Beneficiary change request t&'c's

  • I, the undersigned, declare that the information provided in this document is complete and accurate.
  • Applicable to Beneficiary Changes only
    • The beneficiary will have no rights to the contract or the benefits until written notice of the death of the life assured or contracting party has been received by Old Mutual.
    • The rights of a security cessionary shall take precedence over the rights of a nominated beneficiary unless specified otherwise in the contract.
    • A beneficiary nomination will be given effect if the beneficiary survives the contract holder/life assured by more than 7 (seven) days.
    • The instruction will be invalid until this signed declaration together with all requirements needed is received by Old Mutual.
    • This Beneficiary nomination will supersede any existing nominations for the specific contract(s) specified.
    • For Income portfolio on Investment Frontiers, the beneficiary nomination will also apply to the annuity contract.
    • Very Important: For Retirement Annuities, please note that according to Section 37(C) of the Pensions Fund Act, the Trustees of the Fund may use their discretion regarding the distribution of the death benefits. Your beneficiary nomination will be considered, but the Trustees are obliged to also consider any dependants that you may have, as defined in the Act, even if not mentioned.
    • I cannot hold Old Mutual responsible for any loss if I give the incorrect information.
FOR OLD MUTUAL GROUP SCHEMES ONLY

For the 2-IN-ONE SAVINGS Plans, the total Fund Value in your Long Term Pocket will be paid to your nominated Beneficiaries. The balance in your Short Term Pocket will be paid to your estate.

The Long Term Pocket is the portion of your 2-IN-ONE SAVINGS Plan that aims to help you achieve your future, longer term financial goal (e.g. your children’s education or a deposit on a house). The value of the Long Term Pocket is the total of the Long Term Pocket premiums we have received, minus charges and part-withdrawals you have taken, plus bonuses and Savings Boosters.

The Short Term Pocket is the portion of your 2-IN-ONE SAVINGS Plan that is available to you whenever you need money. The value of the Short Term Pocket is the total of the Short Term Pocket contributions we have received, plus or minus any increase or decrease in value due to investment growth, plus any Savings Top-ups, minus any part-withdrawals you have taken and minus all charges.