Old Mutual Personal Cover Reinvented_October

PERSONAL COVER REINVENTED ALSO INSIDE GROWING NUMBER OF MILLENNIALS OPT TO DELAY MOTHERHOOD

COVER UP TO 22 FAMILY MEMBERS WITH OLD MUTUAL’S FUNERAL INSURANCE

HEART ATTACKS ARE ON THE RISE AMONG YOUNG ADULTS

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175 YEARS OF DOING GREAT THINGS

Old Mutual Life Assurance Company (South Africa) Limited is a licensed FSP. Ts&Cs apply.

PERSONAL COVER REINVENTED

PERSONAL COVER REINVENTED “Our brand new personal cover range is a real game

PRIYA NAICKER Old Mutual Head: Strategic Retail Marketing

changer and is evidence of how our innovation culture enables us to respond to the needs of our customers,” says Priya Naicker, Head of Strategic Retail Marketing at Old Mutual.

Today, people are following non-linear career paths,

Old Mutual, which recently celebrated its 175th anniversary as a trusted financial services provider, is proud to launch its new personal cover solution, which allows customers to build their cover to suit their lifestyle and their budget.

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enjoying non-traditional and blended families, as well as re-assessing parenting and gender role norms. Our current reality highlights the need for personal cover that is comprehensive, flexible, and modular, keeping pace with our evolving lives. This is exactly what our new proposition offers.

“When we designed this proposition, we picked only the best features to include in the products that make

up the range so that our customers could enjoy cover

off sum of money or a regular monthly income, or

that is comprehensive. We then used the insights we

both. Your beneficiaries can choose how to spend

got from the extensive market research we conducted

the money. You also get cover for up to 30 days

to create flexible protection so our customers could

before you pay your first premium.

choose and only pay for the cover they need, making it truly customisable and affordable. And because we understand that circumstances, goals and ambitions

•

family members and an unlimited number of

change, we ensure that customers have the option to

dependent children. If an insured person dies,

add and remove modules or extras as their needs and

Old Mutual will pay out the cover amount tax-free

budget shift.”

and within hours of receiving a valid claim. You can also choose what expenses you spend it on.

A SEAMLESS DIGITAL EXPERIENCE Not only has Old Mutual introduced a new product range, but they’ve also introduced new technology that

With Funeral insurance, you can cover up to 22

•

With Disability insurance, depending on which product you choose, Old Mutual will pay out a

makes doing business with them much easier, quicker, safer and more seamless all the way from quote to

single tax-free amount or a monthly tax-free

claim stage.

payment, if, due to an illness or injury, you are impaired, unable to work or take care of yourself.

This means that customers will now be able to approve their quotes on a mobile phone via USSD, have their cover issued quicker than before due to a smart

•

single tax-free amount if you’re suffering from a

underwriting system that uses reflexive questions, get

severe illness to help with your recovery or day-to-

a copy of their advice record straight after interacting

day expenses.

with their financial adviser, and be able to receive their claim pay-out quicker than before – and even quicker still if they have an

With Illness insurance, Old Mutual will pay out a

•

With Future Insurance, you get underwritten at your current age, the younger and healthier the

Old Mutual Money Account.

better, so you can get cover in the future without

NO TWO INSURANCE NEEDS ARE THE SAME

going for medical tests and you pay a premium

“There is no ‘one-size-fits-all’ approach. For example,

that’s based on your current good health. This way,

the insurance needs of a single working professional

you circumvent potentially higher premiums or

are different to those of a new parent,” Priya explains.

exclusions if your health deteriorates.

“To help you establish what’s best for you, speak to a financial adviser who will do a financial needs analysis

•

And lastly, all customers who are signed up to

to assess what you need, and then work through a

Old Mutual Rewards will get a percentage of their

solution recommendation process to structure the most

premiums back in points every month for simply

appropriate solution with you based on your need and

having cover. They can invest, donate or spend

budget.”

Old Mutual’s Personal Cover offering includes Life, Funeral, Disability, Illness and Future insurance, and extra features which can be added such as Cashback and Premium Protection.

•

Life insurance pays out the cover amount, tax-free, when the insured person dies. You can choose whether you want to leave your family with a once-

their points with a wide range of partners on the Rewards programme.

If you would like to get personal cover that’s right for you, visit oldmutual. co.za/personal-cover for more info or call 0860 60 60 60 to speak to a Financial Adviser. |3

FOR WOMEN BENEFIT

GROWING NUMBER OF MILLENNIALS

OPT TO DELAY MOTHERHOOD Careful planning remains key to ensure emotional and financial readiness

greater mobility presented by an open economy and improved opportunities for women in the workplace.

KARABO RAMOOKHO Old Mutual Strategic Retail Marketing Manager

Although there is still plenty of room for improvement, the percentage of women in senior management roles in South Africa has inched up in recent years.

But those who choose to get established in their careers before starting a family may find that becoming

Growing numbers of millennial women - aged between 24 and 39 in 2020 - are choosing to have children later in life. The average age of first-time mothers in many

pregnant and giving birth at a later age can be more complex, biologically. It can also be significantly more expensive.

developed countries has risen to just over 30 this year 1.

“Having children later may have many pros, including

Research indicates that more South African women

emotional maturity,” says Karabo.

are waiting longer, too. According to a 2019 report by Statistics South Africa, the average recorded age for first time mothers in 2018 was close to 28 — higher than at any point in the last 20 years.

“South African women want the freedom to start a family on their own timeline,” explains Karabo

higher earning power, better job security and greater “But it’s also true that women over the age of 35 are more likely to need some form of medical help to fall pregnant and are at greater risk of pregnancy complications. Medical interventions can be distressing and costly and come as something of a shock if you aren’t financially and emotionally prepared.”

Ramookho, Strategic Retail Marketing Manager at

A woman’s peak reproductive years are in her 20s,

Old Mutual, who believes this trend is a direct result of

which tend to coincide with the crucial building stage

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of her career. From the age of 30, fertility starts to decline and continues to reduce at an increasing rate.

At the same time, the rate of age-related pregnancy

SAM NAIDOO

PROUD NEW DAD

SAM NAIDOO

PROUD NEW WIFE

complications increases.

The good news is that medical science has made enormous gains in supporting women in this age range to fall pregnant and have healthy babies, making the notion that they need to choose between a career and a family increasingly out of date.

BUT IT’S ALSO TRUE THAT WOMEN OVER THE AGE OF 35 ARE MORE

LIKELY TO NEED SOME FORM OF

MEDICAL HELP TO FALL PREGNANT AND ARE AT GREATER RISK OF PREGNANCY COMPLICATIONS.

MEDICAL INTERVENTIONS CAN BE DISTRESSING AND COSTLY AND

COME AS SOMETHING OF A SHOCK IF YOU AREN’T FINANCIALLY AND EMOTIONALLY PREPARED.

“All in all, women today have more choices — and this really ought to be celebrated,” says Karabo. “Early and careful planning for the possibility of fertility issues or pregnancy conditions means you can reach more of your career and other goals without compromising your ability to become a mother at a later stage when you feel more prepared for it.”

Old Mutual’s Illness insurance, part of its new range of Personal Cover solutions, now includes an optional For Women Benefit that caters for medical support for women who opt for later parenthood.

This comprehensive benefit covers 15 illness events, such as fertility-related conditions and pregnancy

NO TWO SAMS ARE THE SAME. SO WHY SHOULD THEIR LIFE INSURANCE BE?

No two families are the same. That’s why we let you build the Life insurance that’s right for your life and your family’s unique needs, from the premium you pay to the extras you choose. So, whether it’s how much you want to leave for your loved ones or how they’ll receive the pay out, the choice is yours.

complications.

The time is now to get Life insurance that’s just for you.

Karabo believes many women will now also want to

Call 0860 60 60 60, visit oldmutual.co.za or speak to your financial adviser.

delay their pregnancy plans until the worst of the Covid-19 pandemic — with its very real health concerns and financial pressures — has passed.

1. Source: Eurostat, May 2020 (Reference)

175 YEARS OF DOING GREAT THINGS Old Mutual Life Assurance Company (South Africa) Limited is a licensed FSP. Ts&Cs apply.

FUNERAL INSURANCE

OLD MUTUAL LAUNCHES FUNERAL INSURANCE TO HELP CASH-STRAPPED SOUTH AFRICANS COVER THEIR FAMILY

THEMBISA MAPUKATA Old Mutual General Manager: Alternative Distribution

As part of Old Mutual‘s new personal cover, they now offer

With the Funeral Paid-up Benefit, monthly premium

a new generation of funeral cover, designed to provide a

payments fall away – while full cover continues – when you

dignified burial for everyone in the family.

turn 64 or if you become disabled or die. This means that

South African breadwinners who are part of the ‘sandwich generation’ - those who financially support their own children as well as unemployed or ageing adult family members - is at a historic high of 42%, up from 34% in 2019.

At the same time, 57% of earners are bringing home less than they did at the start of lockdown, according to the Old Mutual Savings & Investment Monitor Covid-19 Special Report, released in July.

“On top of having less income to fund more dependents, the sandwich generation also carries the anxiety of how their families would cope should something happen to them, or to another family member,” says Thembisa Mapukata, General Manager: Alternative Distribution for Old Mutual’s Mass & Foundation Cluster.

“Our experience is that in some instances, it costs households the equivalent of an entire year’s income to pay for a funeral,” explains Thembisa. “Breadwinners tend to take out funeral policies for the whole family – their spouse/partner, siblings, parents, in-laws and children – but this creates a ‘key-person risk’, which means that if the earner dies, is unable to work, or needs to reduce their expenses when they retire, the family’s cover is compromised. That’s why it’s important to ensure you get the right kind of cover to suit your personal circumstances.”

Old Mutual’s Funeral insurance addresses exactly this problem. Part of the new personal cover solution, it’s designed to give South African breadwinners the peace of mind that comes from knowing they can give everyone they take care of a proper burial.

“Our solution allows you to cover up to 22 family members and an unlimited number of dependent children but only pay for one dependent child,” she explains.

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your family is still insured for funeral costs even when you’re no longer able to earn.

If an insured person dies, a single tax-free amount of up to R100 000 will be paid within hours of receiving a valid claim.

The family can choose which funeral expenses to spend it on.

“There is a perception that funeral insurance is old-fashioned, or something that’s just for the elderly,” says Thembisa. “But if Covid-19 has taught us anything, it’s that we should be taking advantage of every possible tool to safeguard our family’s financial future. Having the right protection solutions in place to meet your and your family’s needs plays a big part in driving what we call ‘financial resilience’ – that is your ability to recover from a financially stressful event, like illness or the loss of the breadwinner in the family. “ A funeral cover solution designed to suit your needs, it provides for a proper burial even when – as in the current economic climate – budgets are severely strained. It is a flexible solution that allows customers to increase or reduce their cover/premiums should their circumstances change.

Old Mutual’s Funeral insurance allows you to submit a claim online, via WhatsApp or USSD and it’ll be paid within hours.

“Covid-19 has already made many burial traditions impossible. Making sure that our loved ones are taken care of – without being burdened by uncertainty and debt – is an important way to continue your legacy of care and sleep a little easier at night,” concludes Thembisa.

To get Funeral insurance that’s right for you, visit oldmutual.co.za/personal/solutions/funeral/ funeral-insurance for more info or call 0860 60 60 60 to speak to a Financial Adviser.

ILLNESS INSURANCE

HEART ATTACKS ARE ON THE RISE AMONG YOUNG

ADULTS, MAKING PRECAUTIONS KEY More South Africans under 40 are suffering from heart attacks and strokes. With cardiovascular disease a risk factor for severe Covid-19, it is a reminder to take preventative lifestyle measures and sensible precautions - no matter what your age.

About 18% of all deaths in South Africa – or an average of 224 per day – are a result of cardiovascular disease, making it the leading cause of death in the country after HIV/Aids1. And while age has long been seen as the biggest risk factor, growing numbers of young people aged between 20 and 40 are now suffering from heart attacks too.

“We tend to think of heart disease as something that only affects older people,” explains Dr Kerissa Naidoo, Chief Medical Officer at Old Mutual. But this is not true.

“Because people with existing cardiovascular disease are at higher risk of developing severe Covid-19, it’s more important than ever to recognise that heart disease can impact any of us at any life stage,” Dr Kerissa says.

Old Mutual’s 2019 statistics show heart attack claims have spiked by 113% since 2016. Cardiovascular diseases shot up from fourth to second-most claimed for illness in the same period.

Dr Kerissa points to lifestyle factors – including diet, physical activity levels, stress and smoking – as the most likely contributors. The good news, she says, is that up to 80% of premature heart attacks and strokes can be prevented1 by proactively screening for, and controlling, high blood pressure, high cholesterol and high blood sugar levels (or diabetes) as the biggest indicators of cardiovascular disease risk.

“Living a healthy lifestyle is the first line of defence,” agrees John Kotze, Head of Protection Solutions at Old Mutual. “But the truth is that we simply don’t have full control of all the risks that may come our way all the time. Our genes, the nature of our jobs and unforeseeable events all come into play. That’s why Illness insurance can also play a vital role.

“Should you develop a condition such as a heart attack or stroke, our Illness insurance makes it possible to get the best possible care so that you can rest and focus on recovery.”

OLD MUTUAL’S 2019 STATISTICS SHOW HEART ATTACK CLAIMS HAVE SPIKED BY 113% SINCE 2016.

With Illness insurance from Old Mutual, a percentage of the cover amount (between R100 000 and R6 million), is paid in a single, tax-free amount, to help with the costs of rehabilitation, travel to treatment centres, any modifications you might need to make to your car or home and even to help pay your monthly bills while you take time off work to recover.

It’s customisable, allowing you to add features at an extra cost. As an example, the Top-up Benefit increases the percentage pay-out to your full cover amount and the Lifestyle Enhancer option pays out double your cover amount if your quality of life is severely impacted by an accidental brain injury, coma, heart attack, paralysis or a stroke and you can no longer care for yourself.

With building cover that’s right for you, Old Mutual’s Illness insurance also gives you the option of adding the Returning Illness Benefit, which pays up to 50% of the cover amount for returning severe illnesses (such as cancer, heart attack or stroke) after the full cover amount has already been paid.

1. Source: Heart Foundation and World Heart Federation (Reference)

To get Severe Illness cover that’s right for you, visit oldmutual.co.za/personal/solutions/health/ severe-illness-insurance for more info or call 0860 60 60 60 to speak to a Financial Adviser. |7

JACQUI BOTHA

SOON-TO-BE GRADUATE JACQUI BOTHA

SOON-TO-BE RETIRED

NO TWO JACQUIS ARE THE SAME. SO WHY SHOULD THEIR FUNERAL INSURANCE BE?

No two families are the same. That’s why we let you build the Funeral insurance that’s right for you, your family and your budget, from the premium you pay to the extras you choose. You decide who to cover, how much cover you’d like, between R5 000 and R100 000, and even which funeral expenses to spend it on. It’s up to you.

The time is now to get Funeral insurance that’s just for you.

Call 0860 60 60 60, visit oldmutual.co.za or speak to your financial adviser 175 YEARS OF DOING GREAT THINGS

Old Mutual Life Assurance Company (South Africa) Limited is a licensed FSP. Ts&Cs apply.