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cW
chris W

1 reviews | Active since Jan 2020

06 Jan 2020, 13:27

DISCOVERY LIFE INSURANCE

I HAVE JUST CONTACTED DISCOVERY LIFE WITH REGARDS TO SURRENDERING A LIFE POLICY WHICH I HAVE BEEN PAYING FOR THE LAST +_15 YEARS ONLY TO BE TOLD THAT ALL LIFE POLICIES HAVE A NON MONETARY CANCELATION PAY OUT. I ASKED THE CONSULTANT WHERE THIS WAS STATED IN THE POLICY AS I HAD READ IT AND COULD NOT FIND ANYTHING ABOUT NO MONETARY SURRENDER VALUE IF CANCELLED . I WAS THEN INFORMED THAT IT DID NOT APPEAR IN THE CONTRACT BUT IN THE WELCOME PACK .THEREFORE I FEEL THAT I HAVE HAD THE WOOL PULLED OVER MY EYES AS I SIGNED THE CONTRACT NOT THE WELCOME PACK. I AM 67 YEARS OLD AND I FIND THAT TIMES ARE GETTING TIGHT BATTLE TO PAY POLICY BUT STUCK BETWEEN A ROCK AND A HARD PLACE STOP AND LOSE OR CARRY ON PAYING AND CANNOT PAY AT A FURTHER DATE ????

0
Replies (3)
Discovery Life
Discovery Life's reply06 Jan 2020, 16:03
Official
Thank you for raising your concerns with us. We have provided formal feedback to you via email. 

Regards,

Habibah
Discovery Life
cW
chris W's update06 Jan 2020, 18:22
Reviewer Update
NO BODY GET EXCITED IT WAS ONE OF THOSE WE HAVE RESOLVED YOUR COMPLAINT PLUS A HOLE LOT ABOUT THEIR MECHANICS AND DESIGN OF THERE PRODUCTS IN OTHER WORDS TAKE A HIKE LITTLE MAN.
cW
chris W's update18 Feb 2020, 17:22
Reviewer Update
WARNING WARNING have spent several weeks between DISCOVERY and ombudsman. FIRSTLY let me say NOWHERE in my contract does it say anything about no surrender value, Discovery tried to say that the agent should have advised me about the no surrender value ,then went on to try something about good faith then finally said that I had signed under clause 17.5.2 which gives you 30 days to ask for any documentation of theirs and if you are not happy can cancel the policy and get your first payment back. Now talking about good faith discovery has pages of reasons why they might not pay out on your death but do not have the guts to put in that this policy has a no surrender value. So unless you have a degree in life policies and know which documents to ask for you are sunk as it seems if you do not ask you are not told. I am sure they are now eating cake and popping balloons being that at 67yrs old I can no longer pay the policy, they are laughing all the way to the bank.