Term Life

If your family relies on your income, then this should be an extremely important part of planning for your family’s future. One is never ready for death to occur but you can duly plan for it and leave your loved ones in the safest hands with Old Mutual.

When you buy a Term Life policy, Old Mutual pays your stated beneficiaries a specified amount in case anything happens to you during the term of the policy.

Features

  • The minimum entry age is 18.
  • The maximum entry age is 70 for the insured person. However, the cover will cease when the person reaches the age of 75.
  • The life protection cover amount is between NGN500,000 to NGN200,000,000.
  • The policy term lasts between 1 year to 20 years.
  • The premium will be paid monthly, quarterly or annually and is dependent on the age, gender and health of the insured person.
  • You may choose to increase both your premiums and cover amount with a scheduled annual escalation of 10% on each policy anniversary until the end of your policy term.
  • You may choose to receive 20% of your premiums back at the end of the term if there is no claim and the policy is still in-force.
  • The policy can be renewed as long as the insured person is not changed. Also, the policy term may only be extended to a maximum of 20 years or until the insured person reaches the age of 75.
  • No medical requirement is necessary for cover of NGN10,000,000 and below except the completion of a medical questionnaire. However, for cover above NGN10,000,000 the insured person is required to complete a medical questionnaire and undergo a medical test.
  • All accidental death cover starts upon the receipt of the first premium.
  • Non-accidental death cover starts at the end of the risk waiting period for premiums NGN10,000,000 and below while for premiums above NGN10,000,000 the non-accidental death cover will start upon the confirmation of the first full premium.

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Term Life Cover