HR
Henk R

1 reviews | Active since Sept 2019

20 Aug 2020, 15:14

Constantia Insurance / PMD - a wise choice or not?

My wife and I had a PrimeMeridian life cover policy like many others. In February 2020 we were informed that they are cancelling the product from 1 April 2020 after we had diligently paid premiums for 3 - 4 years because it "no longer comp**** with the regulatory prescriptions". It transpired that Constantia had changed their registration from life insurer to non-life insurer (i.e. short-term insurer). The reasons for this is not clear, but I suspect it was financially more beneficial for them. A group of policyholders took them to court and the court ruled in the applicants' favour that Constantia had to keep the policies in force to a specified date and offer the policyholders an alternative option in line with their new status as a non-life insurer. That option boiled down to accidental death cover only (no death cover due to natural causes) or a funeral policy which meant that we were still left high and dry as we took out the policy primarily for cover in the event of death as a result of natural causes and because both of us had in the meantime turned older than 60 getting replacement cover at a reasonable/affordable premium is just about impossible. In the circumstances, I cannot with a clear conscience recommend the PMD products offered by Constantia to any consumer, whether it be vehicle cover, house content cover, or whatever other products they may offer as I personally do not regard Constantia as a company that will stand by you in the long term.

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Replies (1)
Constantia Insurance Company Limited
Constantia Insurance Company Limited's reply20 Aug 2020, 15:37
Official
Good Day Henk,  

We acknowledge receipt of your complaint. 

Kindly provide us with your policy number and contact details in order for us to address you as well as maintain suitable communication records.

Regards,
The Constantia Team