I WAS ****MED ONCE AGAIN IN MY LIFETIME

Started my PMD LIVING COVER GROW in April 2016, upgraded in Jan 2018 to middle product and in Feb 2018, with the help of my children to the Top Plan which would eventually pay out R5m for both me and my spouse, should we die or qualify as they like to call it. Total contribution to date almost R98 000.

Received an SMS on 24/02/2020:

"Dear Michael Aucamp, ***. Due to regulatory changes Constantia Insurance Company Limited need to discontinue & cancel your Living CoverGROW policy with immediate effect from 31/03/20. Please do not be alarmed, an expert contact center staff will call you over the next few days to explain everything and offer you an alternative solution. Or call ***, email *** or reply 1 for call back "

I rep**** "1" as requested

Another SMS on 25/02/2020:

"Dear Michael Aucamp, ***. Due to regulatory changes Constantia Insurance Company Limited needs to discontinue & cancel your Living CoverGROW policy with effect from 31/03/20. Please do not be alarmed, we will call you over the next few days to explain everything. You may call ***, email *** or reply 1 for further information."

I rep**** "1" again.

(Note the difference in the wording at the end. In the first they promised alternative products. In the second the did not mention it any more.)

And then the third one arrived on Friday 28, 2020:

"Michael Aucamp, ***. We wish to clarify previous correspondence sent to you by Constantia Insurance Company Limited regarding your Prime CoverGrow policy. Click here for more information bit.ly/32wojLW alternatively call ***, email ***"

with a link to this document:

"Prime CoverGrow Underwritten by Constantia Insurance Company Limited Your Prime CoverGrow policy underwritten Constantia Insurance Company Limited (“Constantia”) refers. The purpose of this correspondence is to clarify prior communication made to you and expand on Constantia’s reasons for the termination of your Prime CoverGrow policy. In terms of the new Insurance Act insurers may no longer conduct life and non-life insurance under the same licence. Your Prime CoverGrow policy meets the definition of a “life policy” as defined in the Insurance Act and given that Constantia Insurance Company Limited is licenced as a non-life insurer, we may no longer provide this cover. For this reason, we notified you of the cancellation of your Prime CoverGrow policy with effect from 31 March 2020. This means that as of the 1st of April 2020, you will no longer enjoy any cover under your Prime CoverGrow policy. We will, however, honour our commitments to you and fulfil our obligations in respect of all valid claims incurred up to 31 March 2020. Constantia Insurance Company Limited as a non-life insurer cannot offer a similar policy as an alternative. The Constantia group of companies does not have an alternative product. We do hope that the above has clarified our position for you and we apologize for any inconvenience caused. Should you have any questions regarding your policy and/or any outstanding matters kindly contact our call centre offices per the details set out below: Telephone *** Email: *** Alternatively, should you have any questions regarding your policy and/or any outstanding matters kindly contacted your appointed broker alternatively contact our offices per the details set out below: Constantia Insurance Company Limited Nicol Main Office Park, 2 Bruton Road, Bryanston, Johannesburg Telephone ***"

(I tried the provided contact number *** a few times, no avail, it just rings until it finally hangs up.)

The above letter says that because of the law, which changed in EARLY 2018, (when I have upgraded my policy, when they did not at all warned me at all of the changes and did not tell me that because of certain changes to the law they are possibly going to stop the coverage of this specific policy in the near future) they are stopping it now after taking all my money.

They took my increased premium (tripled) for another 24 months, enriching themselves. Now I am 60 years old, does not qualify for any life insurance any more and does not have any other options.

Now they want to say they are not going to cover us any more, they does not have any legal obligation to us.

I have contacted PMD two times after my upgrade, requesting information. The first time I specifically asked why the product was not listed on there website any more on which I was answered that I have no need to worry, they discontinued the product for new clients but us as existing clients still have the same coverage as stipulated.

The second time, in June 2019, they even provided me a letter, from their legal department, after a thorough review (according to them, who were their legal team) stipulating our cover and how it will be paid out:

"Following a thorough review of your policy we wish to confirm that you had selected the Prime Living CoverGROW Family cover policy to provide cover on both your life as well as your wife, Mrs Aucamp. We confirm that should either of you pass away, the accumulated benefit amount in the event of an approved claim would be paid out to the surviving spouse."

Still nobody mentioned any possibility of any changes in the near future because of a change in law.

My opinion is that both PMD and Constancia is to blame and responsible because the have mislead their customers and making them believe that this is a lifetime product. It was never their intention to inform their clients of any changes until the last minute, taking as much profit as they can, never mind their client’s survival afterwards.

I am also going to submit this to the Ombudsman. I do believe that all of us at least qualify for our premiums back but more so, they should have supp**** us with an alternative.