Dissatisfied and not properly advised

Around June I approach a financial advisor from FNB maponya mall for a life policy with my boyfriend .

And upon taking up the policy we where advised that I should be the policy holder as the premiums will be cheaper because I have a 4 year degree and my partner has a Matric certificate and we agreed.

I indicated that I want to make my minor child a beneficiary and my partner indicated that he wants me as he beneficiary in an event that he dies.

We also requested a policy that will give us cash back,However we were told that the policy from brightrock does not have cash back policy however we can decide whether when we reach the age of 65 years we can elect to get paid the R2Million that we covered for or choose if we want the amount paid out to our beneficiary upon death.

I was further indicated that the policy has a premium waiver .

Few months down the line I requested the policy documents from my financial advisor only to discover that my boyfriend is made the policy holder, I then advised my financial advisor to change that as that was not the instructions given to him.

He then advised me that it was maladmistration from bright rock and they truly apologize, furthermore I should sign documentation to change the policy holder.

I then refused to sign the documents because I felt that they disregarded my initial instructions and therefore they should fix the problem without involving me.

Yesterday I received an amended document and they had Changed my beneficiary to my boyfriend and my boyfriend benefits to be paid to the estate late account.

I sent my financial advisor and email indicating what they have done and I have not received any feedback.

I’m in a position whereby I feel that I was not properly advised and off the view that all my instructions have been disregarded.

Had I known that these are the frustrations I was going to encounter I would not have used the services of this financial advisor.

Should I die today an incorrect person will be the beneficiary to my policy, I’m really not happy and personally of the view that my interests were not safe guarded and in fact the financial advisor was chasing the commission.

I requested him to cancel the policy and reimburse me all my premiums to place me in a position I would have been had I not taken the policy and until today that has not been done.

I’m in a position where i need to start looking for a life policy that will be properly administered and where my interest will be safeguarded however I cannot do so until my instructions are honored.