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Old Mutual review

Updated September 28, 2026 · SumCue Editorial Team · Facts checked September 26, 2026

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Our verdict

Old Mutual is a South African insurer and direct lender in one, so short-term cover, a funeral policy paid monthly and a personal loan sit under a single name. It suits readers who want their protection and their borrowing in one place and value quick claims handling, regulated by the Financial Sector Conduct Authority.

Key facts

Best for
Households wanting personal cover, a monthly-paid funeral policy and a personal loan from one regulated group.
Insurance types
Auto, Home, Life, Health, Travel, Gadget↗
Provider type
Insurer↗
Monthly payments
Yes↗
Cover limit
R70 000↗
Claims channels
Web, WhatsApp, USSD, Email, Phone↗
Legal entity
Old Mutual Limited↗
Headquarters
South Africa↗
Founded
1845↗
Support channels
Phone, Email, Help-centre↗
Pricing model
Monthly
Official website
oldmutual.com

Loans

APR
28%↗
Loan amount
ZAR 2,000 to ZAR 250,000↗
Term
3 to 72 months↗
Arrangement fee
R165 plus 10% of the loan amount in excess of R1,000, capped at R1,050 excluding VAT↗
Credit check
Hard↗
Funding time
Within 24 hours of approval↗
Representative example
Credit of R5 000 borrowed for 3 months, total amount payable R6 204.91 (interest R348.16, initiation fee R649.75, monthly admin fee R69)↗
Rate type
Fixed↗
Lender type
Direct lender↗
Eligibility
Ages 18 to 60, South African citizen, earn at least R2500 per month, permanently employed at the same employer for at least 3 months↗
Origination fee (%)
10%↗
Loan types
Personal↗

Savings

Minimum deposit
ZAR 450 to ZAR 500↗
Regulators
Financial Sector Conduct Authority (FSCA)↗

Facts checked September 26, 2026, 7 sources

Apps and profiles

Get the app
App StoreGoogle Play
Elsewhere
WikidataWikipediaXLinkedIn

Pros and cons

Pros

  • Insurance spans auto, home, life, health, travel and gadget cover under one group
  • Funeral cover of R70 000 can be paid in monthly instalments rather than a lump sum
  • Claims can be started by web, WhatsApp, USSD, email or phone through web, WhatsApp and USSD
  • Loans pay out Within 24 hours of approval

Cons

  • Loans are offered as personal lending only, with no debt consolidation or secured option listed
  • The 28% sits at the top of the range lenders in this category advertise
  • Loan eligibility is narrow: South African citizens who are permanently employed at the same employer and meet a minimum monthly income
Old Mutual

Ready to try Old Mutual?

Scored 9.4 / 10 by SumCue.

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Who it suits

  • South African households wanting auto, home, life, health, travel and gadget cover from a single insurer
  • People putting money aside for a funeral who prefer a monthly premium of R70 000 of cover
  • Borrowers who want a fixed-rate personal loan funded Within 24 hours of approval

Who should look elsewhere

  • Readers who want debt consolidation or a credit line, since the listed lending is personal only
  • Anyone shopping mainly for the cheapest personal loan, because the 28% is high next to peers
  • Readers outside South Africa, as eligibility is limited to citizens permanently employed in the country

How Old Mutual compares

Where Old Mutual is available

Available
Botswana, China, Eswatini, Ghana, Kenya, Malawi, Namibia, Rwanda, South Africa, South Sudan, Uganda, Zimbabwe

Countries from the brand (Source, checked September 26, 2026)

Frequently asked questions

What can I insure with Old Mutual?+

Old Mutual writes short-term insurance across auto, home and life lines, so a household can hold motor, home, life, health, travel and gadget policies with the same group. The group also operates as a direct lender, which means borrowing and protection come from one name rather than separate providers.

How much does a funeral policy cost and how is it paid?+

Funeral cover stands at R70 000 and can be paid in monthly instalments, which spreads the cost of a large lump sum into a smaller recurring amount. Monthly payments are available on the policy, so a family can budget for it alongside other cover rather than setting aside the full sum at once.

How do I make a claim?+

Claims can be started through web, WhatsApp and USSD, which covers web, WhatsApp, USCD-style USSD, email and phone. That spread of channels matters for a funeral claim, where the family may not have web access or time to visit a branch, and it is a wider set than a single-channel insurer offers.

What does a personal loan cost?+

The personal loan runs at a fixed rate of 28%, with borrowing of ZAR 2,000 to ZAR 250,000 available. On top of the interest sits an arrangement fee of a fixed rand amount plus 10% of the loan above a threshold, capped at a stated ceiling, and a monthly admin fee that appears in the representative example.

How long can I borrow for and how fast is the money?+

Terms run 3 to 72, and approved loans are paid out Within 24 hours of approval. A hard credit check applies, so the decision follows a full credit assessment rather than a soft prequalification, which matters if you have recent account changes on your file.

Who can apply for a personal loan?+

Applicants must be South African citizens of a minimum age, permanently employed at the same employer for a minimum period, and earn above a stated monthly income floor. Those conditions rule out self-employed applicants and anyone without a stable salary, so the loan suits salaried workers rather than freelancers.

Is Old Mutual regulated?+

The group operates under the supervision of the Financial Sector Conduct Authority, the South African regulator that licenses insurers and credit providers. It also holds a licence for its insurance and lending activities, so the same group stands behind both the policies and the loans.

How do I contact Old Mutual for help?+

Support runs through phone, email and help centre, which covers phone, email and a help centre. That is a narrower set than the claims channels, so anyone mainly needing help on a funeral policy is better served by the claims line, which also takes web, WhatsApp and USSD.

Sources

  • fsca.co.za/Notices/FSCA%20INS%20Notice%2015%20of%202020.pdf checked September 26, 2026

    Backs: Regulators

  • oldmutual.co.za/personal/solutions/bank-and-borrow/person... checked September 26, 2026

    Backs: Loan amount, APR, Credit check, Eligibility, Funding time, Lender type, Loan types, Arrangement fee, Origination fee (%), Rate type, Representative example, Term

    “With a personal loan, you can borrow between R2000 and R250 000”

  • oldmutual.co.za/personal/solutions/funeral checked September 26, 2026

    Backs: Claims channels, Cover limit, Pricing model, Monthly payments, Support channels

    “There are a number of ways to submit a death and funeral claim: Web, WhatsApp, USSD, Email ... Submit Claims to: Branch@oldmutual.com Telephone: 0860 60 7000”

  • oldmutual.co.za/personal/solutions/investment-plans checked September 26, 2026

    Backs: Minimum deposit

    “Minimum starting premium: R500/month, R500/month, From R500/month, R450/month (Flexible Plan, Tax Free Savings, FutureInvest 4 My Goal)”

  • oldmutual.co.za/personal/solutions/short-term-insurance checked September 26, 2026

    Backs: Provider type, Insurance types

    “Old Mutual Insure Limited is a licensed FSP and Non-Life Insurer”

  • oldmutual.com checked September 26, 2026

    Backs: Legal entity

    “Old Mutual Limited (OML) is a licensed Controlling Company of the Designated Old Mutual Limited Insurance Group. Registration number 2017/235138/06.”

  • oldmutual.com/about checked September 26, 2026

    Backs: Founded, Headquarters

    “Old Mutual was established in Cape Town in 1845”

Compiled from 7 source pages, checked September 26, 2026. We did not open an account.

Not confirmed yet: Premium from.

Old Mutual

Old Mutual

Households wanting personal cover, a monthly-paid funeral policy and a personal loan from one regulated group.

9.4/10See alternatives