Old Mutual Cash Back Contact Details

Two different things get called Old Mutual cash back, and only one of them exists. There is a Cash Back benefit on a specific insurance plan. There is no cash back in the Old Mutual Rewards programme, which states on its own FAQ that there is no cash-back option and that vouchers cannot be exchanged for cash.

Who to call

• Life Plan range, which is where the Cash Back benefit sits: 0860 60 60 64
• Old Mutual general client service: 0860 933 333, Monday to Friday 08:00 to 17:00, or service@oldmutual.com
• Old Mutual Rewards, for points and vouchers: 0860 700 800, or rewards@oldmutual.com

How the Cash Back benefit actually works

Old Mutual states the rule precisely, and the detail that matters most is the narrowest one: Cash Back is only available on the Accidental Death and Disability Plan. It is not a feature of the whole Life Plan range, which is a common misreading.

• For every 60 premiums Old Mutual receives, so after 60, 120, 180 and 240 premiums
• You must be alive at the time the qualifying premium is received
• The payment equals five times the last premium received

Sixty monthly premiums is five years, so the first payment falls at the five-year mark and then every five years after that. Because the amount is five times the last premium rather than a fixed sum, and because premiums rise with the annual increase, each payment is larger than the one before.

The annual increase that drives it

The Life Plan range carries an automatic annual premium and benefit increase on 1 July, linked to inflation. If your application date is less than six months before that date, the first increase is deferred to the following 1 July. You may decline the increase, but declining it also holds your cover down and reduces the eventual cash back, since both are calculated off the premium.

Missing a premium

This is where a cash back cycle gets broken. Old Mutual offers a requested premium holiday, but on conditions: you qualify only once at least six premiums have been received, and you must arrange it at least one month before the premium you intend to miss. Arranging it afterwards is not the same thing, and a lapsed policy is not a policy on a holiday.

Other money-back terms not to confuse with it

The Pure Life Plan and the Life and Disability Plan carry a money back guarantee, which is a different benefit: the premiums paid are returned if the insured person dies from natural causes in the first six months from the application date, or by suicide within the first two years of the benefit. That is a refund on an early claim, not a periodic cash back.

On claims generally, Old Mutual states an aim of paying 10 percent of the cover, up to R50 000, within 48 hours of receiving the required claims documentation. The phrase to notice is required documentation: the clock starts when the file is complete.

Before you rely on any of this

Read your own policy schedule rather than the marketing page. Which plan you hold determines whether Cash Back applies at all, and the schedule is the document that says so. If it is not clear, phone 0860 60 60 64 and ask them to confirm in writing which plan you are on and whether the benefit is attached to it.