MUTUAL LIFE AFRICA Terms of Purchase Effective Date: 16 April 2026

1. INTRODUCTION

These Terms of Purchase (“Terms”) govern all transactions made through the Mutual Life Africa mobile and web application (“App”), including the purchase of insurance policies, payment of premiums, and any other financial transactions processed through the App or affiliated platforms.

These Terms form part of the broader agreement between you and Mutual Life Africa (operating as Mutual Lifeco Africa) and must be read together with our App Terms of Service, Privacy Policy, and your individual policy schedule.

By completing a purchase through the App, you confirm that you have read, understood, and agree to these Terms.

2. PARTIES

2.1 Provider Mutual Life Africa (operating as Mutual Lifeco Africa) 420 Fifth Avenue, Manhattan, New York, NY 10018, United States Tel: +1 667 317 7991 Email: billing@mutuallifeafrica.com Website: app.mutuallifeafrica.com

2.2 Customer The individual who registers an account, completes a purchase, or holds a policy through the App (“you,” “your,” or “policyholder”).

3. ELIGIBILITY TO PURCHASE

To purchase a policy or make any transaction through the App, you must:

• Be at least 18 years of age.
• Be the account holder or an authorised representative of the account holder.
• Provide accurate, complete, and verifiable identity and payment information.
• Not be subject to any sanctions, restrictions, or legal prohibitions that would prevent you from entering into a financial or insurance contract.
• Reside in a jurisdiction where Mutual Life Africa is authorised to offer its products.

Mutual Life Africa reserves the right to decline any purchase application without obligation to provide reasons.

4. PRODUCTS AVAILABLE FOR PURCHASE

The following product categories are available for purchase through the App:

• Life Cover — Individual life insurance policies, available in ZAR and USD, with premiums determined by age band and cover level selected at the time of application.
• Funeral Cover — Individual and family funeral insurance policies, available in ZAR, GBP, USD, and EUR, with premiums determined by the plan selected.
• Travel Services — Flight bookings, travel experiences, and eSIM data packages facilitated through third-party partners (Duffel, Viator, Airalo).
• Additional Cover & Riders — Optional add-ons and riders available on eligible policies as displayed in the App at the time of purchase.

Product availability, pricing, and eligibility criteria are subject to change. The terms applicable to your policy are those in effect at the date of purchase as confirmed in your policy schedule.

5. NATURE OF PREMIUMS — NOT SAVINGS OR INVESTMENTS

5.1 Premiums Are Not Savings Insurance premiums paid to Mutual Life Africa are not savings, deposits, or investments. Premiums are consideration paid in exchange for insurance cover for the period in which they are received. They do not accumulate, accrue interest, or hold any cash or surrender value at any point during or after the policy lifecycle.

5.2 No Entitlement to Refund of Premiums Subject to the limited exceptions set out in Section 15 of these Terms, premiums paid are non-refundable under all circumstances. This applies regardless of whether a claim was made, whether the policy was cancelled voluntarily or by Mutual Life Africa, or whether the policyholder believes the cover was underutilised.

5.3 No Surrender Value Policies issued through the App carry no surrender value. A policyholder who cancels their policy, whether voluntarily or as a result of default, is not entitled to receive any portion of premiums previously paid. No cash-out, policy loan, or premium credit facility is available in connection with any policy unless explicitly offered as a separate product feature in writing by Mutual Life Africa.

5.4 Understanding What You Are Purchasing By purchasing a policy, you acknowledge and accept that you are purchasing insurance protection for a defined period, and that the value of that product lies in the cover provided during the policy term — not in the accumulation of any monetary value. Premiums paid for periods during which cover was in force are earned by Mutual Life Africa in full upon each billing cycle, regardless of subsequent events.

6. PRICING & CURRENCY

6.1 Premium Pricing Premiums are displayed in the App at the time of purchase. Pricing is determined by the product selected, the policyholder’s age, cover level, and any applicable riders or add-ons. All prices are inclusive of applicable taxes unless otherwise stated.

6.2 Currency Premiums may be denominated in ZAR, USD, GBP, or EUR depending on the product selected. It is your responsibility to ensure your payment method supports the currency in which your premium is denominated.

6.3 Exchange Rates Where currency conversion is required, the exchange rate applied will be that of the payment processor at the time of the transaction. Mutual Life Africa accepts no liability for exchange rate fluctuations or conversion fees charged by your bank or payment provider.

6.4 Price Changes Mutual Life Africa reserves the right to revise premium pricing at any time. You will be given at least 30 (thirty) days written notice of any price change affecting your existing policy. Continued payment of premiums after the notice period constitutes acceptance of the revised pricing.

7. PAYMENT METHODS

The following payment methods are accepted through the App:

• PayPal — For one-time payments and subscription-based premium payments.
• PayFast — For ZAR-denominated premium payments via card, EFT, and supported South African payment methods.
• Debit and Credit Card — Via supported payment processors as displayed in the App.

It is your responsibility to ensure your payment method is valid, sufficiently funded, and capable of processing recurring payments where applicable. Mutual Life Africa accepts no liability for failed transactions resulting from payment method issues on your side.

7.1 Recurring Payments By purchasing a recurring insurance policy, you authorise Mutual Life Africa to debit your selected payment method on the same date each month for the premium amount specified in your policy schedule. This authorisation remains in effect until your policy is cancelled or you update your payment method.

7.2 Payment Security All payment transactions are processed through PCI-DSS compliant payment processors. Mutual Life Africa does not store full card details on its servers. Payment data is handled exclusively by PayPal and PayFast in accordance with their respective security standards.

7.3 Failed Payments If a premium payment fails, you will be notified immediately via the App and by email. A failed payment triggers the policy status escalation timeline set out in Section 10 of these Terms. It is your responsibility to resolve any payment failure promptly to avoid policy suspension or lapse.

8. PURCHASE CONFIRMATION

Upon successful completion of a purchase, you will receive:

• An in-app confirmation of your transaction.
• A confirmation email to your registered email address.
• A policy document generated and delivered to your registered email address within 24 hours of purchase confirmation.

Your policy is only in force upon receipt of the first premium payment and issuance of your policy document. Mutual Life Africa reserves the right to withhold policy issuance pending identity verification or KYC/AML compliance checks.

9. COOLING-OFF PERIOD

You have the right to cancel your policy within 30 (thirty) days of the date of policy issuance (“cooling-off period”), provided that no claim has been submitted or is pending under the policy.

Cancellation within the cooling-off period entitles you to a full refund of premiums paid. Refunds will be processed to your original payment method within 7 to 14 business days of the cancellation request being approved.

Cancellation after the cooling-off period does not entitle you to a refund of premiums already paid. The non-refundable nature of premiums is set out fully in Section 5 of these Terms.

10. POLICY STATUS & PAYMENT DEFAULT TIMELINE

Upon failure to receive a premium payment by the due date, the following escalation schedule applies automatically:

Day 0 — Premium payment due. Policy remains active. No action required if payment is received.

Day 7 — Grace Period begins. Coverage remains in force. You are notified of the outstanding premium and the risk of suspension if payment is not received.

Day 14 — Policy Suspended. Coverage is temporarily suspended. No new claims will be accepted or processed during the suspension period. You remain liable for all outstanding premiums.

Day 30 — Policy Lapsed. Coverage ceases entirely. The policy is no longer active. Reinstatement is available upon full payment of all outstanding premiums as set out in Section 11.

Day 60 — Policy Cancelled. All coverage permanently terminates. Reinstatement is not available. All family members and additional insured persons linked to the policy are automatically deactivated.

Mutual Life Africa will make reasonable efforts to notify you at each stage of this escalation via the App and by email. However, failure to receive a notification does not suspend or alter the escalation timeline.

11. REINSTATEMENT

A lapsed policy may be reinstated by paying all outstanding premiums in full through the App. Upon confirmed receipt of full payment, the policy will be automatically reinstated to active status without the need for a new application or underwriting review.

The following conditions apply to reinstatement:

• Reinstatement is only available for lapsed policies. Cancelled policies cannot be reinstated under any circumstances.
• Coverage recommences from the date of reinstatement. No claims arising during the lapse period will be accepted.
• A record of the lapse and reinstatement is noted on the policyholder’s account and will affect the policyholder’s internal credit score as set out in Section 14.
• Mutual Life Africa reserves the right to limit the number of reinstatements available to a policyholder where repeated lapsing indicates persistent payment instability.

12. CANCELLATION BY THE POLICYHOLDER

You may cancel your policy at any time by submitting a cancellation request through the App or by contacting our support team at billing@mutuallifeafrica.com.

The following terms apply upon cancellation:

• Cancellations within the 30-day cooling-off period are entitled to a full refund of premiums paid, provided no claim has been submitted.
• Cancellations after the cooling-off period are not entitled to a refund of any premiums paid. Premiums are non-refundable as set out in Section 5.
• Coverage ceases on the date the cancellation is confirmed.
• Any outstanding premiums, credit facilities, or financial obligations owed to Mutual Life Africa or affiliated Group entities remain due and payable in full upon cancellation, regardless of the reason for cancellation.
• Cancellation does not affect any right of first claim held by Mutual Life Africa Group entities as set out in Section 15.

13. CANCELLATION BY MUTUAL LIFE AFRICA — UNDERWRITING RISK

Mutual Life Africa reserves the absolute right to cancel any policy where the policyholder’s payment conduct or personal circumstances present an unacceptable underwriting risk.

13.1 Grounds for Cancellation Mutual Life Africa may cancel a policy on underwriting risk or conduct grounds where any of the following conditions are identified:

• Three (3) or more missed or late premium payments within any rolling twelve-month period.
• A pattern of recurring grace period activations indicating persistent payment instability.
• Repeated suspension and reinstatement cycles that create disproportionate administrative and underwriting costs.
• Any payment conduct that, in the reasonable opinion of Mutual Life Africa, materially increases the risk profile of the policy beyond acceptable thresholds.
• Provision of false, misleading, or incomplete information at the time of application or at any point during the policy lifecycle.
• Discovery of a pre-existing condition, terminal diagnosis, or clinical health status that was not disclosed at the time of application.
• Submission of a fraudulent, exaggerated, or fabricated claim.
• Conduct that is in breach of these Terms or the App Terms of Service.

13.2 Notice of Cancellation Where Mutual Life Africa cancels a policy on underwriting risk or conduct grounds, you will be given 30 (thirty) days written notice prior to the cancellation date. During the notice period, you may submit written representations to Mutual Life Africa at legal@mutuallifeafrica.com. Mutual Life Africa reserves the right to uphold the cancellation notwithstanding any representations made.

13.3 Immediate Cancellation In cases of fraud, material misrepresentation, or serious breach, Mutual Life Africa reserves the right to cancel a policy with immediate effect and without prior notice. In such cases, no refund of premiums will be made and any claims pending at the time of cancellation will be voided and rendered null and void.

13.4 Effect of Cancellation Cancellation on underwriting risk or conduct grounds does not entitle the policyholder to a refund of premiums previously paid. All outstanding premiums, credit, and financial obligations remain due and payable in full.

14. POLICYHOLDER CREDIT SCORE

Mutual Life Africa operates an internal credit scoring system linked to each policyholder’s payment history and policy conduct. This score is used to determine eligibility for credit-linked products, lending facilities, and financial services available through the Mutual Life Africa Group.

14.1 Positive Conduct — Score Increases

• Consistent on-time premium payments.
• Long-standing uninterrupted policy tenure.
• No history of suspension, lapse, or cancellation.
• Prompt resolution of any payment failures.

14.2 Negative Conduct — Score Decreases

• Late premium payments.
• Grace period activations.
• Policy suspension.
• Policy lapse.
• Cancellation due to non-payment or underwriting risk.
• Repeated reinstatement cycles.

14.3 Effect of Lapse and Cancellation on Score Upon lapse, the policyholder’s credit score is frozen at the level reached at the point of lapse. Upon reinstatement and re-establishment of a consistent payment record, the score will resume and may improve over time. Upon cancellation, the policyholder’s credit score is reset to zero. Policyholders with a cancelled policy history may be restricted from accessing credit-linked products and financial services within the Mutual Life Africa Group until a satisfactory new payment record has been established.

15. OUTSTANDING PREMIUMS & RIGHT OF FIRST CLAIM

15.1 Liability for Outstanding Premiums All outstanding premiums remain due and payable regardless of whether a policy has been suspended, lapsed, or cancelled. Mutual Life Africa reserves the right to pursue recovery of outstanding premiums through all available legal channels.

15.2 Credit, Debt & Right of First Claim Any credit facility, loan, points-based credit, policy-linked credit, or financial accommodation extended to a policyholder or insured person by any of the following affiliated entities:

• Mutual Life Africa
• Mutual Life Global
• Mutual Africa Pay
• African Mutual Capital
• Taesan Insurance

— shall remain in full force and effect notwithstanding the cancellation, lapsing, or suspension of any associated policy. Cancellation or lapsing of a policy does not extinguish, reduce, or waive any outstanding credit or debt owed to the above-named entities.

Each of the above-named entities reserves, jointly and severally, the right of first claim against the policyholder’s estate, assets, and any policy proceeds. This right takes precedence over all other creditors, with the sole exception of obligations mandated by applicable law.

15.3 Recovery on Death, Insolvency, or Liquidation In the event of the policyholder’s death, insolvency, sequestration, or liquidation, the above-named entities shall be entitled to claw back and recover in full any outstanding credit, loans, points-based advances, or financial accommodation extended, directly from policy proceeds, estate assets, or any other recoverable source, before distribution to any nominated beneficiary or third-party creditor. This right of first claim and recovery applies globally across all jurisdictions in which the policyholder maintains assets, accounts, or beneficial interests.

16. POLICY EXCLUSIONS

Mutual Life Africa shall not be liable to pay any benefit, and reserves the right to decline, void, or repudiate any claim, in the following circumstances:

16.1 Waiting Period No claim arising from death, illness, or any insured event will be accepted where the event occurs within 12 (twelve) months of the policy inception date (“waiting period”), unless the death is the result of an unforeseeable accident that is wholly unrelated to any pre-existing condition or undisclosed illness. The waiting period applies to all new policies and to reinstated policies following a lapse.

16.2 Non-Disclosure of Pre-Existing or Serious Illness Any claim arising from a condition, illness, or medical history that was known to the policyholder at the time of application but was not disclosed will be declined in full. This includes, but is not limited to, terminal diagnoses, chronic illness, clinical declarations of poor health, and any condition for which the insured person was receiving treatment at the time of application. The duty to disclose is a continuing obligation and applies to all insured persons added to the policy, including family members.

16.3 Purchase of a Policy for a Person Near End of Life Any policy purchased with the knowledge, or reasonable expectation, that the insured person is terminally ill, clinically declared as being in poor or critical health, or is near end of life, shall be considered void from inception. Mutual Life Africa reserves the right to investigate the health status of any insured person at the time of policy purchase and to repudiate any claim where it is determined that the policy was purchased in the knowledge of an imminent insured event.

16.4 Death in a Restricted or Sanctioned Region No benefit will be payable in respect of a death that occurs in a jurisdiction subject to international sanctions, regulatory restrictions, or in a region formally designated as a conflict zone, failed state, or restricted territory by the United Nations, the United States Government, the European Union, or any relevant regulatory body at the time of the insured event.

16.5 Death Caused by an Undisclosed Illness Where the cause of death is determined to be a condition or illness that was not disclosed at the time of application and was known or ought reasonably to have been known to the policyholder or a responsible party at the time of application, the claim will be declined. This exclusion applies regardless of whether the non-disclosure was intentional or negligent.

16.6 Death Caused by or Attributed to the Beneficiary No benefit will be payable to any beneficiary who is found to have caused, contributed to, facilitated, or conspired in the death of the insured person. Where a beneficiary is implicated in the death of the insured person, whether by criminal conviction, coroner’s finding, or civil determination, the claim will be suspended pending the outcome of all relevant proceedings and may be permanently declined. Mutual Life Africa reserves the right to withhold payment to any beneficiary where there are reasonable grounds to suspect their involvement in the insured event.

16.7 Death Ruled as Foul Play or Under Investigation Where the cause of death is ruled as suspicious, classified as foul play, or is subject to an active criminal investigation by any law enforcement authority, Mutual Life Africa reserves the right to suspend processing of the claim pending the conclusion of all relevant proceedings. No benefit will be payable where a final determination by the relevant authorities implicates any named beneficiary or insured person in the circumstances of the death.

16.8 Fraudulent Identity, False Documentation, or Misrepresentation Any claim submitted in connection with a policy where the insured person’s identity was falsified, where government-issued identification documents provided at the time of application or at any subsequent point are found to be fraudulent, forged, or altered, or where the date of birth or any other personal detail was deliberately misrepresented, will be declined in full. The policy will be immediately cancelled with effect from the date of inception, and all premiums paid will be forfeited. Mutual Life Africa reserves the right to report such conduct to the relevant law enforcement and regulatory authorities.

16.9 Failure to Submit Required Documentation Mutual Life Africa reserves the right to decline any claim where the claimant or beneficiary fails to submit the required original supporting documentation within the timeframe specified by Mutual Life Africa upon notification of the claim. Required documentation includes, but is not limited to, original certified death certificates, official post-mortem or coroner’s reports, government-issued identification of the deceased and the claimant, and any additional documentation reasonably requested by Mutual Life Africa in the course of its claims assessment. Claims will not be processed on the basis of copies, unofficial documents, or incomplete submissions.

16.10 Suicide Within the Waiting Period No benefit will be payable where the cause of death is determined to be suicide occurring within 12 (twelve) months of the policy inception date or within 12 (twelve) months of reinstatement following a lapse.

16.11 Participation in Unlawful Activity No benefit will be payable where the insured person’s death arises directly or indirectly from participation in any unlawful activity, criminal enterprise, armed conflict entered into voluntarily, or any act that is in contravention of applicable law at the time and place of the event.

16.12 General Exclusion Reservation Mutual Life Africa reserves the right to apply additional exclusions on a case-by-case basis where the specific circumstances of a claim give rise to concerns that are not expressly covered by the exclusions listed above. Any such additional exclusion will be communicated to the claimant in writing with the reasons for its application.

17. FRAUDULENT CLAIMS & RIGHT OF REFUSAL

Mutual Life Africa maintains a zero-tolerance policy toward insurance fraud in all its forms. The integrity of our claims process is fundamental to the sustainability of cover for all policyholders.

17.1 Definition of Fraudulent Conduct For the purposes of these Terms, fraudulent conduct includes but is not limited to:

• Submitting a claim in respect of an event that did not occur or that was deliberately staged.
• Exaggerating the nature, extent, or circumstances of an insured event.
• Providing false, forged, or altered documentation in support of a claim.
• Falsifying the identity, date of birth, health status, or personal details of the insured person or policyholder at any stage.
• Purchasing a policy with the deliberate intention of making an immediate or near-term claim, including purchasing cover for a person who is already terminally ill or clinically near end of life without disclosure.
• Colluding with any third party, including medical practitioners, funeral service providers, or public officials, to produce false supporting documentation or to misrepresent the circumstances of an insured event.
• Concealing material information that, if disclosed, would have affected the decision to issue the policy or to accept the claim.

17.2 Consequences of Fraudulent Conduct Where Mutual Life Africa determines, on reasonable grounds, that a claim involves fraudulent conduct:

• The claim will be declined in full and all benefits will be forfeited.
• The policy will be cancelled with immediate effect and rendered void from the date the fraudulent conduct is determined to have commenced.
• All premiums paid will be forfeited and no refund will be made.
• Mutual Life Africa reserves the right to recover any benefits already paid out in connection with a fraudulent claim through all available legal means, including civil proceedings and recovery from the policyholder’s estate.
• Mutual Life Africa will report the matter to the relevant law enforcement authorities, insurance regulatory bodies, and credit bureaux as appropriate.
• The policyholder, beneficiary, and any associated parties implicated in the fraudulent conduct may be blacklisted from obtaining insurance products through Mutual Life Africa or any affiliated Group entity.

17.3 Cooperation with Investigations All policyholders, claimants, and beneficiaries are required to cooperate fully with any investigation conducted by Mutual Life Africa or its appointed agents in connection with a claim. Failure to cooperate, failure to provide requested documentation, or obstruction of an investigation will be treated as grounds for declining the claim and may be treated as evidence of fraudulent intent.

17.4 Right to Investigate Mutual Life Africa reserves the right to conduct investigations into any claim at its sole discretion, including engaging independent assessors, forensic investigators, and legal counsel. No claim will be considered approved until Mutual Life Africa has completed its assessment to its satisfaction.

18. REFUNDS

Refunds are only available in the following limited circumstances:

• Cancellation within the 30-day cooling-off period with no claim submitted — full refund of premiums paid.
• Duplicate payment confirmed by Mutual Life Africa — refund of the duplicate amount.
• Overpayment confirmed by Mutual Life Africa — refund of the excess amount.
• Policy declined by Mutual Life Africa after payment has been received — full refund of the amount paid.

Refunds will be processed to the original payment method within 7 to 14 business days of approval. Mutual Life Africa reserves the right to request supporting documentation before processing any refund.

No refund will be made in respect of premiums paid for any period during which cover was in force, regardless of whether a claim was made. Premiums paid are earned by Mutual Life Africa in full upon each billing cycle and carry no cash or surrender value as set out in Section 5.

19. DISPUTES & CHARGEBACKS

If you believe a charge has been made in error, you must contact Mutual Life Africa at billing@mutuallifeafrica.com before initiating a chargeback or dispute with your payment provider. Mutual Life Africa will investigate and respond within 5 business days.

Initiating a chargeback without first contacting Mutual Life Africa may result in immediate suspension of your account and policy pending investigation. Mutual Life Africa reserves the right to recover any chargeback amounts where the original charge is determined to be valid, including any fees levied by the payment processor as a result of the chargeback.

20. TAXES & REGULATORY LEVIES

You are responsible for any taxes, duties, or regulatory levies applicable to your purchase in your jurisdiction. Where Mutual Life Africa is required by law to collect and remit taxes on your behalf, the applicable tax will be included in the premium amount displayed at checkout.

21. GOVERNING LAW & JURISDICTION

These Terms are governed by the laws of the Republic of South Africa, unless otherwise specified in your policy schedule. Any disputes arising from these Terms shall be subject to the jurisdiction of the competent courts of South Africa, without prejudice to Mutual Life Africa’s right to seek relief in any jurisdiction where the policyholder maintains assets or residence.

22. AMENDMENTS

Mutual Life Africa reserves the right to amend these Terms at any time. You will be notified of material changes via the App or by email at least 14 days before changes take effect. Continued use of the App or continued payment of premiums after that date constitutes acceptance of the updated Terms.

23. CONTACT

For all billing, payment, and purchase-related queries:

Mutual Life Africa (Mutual Lifeco Africa) 420 Fifth Avenue, Manhattan New York, NY 10018, United States

Email: billing@mutuallifeafrica.com Phone: +1 667 317 7991 Website: app.mutuallifeafrica.com

These Terms of Purchase were last updated on 16 April 2026.