DISCOVERY LIFE INSURANCE POLICY - OWNERSHIP NOT TRANSFERRED..

My current broker recently discovered that my life and disability cover was never transferred to my own name. I took out the insurance through the previous company that I worked for. The policy was on their name. When I got retrenched in 2016, I was assured that the policy ownership was transferred to me. Myself and the directors signed the documents when I left the company and the company's Discovery broker assured me it was transferred to my name. My monthly premium that I pay is nearly R500, for a policy that I only find out now is on my life but I am not the owner.

I send the cession form to Discovery on the 3rd of August 2018 and have not received a reply since. I then phoned the Discovery call center on the 20th of August 2018, only to find out that they need all 3 directors to sign. The directors split up, so where should I get hold of them (let alone even know all of them!) Then I asked the consultant may I cancel my policy and take out a new one..guess what...in order to cancel I need the directors to sign!!!

So now I need to stop my debit order in order for the policy to lapse and start over again... It is pathetic that no one in Discovery can assist or even try to assist. I have Discovery medical aid, RA, and apparently life insurance, which by the way I pay but should I die goes to my previous employer. But you are excellent at deducting it from my account and informing me of the increase in my monthly payment!

When I am revere my payments from 1st of September 2018, it is because I am not even allowed to cancel my own policy!!