Freedom Life

All Freedom Life’s policies are underwritten by Old Mutual Alternative Risk Transfer Limited (OMART) which is one of South Africa’s largest and most respected insurers.

About OMART services

Established in 2003, OMART is part of the Old Mutual Group and is a long-term insurer that specializes in cell captive solutions. They basically provide the backing that insurance companies need to provide insurance products and services to their customers. These companies include large corporations, commercial companies, and even smaller start-ups.

In addition to the above OMART also delivers actuarial, administrative, and financial reporting and management services to their clients. Freedom Life has also partnered up with major retailers Shoprite and Checkers and has a partnership with Swiss Re which is a global reinsurance provider.

A simple, no-fuss insurer

Freedom Life is a simple, no-fuss insurer that offers funeral cover for you and your family at affordable rates. From their product to their website, they keep things as simple and straightforward as possible.

Their policies do not come with loads of confusing and unnecessary added benefits – you simply get covered up to the maximum allowable for the various age groups, and pay a monthly premium accordingly. While your funeral cover premium may be reviewed twice a year, you will be given a 30-day notice should your premium increase at any of the two annual premium review dates.

Simple, great service delivery

Freedom Life’s agents are experts in their field and are well trained to be able to help you secure the funeral cover that’s just right for your needs and also to ensure that claims are taken care of in a compassionate, quick, and efficient manner.

Freedom Life offers funeral policies with a maximum benefit of 75,000 for adults and R10,000 for children aged 0 to 5 and R30,000 for children aged 6 to 13.

Not only can you cover yourself, your spouse, and children (up to 6 children) but also your extended family which includes parents, aunts, uncles, and cousins. Children are covered until they turn 21 or until the age of 26 if they are full-time students.

Policyholders must be South African citizens aged between 18 and 64 and boyfriends or girlfriends can only be added if it is proved that they have been in a serious relationship for at least 6 months prior to taking out the funeral cover.

Need a Funeral policy

If you’re the main breadwinner in your family and want to make sure that your family will be able to give you a dignified funeral, then you need a funeral policy. Those who have a life insurance policy but have no accelerated funeral benefit may also want to get funeral cover since life insurance takes a long time to pay out and your family will need the money the most just after death.

What the Funeral payout can be used for

The money can be used for everything from purchasing a burial plot to paying for the funeral home, venue, and arranging for decor, flowers, and catering. There are many expenses involved in arranging a funeral or memorial and if your family is reliant on your income, your funeral policy will certainly be a saving grace during this time.

Specific waiting periods

Before the funeral cover will pay out certain waiting periods must elapse. In the event of accidental death, there is no waiting period but any death as a result of natural causes will only be covered if a period of 6 months passed. In addition, a 12 month period must pass before death by suicide will be covered.