medical underwriting based on your circumstances at the time & may well affect your premiums.
What if my health or lifestyle changes after I have taken the policy out ?
Life Insurance cover is based on full disclosure at the time you took the policy out ie; being 100% as honest & accurate as possible. So any health or lifestyle changes since usually does not void your existing policy, as it wasn't relevant at that time of initial application. Please check your original T&C's
How do I make a Death Claim ?
Check firstly if premiums are still being paid or alternatively is the policy perhaps "paid up" meaning no further premiums were needed.
Then contact the Insurers claims line to inform them. They will provide you with their claim form for completion. You will need to send in a number of documents, most importantly being the death certificate proving the cause of death.
Insurers ( as well as other Providers ) will need the original death certificate, so ideally ask for several certified copies. Enclose your policy document, if you can find it and then send by recorded delivery or registered post to Insurers.
Once received, the Insurers usually cross check all information before processing and settling a valid claim ie; was the medical & lifestyle information correct at the time of original application
If everything is hopefully in order, the Insurer may pay out a claim & usually in a matter of days or weeks.
Death Claims, Life Insurance Trusts & Life of Another
Who the life insurance maybe actually then paid out to can be more complicated & many people wrongly assume it is a simple process.
If it is a joint life 1'st death policy or if it single life policy owned by another person " life of another" then it will just be paid to the survivor.
However, if it is a single life policy it can be more complex. Check if the policy was setup & written into a trust. If so the Insurer will pay the life insurance via the trustees named to the nominated beneficiaries directly. Sometimes there are a named beneficiary & others times a list of potential beneficiaries. The life insurance paid out doesn’t have to be included in the legal documents sent for probate and potentially it won’t be liable for inheritance tax either.
Should I put my Old Mutual Life Insurance policy into Trust ?
If the life insurance wasn’t written into trust, it will be paid to the executors of the deceased’s estate. They will handle the administration, known as probate in N Ireland, England, Wales and confirmation in Scotland. If not, the benefits will fall into your estate if you died prematurely. If you have not made a will this can then cause further complications with the life insurance monies.
Until probate is fully granted, no monies can be paid out to those named in the will. On average, this can take upto 6 months. By not placing the plan into trust may also swell up the total estate values, leading to potentially Inheritance Tax IHT issues
So placing a policy in trust can help to ensure that the policy proceeds go to the correct beneficiaries you decide to nominate at that stage & help avoid possible probate delays & IHT costs. Ask the Insurers if they provide any standard trust form wordings & seek legal advice if unsure.
If I started smoking after taking out my Old Mutual Life Insurance - Do I need to now tell them ?
If you had legitimately stopped smoking for over 12 months at that time of original application, you may wish to advise the Insurers you have started smoking again - but this should not affect the original policy terms which should still stand - you were being honest. Also maybe suggest letting your GP know if this is the case.
Old Mutual Life
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By completing one of our no obligation quotation request forms, you may be provided with comparison protection quotes, key facts from leading Providers - based just on the basic information you have provided. Note: These quotes will not take account of any personal, health or lifestyle issues unless a full application is completed. You also consent for us to then kindly contact you by phone - where we may offer Professional Broker help & guidance if needed. We may as appropriate then help to arrange a suitable protection policy based upon your own circumstances & needs after a further review by "advice & recommendation". This will usually be on a non face to face basis.
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