How Long Does Old Mutual Take to Payout a Claim?
Old Mutual is one of the best known insurance and investment companies in South Africa. They have been around since 1845, making them one one of the oldest names in the business. A lot of people in the country have retirement plans with Old Mutual. You may also have other forms of insurance with the company. If you are one of them, a time may come when you need to claim. The question that you will end up asking yourself is, how long does old Mutual take to payout a claim?
Old mutual claim time
The table below shows how long it takes for Old Mutual to payout a claim for different products;
| Product | Claim Time |
|---|---|
| Funeral Cover | Less than 48 hours |
| Insurance claims | Between 15 and 60 days |
| Superfund | Between 15 and 60 days |
Why the difference in payout times?
That’s how long you will need to wait for Old Mutual to payout your claim. As you can see in the above section, the time that’s needed differs depending on the product for which you are claiming.
For clear reasons, funeral claims are processed fast. There is an understanding that families need to get money to ease the process of bereavement. Funerals in South Africa tend to be rather expensive, which is the reason for taking out funeral cover in the first place.
It wouldn’t do for money to be paid well after the event. Old Mutual tries to release funds in the shortest possible time. In fact, the company says over 90% of all funeral claims are processed within 8 hours. Many are processed within 2 hours.
Meanwhile, when it comes to other types of products that the company has to offer, in general, you can expect to be paid out within 15 days. However, that time can rise to 60 days depending on the circumstances.
As an example, if you don’t have the needed paperwork, that may delay the processing of your claim. It’s important to make sure that everything is in order when lodging your claim. Payout periods may also be different based on the product for which you have signed up.
What do I need when making my claim?
What do you need when making a claim with Old Mutual? You need the following;
- You will be asked to present a copy of the ID document for the policy holder
- You will also need to present ID documents for he person who is covered or for the beneficiary.
- When claiming for a minor, you will need to present their birth certificate.
- Proof of residence. This can be in the form of a utility statement or a lease statement, among other documents.
- You will be asked for your account number
- When handling payments for the estate of a deceased person, you will need a letter of executorship
Final thoughts
In this post, we answered the question how long does Old Mutual take to payout a claim. It was noted that the payout period depends on the nature of the product that you have signed up for. With products such as funeral cover, payouts can be made within a matter of a few hours.
With other types of products on offer at the company, payouts are usually within 2 weeks but can be as long as 2 months depending on whether or not everything is in order.
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