Both Dial Direct and Old Mutual offer comprehensive life insurance options with various benefits and features. Dial Direct’s policies are underwritten by 1Life Insurance Limited, while Old Mutual offers a range of products under its own banner. This comparison will provide a detailed analysis of their offerings, including a comparison table of fees and benefits, to help you determine which policy best suits your needs.
Comparison Table
| Feature | Dial Direct Life Insurance | Old Mutual Life Insurance |
|---|---|---|
| Product Types | Pure Life Cover, Accidental Death Benefit, Disability Cover, Expense Protector, Dread Disease Cover, All Woman Cover | Old Mutual Protect Life Cover, Disability Cover, Functional Impairment Cover, Severe Illness Cover, Cancer Enhancer |
| Coverage Type | Whole of life cover | Term cover, with options to extend |
| Waiting Period | Applies for certain cover types (e.g., accidental death) | Coverage starts 30 days before first premium due |
| Optional Benefits | Terminal illness cover, Pay-now accelerated death benefit, Premium waiver, Guaranteed assurability | Own Occupation Benefit, Partial Functional Impairment Benefit, Child Impairment Benefit, Top-up Benefit, Child Illness Benefit |
| Dread Disease Cover | Life Changing Event Level 1 (25%) and Level 2 (100%) | Severe Illness Cover with Cancer Enhancer for additional payout |
| Premium Waiver | Available for most cover types | Premium Protection ensures premiums are waived under certain conditions |
| Cashback Option | Not available | Cashback every five years |
| Eligibility | Various terms and conditions apply, including HIV testing | Age limits vary by cover type, standardized critical illness definitions |
| Additional Features | All Woman Cover, Expense Protector | Standardized critical illness definitions, flexible premium and cover patterns |
| Exclusions | Exclusions apply, including certain waiting periods and conditions | No payout for suicide within the first two years of cover |
Benefits of Each Life Insurance
Dial Direct Life Insurance
- Comprehensive Coverage Options: Dial Direct offers a range of products including pure life cover, accidental death benefit, and various types of disability and dread disease cover.
- Whole of Life Cover: Many policies provide coverage for the entire lifetime, ensuring long-term protection.
- Specialized Benefits: Features like All Woman Cover and Expense Protector cater to specific needs, such as women’s health and income loss due to illness.
- Flexible Add-Ons: Optional benefits such as terminal illness cover and guaranteed assurability add flexibility and comprehensive protection.
Old Mutual Life Insurance
- Wide Range of Cover: Old Mutual provides various cover types including disability, functional impairment, and severe illness with flexible cover amounts.
- Severe Illness and Cancer Enhancer: Special benefits for severe illnesses and an option to enhance cancer cover with additional payouts.
- Cashback Option: The policy offers a cashback feature every five years, which can be a financial benefit.
- Premium Protection: Ensures that premiums are waived under certain conditions, maintaining coverage even in challenging circumstances.
Requirements of Each Life Insurance Policy
Dial Direct Life Insurance
- Age Limits: Varies by product.
- Health Requirements: May include HIV testing and other health assessments.
- Waiting Periods: Applicable for certain cover types like accidental death.
- Proof of Income: Required for certain benefits like the Expense Protector.
Old Mutual Life Insurance
- Age Limits: Specific to each cover type, generally from 14 years old up to various ages depending on the cover.
- Health Requirements: Standardized critical illness definitions apply.
- Coverage Start: Coverage begins 30 days before the first premium is due.
- Exclusions: No payout for suicide within the first two years.
Pros and Cons
Dial Direct Life Insurance
Pros:
- Wide range of coverage options including specialized benefits.
- Whole of life cover for most policies.
- Flexible additional benefits and optional cover types.
Cons:
- Potential waiting periods and exclusions.
- Health assessments may be required, including HIV testing.
Old Mutual Life Insurance
Pros:
- Comprehensive coverage options with additional features like Cashback and Cancer Enhancer.
- Flexibility in premium and cover patterns.
- Standardized critical illness definitions for clear claim assessments.
Cons:
- Limited coverage for certain events within the initial waiting period.
- No refund if the policy is canceled.
Who Each Policy is Suitable For
Dial Direct Life Insurance
- Ideal For: Individuals seeking a wide range of coverage options, including specialized benefits for women and disability. It is also suitable for those needing whole of life cover and flexible additional benefits.
- Why: The comprehensive nature of the coverage and optional benefits caters to varied needs and long-term protection.
Old Mutual Life Insurance
- Ideal For: Those looking for flexibility in coverage and premiums, with additional features like Cashback and enhanced cancer cover. It is also suitable for individuals who prefer a term-based cover with the option to extend.
- Why: The flexibility in cover types and benefits, along with the cashback feature, makes it an attractive option for those seeking a balance between coverage and financial benefits.
Conclusion
Both Dial Direct and Old Mutual offer robust life insurance products catering to different needs and preferences. Dial Direct stands out with its wide range of coverage options and specialized benefits like the All Woman Cover. In contrast, Old Mutual provides flexibility and additional features such as Cashback and enhanced severe illness cover.