B3 Funeral Cover - New underwriters

Good day,

B3 has changed their underwriters and we, the people who signed a fixed contract with them a couple of years ago are made to suffer. I am now expected to pay more premiums for a less cover amount. This is unfair.

Previously i used to pay; R580pm (fixed) 13 people R30 000pp cover

Currently with changes i am expected to pay; R783pm (increases annually) 13 people R24 000pp cover

or

R870pm (increases annually) 13 people R30 000pp cover

If i cancel my contact with B3, i will forfeit all my premiums from 28 November 2018.

According to me, the people who signed a contract with B3 prior to them changing their underwriters are supposed to be retained with the same rate. The changes must only affect new people who wish to sign up with B3. The contract I signed in 2018 states R580pm for a cover of R30 000pp for 13 people. I am now expected to pay more premiums for a less cover amount.

Signing up with a new funeral insurance will result in a waiting period and i cannot afford that.

Regards, Lerato.S