Complaint about 1 life polocies.

Morning All, my experience with 1 life insurance is now a disaster. I have been paying a policy for the last twelve years. I have paid them a visit last week and was very disappointed with what i have learnt.

Firstly I was told that they would increase my premium every year even though I advised them i will be retiring next year as I will be turning 70 years. I was advised that I needed to pay that premium until the day I die. when I asked what were my options I was told that i would loose my investment if i did not pay till the day i die. This is not what gets told to a person when purchasing a policy. my understanding was that the paid up date would be 65 years and after that it would be year by year or I would receive a pay out. This policy was taken out for my children and i have never missed a payment in 12 Years. i stand to loose Over a R100000.00 just from my contributions. The consultant even said to me, that if I received a government pension of R2000 a R1000.00had to go to them and how i lived was my problem My intention in visiting them was to receive advise on a way forward after next year and this is what i was told.

It is a shame the way the life insurance companies rob pensioners of their money. I even asked if i made the policy paid up until I die as long as my children inherited what was invested for them.

1 LIFE is NOT an option for any person looking to invest money for their children. it is a ****. Going forward I advise people to open a decent saving account with the bank of your choice and your children will be better off. i have this policy for 12 years and invested at least R100000.00. I have an account with Nedank for over 40 years and should have invested with them . They are a reputable Bank and i would not be stressed out about my visit to 1 life. I will be advising Nedbank that they do not have a signed document to just accept 1 life increase in Premiums I am also not prepared to loose all the money that I have worked HARD for this is not going to stop here. Sad state of affairs. At this stage I am seeking lawyers advise.