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Old Mutual Wealth signs up to Funeral Payment Pledge

22/06/2017

Old Mutual Wealth will help people meet the escalating cost of funerals by advancing payment of the sum assured up to £10,000 across several products including its Protect range.  

Old Mutual Wealth supports the Protection Distributors Group ‘Funeral Pledge’ and from 3rd July will pay out in advance on all valid life assurance claims.*

Dealing with the passing of a loved one is difficult enough, without having to worry about to how to pay for funeral bills. The average cost of a funeral is around £4,136 for a burial using a funeral director and £3,214 for cremation with a funeral director, according to the Money Advice Service.

Some families plan to use funds from the estate to pay for funeral costs, but they do not factor in how long probate would take. 

Another way to avoid the strain and difficulty of probate is to place a policy in trust.

The funeral payment pledge is the newest addition to Old Mutual Wealth’s services to expedite death claims.  Currently Old Mutual Wealth offers, fast track for payment of claims up to £300,000 and a small claims service, which expedites the claim process for claims of up to £30,000.

Paul Roberts

Paul Roberts, head of protection for Old Mutual Wealth says:

“Planning a funeral is an emotional time and we want to help make it as smooth a process as possible. We do not want to see people going into debt to pay for a funeral when they have a life assurance policy that could cover the cost and that is why we are signing the funeral payment pledge.

“This pledge joins our suite of services to speed up death claims and we will continue to look for ways to enhance our claims process to make it a smooth and swift experience for our customers”

Emma Thomson of Lifesearch, Chair of the PDG, says

"We’re delighted that Old Mutual Wealth is not only supporting but exceeding our Funeral Payment Pledge. It’s exciting to exceed the minimum we set and do so across a range of their products, not just their Protect range.

“Old Mutual Wealth has a 100% record of paying life claims for seven consecutive years and its new Funeral Pledge is a very welcome addition to its existing initiatives to expedite the claims process.”

*Products included for the Funeral Pledge

•             Permanent Protection Plan

•             Capital Accumulation Plan

•             Skandia Endowment Plan

•             Maximum Investment Plan

•             The Skandia Plan

•             The Skandia Lifetime Plan (Lifetime Cover Plus)

•             PROTECT (policies with life cover)

•             Bonds with a sum assured payment

 

For more information contact

Kathleen GallagherOld Mutual Wealth023 8072 629307990 004932kathleen.gallagher@omwealth.com

Notes to editors:

Quilter is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

On a ‘go forward basis’, Quilter oversees £ 111.6 billion in customer investments (as at 31 March 2018).

It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset and single strategy investment solutions; and discretionary fund management.

The business is comprised of two segments: Wealth Platforms and Advice and Wealth Management.

Wealth Platforms includes the Old Mutual Wealth UK Platform; Old Mutual International, including AAM Advisory in Singapore; and the Old Mutual Wealth Heritage life assurance business.

Advice and Wealth Management encompasses the financial planning network, Intrinsic; Old Mutual Wealth Private Client Advisers; discretionary fund management business, Quilter Cheviot; and Old Mutual Wealth’s multi-asset investment solutions business.

The Quilter businesses will be re-branded to Quilter over a period of approximately two years following separation from Old Mutual:

  • Intrinsic to Quilter Financial Planning
  • Private Client Advisers to Quilter Private Client Advisers
  • The Multi-Asset business to Quilter Investors
  • The UK Platform to Quilter Wealth Solutions
  • The International business to become Quilter International
  • The Heritage life assurance business to Quilter Life Assurance
  • Quilter Cheviot will retain its name.

On 19 December 2017, Old Mutual Wealth announced that it has agreed to sell its Single Strategy asset management business to the Single Strategy Management team and funds managed by TA Associates. The proposed transaction is subject to customary closing conditions, including regulatory approvals. 

Quilter is part of Old Mutual plc, a FTSE 100 group that provides investment, savings, insurance and banking. For the year ended 31 December 2017, Old Mutual reported an adjusted operating profit before tax of £2.0 billion. For further information on Old Mutual plc and the underlying businesses, please visit the corporate website at www.oldmutualplc.com.

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