What is Old Mutual's Retrenchment Insurance?
- Pays you up to six monthly payments if you’re retrenched.
- Pays out for up to two retrenchments during the term you’ve chosen. You need to have worked for at least 12 months before you can claim for the second retrenchment.
- You can cover up to 60% of your average monthly income, limited to R30 000.
With Old Mutual Protect Retrenchment Cover you get peace of mind that some expenses are taken care of while you look for another job. Take a look at the key features on offer.
Old Mutual Protect Retrenchment Cover
Cover amount
From R3 000 and limited to what you qualify for
Type of pay-out
Up to six monthly payments
How many times can you claim?
Twice over the term of the contract
Can I buy this product on its own?
You can only buy Retrenchment Cover with another specified Old Mutual Protect product such as Old Mutual Protect Life Cover, Old Mutual Protect Disability Cover or Old Mutual Protect Severe Illness Cover.
Do I need to be employed?
Yes
Add on Premium Protection
Ensures that premiums are no longer payable and cover continues if the premium payer becomes disabled, impaired or dies
Old Mutual Protect Retrenchment Cover
Benefits
Cover amount
From R3 000 and limited to what you qualify for
Type of pay-out
Up to six monthly payments
How many times can you claim?
Twice over the term of the contract
Can I buy this product on its own?
You can only buy Retrenchment Cover with another specified Old Mutual Protect product such as Old Mutual Protect Life Cover, Old Mutual Protect Disability Cover or Old Mutual Protect Severe Illness Cover.
Do I need to be employed?
Yes
Add on Premium Protection
Ensures that premiums are no longer payable and cover continues if the premium payer becomes disabled, impaired or dies
Take a look at some of the frequently asked questions below.
- You need to be older than 17 and younger than 59 to apply for Old Mutual Protect Retrenchment Cover
- You are only able to buy Old Mutual Protect Retrenchment Cover with another specified Old Mutual Protect product. You can choose your product from either Old Mutual Protect Life Cover, Old Mutual Protect Disability Cover or Old Mutual Protect Severe Illness Cover
- If you stop paying premiums your cover stops. It's important to get in touch with your adviser before this happens so that he or she can assist you with possible solutions. Your cover will also stop on the benefit cover's end date, if your contract is cancelled or if the benefit is removed from the contract
- As this product is not an investment, you won't receive any money if you cancel it
This document contains all the rules and disclosures related to Old Mutual Retrenchment insurance and the benefits available. It has been provided so that you can: read all the information to make an informed decision, make a decision to apply for the product or, in order to see all the information before you finalise your application. This is an indication of the contract you will receive if we accept your application but that contract will only include the benefits and options you have selected and we have accepted.
Download Old Mutual Protect Retrenchment Cover terms and conditions.
Retrenchment Insurance is available from your financial adviser. Unlike off-the-shelf products, this one is designed around what you need and want. Your adviser can help you build your customised cover. If you don't have an adviser please call us on 0860 60 60 60 or find an adviser here.
Yes, you do but you only pay for what you want.
This benefit ensures that cover continues if the premium payer becomes disabled, impaired or dies.
You need to be employed (note that employees of certain occupations and working in certain employment sectors do not qualify for cover).
You need to have been continuously employed, in a permanent full-time job for at least 2 years, of which one year has to be with your current employer.
If you're claiming for the first time: You need to have had your cover for at least 6 months before you’re retrenched. Once we approve your claim, a one-month waiting period will apply before you start receiving your pay-out.
If you're claiming for the second time: You need to have been employed for at least 12 months between the time you submit your claim and your previous retrenchment.