Compare Old Mutual Life Insurance Quotes Against The Market

Founded in 1845, Old Mutual was originally a South African giant that became a mainstay of the UK financial landscape through the acquisition of Skandia. However, in 2018, the group completed a major managed separation, rebranding its UK wealth management business as Quilter plc.

Today, while the Old Mutual name is primarily used for its international and African operations, millions of UK customers still hold legacy protection and pension policies that are now administered by Quilter or specialised closed-book consolidators like ReAssure.

At a Glance: Old Mutual (Quilter)

• Current Status: UK protection business rebranded to Quilter; many legacy books sold to ReAssure

• Financial Strength: Quilter is a FTSE 250 company managing over £100 billion in customer investments

• Claims Record: Historically strong; legacy books managed by ReAssure maintain life payout rates of approximately 98%

• Best For: Existing policyholders with legacy Skandia or Old Mutual Wealth plans and high-net-worth individuals seeking advice-led wealth protection

Products Held by Existing Customers

Old Mutual was renowned for its Wealth Interactive platform, which allowed for highly flexible, investment-linked protection.

1. Investment-Linked Life Cover

Unlike standard term insurance, many Old Mutual policies were Whole of Life plans linked to investment funds.

• Flexible Payouts: The death benefit could increase or decrease depending on the performance of the underlying investment portfolio

• Reviewable Premiums: These policies often undergo decennial reviews (every 10 years), which can lead to significant premium increases if the investment growth hasn't kept pace with the cost of cover

2. Critical Illness Cover

Old Mutual’s legacy critical illness plans were often sold as riders to their wealth accounts.

• Core Conditions: Typically covered 35 to 40 conditions, focusing on major life-changing events like cancer and stroke

• Buy-back Options: Some premium plans allowed customers to buy back their life cover after a critical illness claim was paid out

3. Protection for Inheritance Tax (IHT)

Old Mutual was a market leader in using life insurance to cover potential IHT bills.

• Trust Integration: Most policies were designed to be held in specialised gift or loan trusts to ensure the payout remained outside the policyholder's taxable estate.

Pros and Cons (For Existing Policyholders)

The Pros

• Wealth Integration: Legacy policies are often seamlessly integrated with modern Quilter investment platforms, providing a single view of total wealth

• Expert Administration: Now backed by Quilter's modern technology or ReAssure's specialist claims handling

• High-Value Capacity: Historically capable of underwriting very large sums (multi-million pound policies) for estate planning

The Cons

• Complexity: Investment-linked policies are far more complicated than modern fixed-premium term insurance

• Premium Volatility: Reviewable policies can see costs jump by 50% or more during a scheduled review if investment returns are low

• No New Business: You generally cannot buy a new Old Mutual branded life policy in the UK today; you must move to a modern Quilter or third-party product

Customer Consensus

The sentiment is generally split between the modern Quilter service and the administration of legacy closed books.

• The Positives: Quilter is frequently praised by financial advisers for its technical excellence and the robustness of its platform. Customers often note that the transition from Old Mutual to Quilter was handled with clear communication

• The Negatives: Some legacy customers managed by consolidators report frustration with slower paper-based processes and the difficulty of getting a quick valuation for older Skandia style policies

How Their Products Compare to the Rest of the Market

Old Mutual/Quilter positions itself as an advice-led wealth specialist rather than a mass-market insurer.

• Rates: Because they focus on complex, investment-linked products, their premiums are often higher and more variable than the fixed £5–£10 rates offered by high-street banks like Halifax or Nationwide

• Product Range: They lack budget products like Guaranteed Over 50s plans, but they outperform the market in Inheritance Tax planning and complex trust structures.

• Service: Quilter consistently wins awards for its intermediary service, often ranking higher than generalist insurers for the support they provide to professional financial planners

How Our Life Insurance Advisers Can Help

If you hold a legacy Old Mutual, Skandia, or Quilter policy, it is essential to check if it still offers value—especially if it is reviewable. Our team of independent life insurance advisers can help you:

• Reviewable Premium Analysis: We’ll check when your next policy review is due and calculate if a modern fixed-premium policy would be cheaper in the long run

• IHT Efficiency Check: We can review your existing trust arrangements to ensure they comply with current tax laws

• Consolidation Support: If your policies are split across Quilter and ReAssure, we can help you bring them into a single, easy-to-manage protection strategy