Old Mutual is the oldest financial services company in South Africa — founded in Cape Town in 1845, nearly two decades before the Union itself existed. For millions of South Africans, the name carries weight. But age and brand trust are not the same thing as a good funeral policy. This review cuts through the brand prestige to tell you exactly what you get, what it costs, and whether it is genuinely worth your money in 2026.
Old Mutual’s funeral cover is best suited to South Africans who want a large, reputable insurer behind their policy — particularly families who need to cover not just immediate members but extended relatives and parents too. The product range is wide, premiums are genuinely affordable starting at R26 per month, and the maximum payout of R100,000 sits above what most budget providers offer. But real customer feedback reveals a persistent weakness: when claims go wrong, Old Mutual’s customer service can be slow and frustrating. This is a company that is worth considering — but with clear eyes about its limitations.
If you are weighing up multiple providers, start with our roundup of the best funeral cover options in South Africa for 2026 to see how Old Mutual stacks up against the full field.
What Old Mutual Funeral Cover Actually Offers
Old Mutual operates three core funeral plan tiers under its retail range, plus the separate Old Mutual Protect product line for those wanting higher cover amounts. Here is what each option delivers.
Separately, the Old Mutual Protect Family Funeral Cover offers cover from R5,000 to R100,000 for yourself, your life partner, children and grandchildren — the highest payout ceiling in Old Mutual’s funeral range. The Old Mutual Protect Extended Family Funeral Cover allows cover of R5,000 to R50,000 specifically for siblings, aunts, uncles, grandparents and other extended relatives.
Across all plans, you can cover up to ten extended family members and up to four parents or parents-in-law. The maximum entry age for extended family and parents is 84, and cover does not lapse once in force even if the insured person exceeds that age.
The lump sum paid on a valid claim is tax-free and unrestricted. In practice, South African families use it to cover the coffin or casket, burial or cremation costs, catering, tombstone, church or traditional ceremony, and transport. Funeral costs in South Africa range from around R20,000 for a basic service to over R100,000 for a large traditional funeral — which is why cover sizing matters. Read our full breakdown of what funeral cover actually pays for in South Africa before choosing your cover amount.
Pricing: How Much Does Old Mutual Funeral Cover Cost?
Old Mutual’s pricing is driven by two factors: your age and how much cover you want. There is no medical underwriting for cover of R50,000 or below — you simply answer no health questions and the policy is issued. For cover above R50,000, some health and lifestyle questions are required, though no medical tests are needed.
| Plan | Entry Premium | Max Cover | Example (Age 19, R5k cover) |
|---|---|---|---|
| Funeral Care Plan | R26/month | R50,000 | R26/month |
| Standard Funeral Plan | R29/month | R70,000 | R29/month |
| Comprehensive+ Plan | R36/month | R70,000 | R36/month |
| Old Mutual Protect (Family) | Varies by age | R100,000 | Quote required |
To illustrate the age effect: a 48-year-old on the EasiPlus plan can get R10,000 cover for around R54 per month, R20,000 for around R72 per month, or R70,000 cover for approximately R197 per month. Premiums increase every 1 July, though policyholders can opt out of annual increases in writing — if they do, their cover amount stays flat rather than rising.
Old Mutual sits in the affordable-to-mid-range tier of the South African funeral market. It is cheaper than some boutique providers and roughly comparable to Outsurance and 1Life on entry-level products. If pure price is your primary concern, see our guide to the cheapest funeral cover in South Africa in 2026 where we compare the lowest premiums across the market.
The Waiting Period: What You Need to Know
Old Mutual applies a standard six-month waiting period for non-accidental death on cover of R50,000 or below. This means that if the insured person dies from natural causes within the first six months of the policy starting — or within six months of an additional member being added — Old Mutual will not pay the cover amount. Instead, they return the premiums paid for that portion of the policy.
Accidental death is covered from day one with no waiting period. Suicide carries the same six-month waiting period as natural causes.
For policies with cover above R50,000, Old Mutual requires health and lifestyle questions to be answered at application. Policies at this level are generally underwritten and carry no waiting period — but truthful disclosure is critical. Failing to disclose a pre-existing condition can lead to a claim being denied entirely, which is far worse than paying a slightly higher premium upfront.
The waiting period is standard across the South African funeral insurance market, not a unique Old Mutual restriction. For a full market-wide explanation of how waiting periods work, read our dedicated guide to funeral cover waiting periods in South Africa.
Standout Features That Set Old Mutual Apart
On Standard and Comprehensive+ plans, you receive a cashback payment equal to six times your last monthly premium at the end of every 36-month premium cycle. On R100/month, that’s R600 back every three years.
You can miss up to six monthly premiums over the lifetime of the policy without losing cover. If you repay the missed premiums, the holiday benefit resets. This is a meaningful buffer for South Africans facing financial pressure.
Cover up to ten extended family members and four parents or in-laws on one policy. The maximum entry age for extended family is 84 — and cover stays active once in force, even after that age.
The Old Mutual Protect Family plan offers an optional monthly education benefit — a practical addition for families where children’s schooling costs need to be protected after a parent’s death.
Available on Standard and Comprehensive+ plans. If the insured is diagnosed as terminally ill, a payout can be triggered before death — giving the family time to plan and settle costs in advance.
An optional add-on on the Comprehensive+ plan that doubles the payout if death results from an accident. Given South Africa’s road fatality rates, this is a practical option for working adults who commute regularly.
Pros and Cons: An Honest Assessment
- ✓ 180-year track record — one of SA’s most financially stable insurers
- ✓ Entry premiums from R26/month — among the lowest in the market
- ✓ R100,000 maximum payout on Protect Family plan
- ✓ No medical tests for cover up to R50,000
- ✓ Cashback every 36 months rewards loyalty
- ✓ Premium holiday of up to six months without losing cover
- ✓ Can cover up to 10 extended family members on one policy
- ✗ Customer service complaints are widespread and consistent
- ✗ Some claim delays reported despite the 48-hour target
- ✗ Cancellations can be difficult — debit orders occasionally continue after cancellation requests
- ✗ Children’s cover on family policies lapses at age 21 if not a full-time student
- ✗ Plan differences are not always clearly explained on the website
- ✗ No premium refund if you cancel — premiums paid are not returned
What Real Customers Say: Praise and Complaints
Customer reviews across Hellopeter, Trustpilot, and Google reveal a split picture. When Old Mutual’s claims process works smoothly — correct documentation, no disputes — policyholders often praise the speed of payout. The 48-hour target is achievable. But when there is any complication, the experience can deteriorate sharply.
Policyholders who submit all documents correctly typically report same-day or next-day payouts. Many appreciate the brand stability and the fact that advisers are accessible at branches across South Africa. The premium holiday benefit receives consistent praise from customers who hit financial difficulties.
The recurring complaints are: debit orders that continue after cancellation requests; claim delays where documents are deemed insufficient; and call centre staff who provide inconsistent information on the same query. One widely shared complaint pattern involves funeral claims taking significantly longer than 48 hours when competing documents or beneficiary disputes arise.
Old Mutual does respond to most reviews on Hellopeter and tends to escalate unresolved complaints — which at least signals institutional accountability, even if resolution can be slow. Their Trustpilot rating among South African customers is poor, sitting below 2 stars on that platform. The Hellopeter TrustIndex rating is more moderate at 4.4. The truth is probably somewhere in the middle: Old Mutual handles the majority of straightforward claims efficiently, but their processes when things go wrong leave much to be desired.
The Claims Process: Step by Step
Old Mutual targets a 48-hour payout from receipt of all required documentation. For policyholders with an Old Mutual bank account, payouts can sometimes process within a few hours. Here is the process in order.
Report the death at your nearest Home Affairs office or through your preferred funeral parlour. An abridged death certificate is issued free of charge on the same day of registration.
Certified copy of death certificate; certified copy of ID or passport for the deceased; certified copy of ID or passport for all beneficiaries (or birth certificate if under 18). Certification can be done at any police station, bank, or Old Mutual branch.
Old Mutual accepts claims by email (Branch@oldmutual.com), WhatsApp (save 0860 933 333), USSD (*120*6672#, data-free), online via their website, or in person at any Old Mutual branch.
Old Mutual targets 48-hour payment once all documentation is verified and the claim approved. If you hold an Old Mutual account, payment can arrive within hours. For other bank accounts, allow one to two business days.
How Old Mutual Compares to Competitors
| Criteria | Old Mutual | Hollard | 1Life |
|---|---|---|---|
| Entry premium | R26/month | ~R30/month | ~R29/month |
| Max payout | R100,000 | R100,000 | R50,000 |
| Extended family | Up to 10 members | Up to 10 members | Varies by product |
| Cashback benefit | Yes (36 months) | Product-dependent | No |
| Premium holiday | Up to 6 months | Limited | None standard |
| Claim turnaround | 48 hours (target) | 48 hours (target) | 24–48 hours |
Better than Hollard for: Premium holiday flexibility and brand accessibility via branches. Better than 1Life for: Max payout ceiling and the cashback reward model. Worse than both for: Claims-related customer service responsiveness once complications arise.
Before settling on any provider, it is worth understanding what makes funeral cover meaningfully different from a standard life policy. Our guide on funeral cover vs life insurance in South Africa explains the critical distinctions in payout speed, purpose and pricing.
Who Should Use Old Mutual Funeral Cover?
| Profile | Verdict | Reason |
|---|---|---|
| Budget-conscious individuals | Strong fit ✓ | R26/month entry point with no medical tests |
| Large extended families | Strong fit ✓ | 10 extended members + 4 parents on one policy |
| People covering elderly parents | Good fit ✓ | Max entry age 84, cover stays active after that |
| Those wanting brand security | Good fit ✓ | 180-year history, FSCA-regulated, financially rated |
| People with volatile income | Good fit ✓ | 6-month premium holiday without losing cover |
| People who hate admin complexity | Caution ⚠ | Claims process can be document-heavy and frustrating |
| People wanting pure lowest price | Caution ⚠ | Budget providers may undercut on entry premiums |
One practical factor often overlooked: age limits. Old Mutual’s Comprehensive+ plan has a maximum policyholder entry age of 54. If you are older, you will need to look at the Protect range or EasiPlus options. For a thorough breakdown of all age limit rules across South African funeral providers, our guide on funeral cover age limits in South Africa for 2026 covers exactly what seniors and older applicants need to know.
Frequently Asked Questions
Old Mutual Funeral Cover: Worth It — With Reservations
Old Mutual is a genuinely solid choice for most South Africans — particularly those covering large families, elderly parents, or extended relatives. The entry pricing is competitive, the premium holiday is one of the best flexibility features in the market, the cashback model is a real loyalty reward, and the brand’s financial stability is beyond dispute.
The weakness is service quality when things deviate from the standard claim path. If you take out a policy with Old Mutual, document everything, ensure your beneficiary details are kept current, and make sure your family knows exactly what documents are needed to claim. A smooth Old Mutual claim is fast. A contested or document-incomplete claim can become a drawn-out headache during what is already a difficult time.
Our rating of 7.5 out of 10 reflects a product that is strong in features and affordability, but held back by customer service performance that does not yet match its 180-year brand reputation. If you want the widest view of the market before deciding, start with our full comparison of the best funeral cover in South Africa for 2026.
