Misinterpretation of loan insurance

Two years ago, I took out a loan with Capitec and was advised by the consultant assisting me to also take out insurance. I was told that this insurance would cover my loan repayments if I lost my job, was retrenched, or became disabled. The consultant made it clear that the only exclusion was if I resigned. Based on this assurance, I agreed to take out the insurance.

Recently, I lost my job and immediately informed the bank, expecting my insurance cover to assist me as I was advised. To my shock, I was told that loss of employment is not covered. This directly contradicts the information I was given at the time of taking the loan.

I feel that I was misled into taking the loan and insurance under false information. If I had been told the correct terms, I would not have taken the loan under those conditions.

I demand that Capitec urgently investigate this matter, listen to the original sales call/interaction if recorded, and provide a fair resolution. I also request written clarification of why I was given incorrect information, and whether this constitutes misrepresentation.

I expect a prompt response and a resolution, failing which I will escalate the matter to the National Credit Regulator (NCR) and the Ombudsman for Banking Services.