Old Mutual: Earnings multiples

1. OLD MUTUAL GREENLIGHT Reference Guide (January 2018) 333
Age next
birthday
Death
Benefit,
Accidental
Death
Benefit, Final
Expenses
Benefits
Earning
Ability Cover
Benefits
Severe Illness
Benefits
Physical
Impairment
Benefits
Future Cover
Benefits (at
inception)
1 - 20 30 20 10 20 30
21 – 25 30 20 8 20 30
26 – 30 30 20 6 20 37.5
31 – 35 30 20 5 20 37.5
36 – 40 25 20 4 20 37.5
41 – 45 25 20 4 20 34.5
46 – 50 25 20 4 20 30
51 – 55 20 12 4 12 22.5
56 – 60 20 12 4 12 0
61 – 65 15 8 4 8 0
66+ 10 0 4 0 0
Maximum Personal Lump Sum Cover Amount expressed as a multiple of gross annual
Earnings multiples
Limits that are based on the gross annual income should be used as a first point of reference
when considering cover.
Additional amounts can be motivated at new business stage.
The following table applies to home executives, students and unemployed lives. Please note
that these are guidelines only. The underwriter will assess each case on an individual basis.
- Illness -
-
Income
R2 500 000 R2 000 000 R2 500 000 R2 500 000
R1 000 000 R1 250 000 R2 000 000 R2 000 000 R2 500 000
R650 000 R1 250 000 R1 250 000 R2 500 000
* where the cover is greater than R2 500 000, the cover offered is subject to 3 times the
annual income
** Functional Impairment Benefit previously the Daily Tasks Benefit; Functional Impairment
Income Benefit previously the Daily Tasks Income Benefit.
*** Farmers’ Wives are not subject to these cover limits.