CN
Customer N
1 reviews | Active since Oct 2020
08 Mar 2022, 11:10
8 YEARS OF PAYING - STILL the same payout amount from 2015. Haiiiibo! SIES!
I received yet another generic response from staff who just regurgitate jargon they themselves don't seem to understand and are incapable of breaking it down in their own understanding. They just end up talking a load of nonsense and making your company model and brand look worse than what it already is!
As stated to the *********** (not understanding their own company policies) individual, my parents have paid since 2015, so why is the payout still capped at R30 000.00 with a measly R1000.00 now added.
So basically you are telling me that the actuarial pricing is to cheat the consumer?
* 8 years of paying every month * Every year the premium increases sometimes without forewarning * Payout amount has been capped at R30 000.00 since 2015?
So what if my parents continue paying for the next 10 years...? They will still only receive R31 000.00 as per "actuarial pricing"????
Haibo guys, this is a disgrace man. You are openly and blatantly *****ING from people who pay every month AND ON TIME!
I asked the consultant, CAN MY PARENTS THEN CASH OUT THE 8 YEARS OF PREMIUMS THEY HAVE PAID???
If silence was gold, I would be a quadrillionaire!
This is beyond ridiculous! Fix your policy and stop *****ING!
SIES!
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Replies (1)CN
Customer N's updateReviewer Update
08 Mar 2022, 11:21[#UUR-372121]: URGENT Request for InfoInbox
The Call Centre - Website Department10:50 (26 minutes ago)
Good day
I trust you are well.
Our aim with the premium reviews is to ensure that we continue to deliver value to you as our client and provide a peace of mind during uncertain times through funeral cover products that we offer.
Several factors were taken into consideration during actuarial pricing exercises including expected claims costs and the likelihood of claims.
The cover amount was R30,000.00 and it is currently R31,000.00 all the members.
Please find the attached policy certificate.
This policy is an individual paying policy and the increase might seems high due to the extended members have their own premiums.
You do have the following options to carry on enjoying cover with us; we are keeping in mind that our clients are different and have different needs.
• By paying the revised premium, policyholders will get to unlock the full cover benefit and protect themselves from adjusted cover during difficult times
• You may continue to pay the increased current premium; however, this means the cover benefit payable on claim will reduce to 84%
• Alternatively, you can opt to downgrade and chose products that are more affordable to them from our product suite.
Whilst we encourage members to consider the increased premium which is still competitive, we understand the tough economic environment our members are faced with.
Regarding the policy cancellation and cash back, please advise client that there is no refund of premiums for this type of product you have signed up. (ONE CAN TELL, THAT HERE THIS ONE WAS TOLD WHAT TO RESPOND WITH. LEARN TO AT LEAST EDIT THE BULL****E BEFORE ENGAGING WITH CLIENTS)
This is because life insurance is a risk product, which is different to an investment or savings product. In this case, you are only covered against the insured risk, and the sum assured is only paid when the risk event happens, for a valid claim. If you cancel this life insurance policy, you will not receive any premiums back as a refund, because the risk event has not happened.
Kind Regards
Ticket Details
===================
Ticket ID: UUR-372121
Department: 3SixtyLife - Complaints - Client
Priority: Medium
Status: Closed
I trust you are well.
Our aim with the premium reviews is to ensure that we continue to deliver value to you as our client and provide a peace of mind during uncertain times through funeral cover products that we offer.
Several factors were taken into consideration during actuarial pricing exercises including expected claims costs and the likelihood of claims.
The cover amount was R30,000.00 and it is currently R31,000.00 all the members.
Please find the attached policy certificate.
This policy is an individual paying policy and the increase might seems high due to the extended members have their own premiums.
You do have the following options to carry on enjoying cover with us; we are keeping in mind that our clients are different and have different needs.
• By paying the revised premium, policyholders will get to unlock the full cover benefit and protect themselves from adjusted cover during difficult times
• You may continue to pay the increased current premium; however, this means the cover benefit payable on claim will reduce to 84%
• Alternatively, you can opt to downgrade and chose products that are more affordable to them from our product suite.
Whilst we encourage members to consider the increased premium which is still competitive, we understand the tough economic environment our members are faced with.
Regarding the policy cancellation and cash back, please advise client that there is no refund of premiums for this type of product you have signed up. (ONE CAN TELL, THAT HERE THIS ONE WAS TOLD WHAT TO RESPOND WITH. LEARN TO AT LEAST EDIT THE BULL****E BEFORE ENGAGING WITH CLIENTS)
This is because life insurance is a risk product, which is different to an investment or savings product. In this case, you are only covered against the insured risk, and the sum assured is only paid when the risk event happens, for a valid claim. If you cancel this life insurance policy, you will not receive any premiums back as a refund, because the risk event has not happened.
Kind Regards
Ticket Details
===================
Ticket ID: UUR-372121
Department: 3SixtyLife - Complaints - Client
Priority: Medium
Status: Closed
A CLOSED TICKET UPON REPSONSE TO THE CONSUMER WITHOUT HAVING THE MATTER RESOLVED?????????????????????????????????????????????
CN
Customer N's update08 Mar 2022, 11:21
Reviewer Update
[#UUR-372121]: URGENT Request for InfoInbox
The Call Centre - Website Department10:50 (26 minutes ago)
Good day
I trust you are well.
Our aim with the premium reviews is to ensure that we continue to deliver value to you as our client and provide a peace of mind during uncertain times through funeral cover products that we offer.
Several factors were taken into consideration during actuarial pricing exercises including expected claims costs and the likelihood of claims.
The cover amount was R30,000.00 and it is currently R31,000.00 all the members.
Please find the attached policy certificate.
This policy is an individual paying policy and the increase might seems high due to the extended members have their own premiums.
You do have the following options to carry on enjoying cover with us; we are keeping in mind that our clients are different and have different needs.
• By paying the revised premium, policyholders will get to unlock the full cover benefit and protect themselves from adjusted cover during difficult times
• You may continue to pay the increased current premium; however, this means the cover benefit payable on claim will reduce to 84%
• Alternatively, you can opt to downgrade and chose products that are more affordable to them from our product suite.
Whilst we encourage members to consider the increased premium which is still competitive, we understand the tough economic environment our members are faced with.
Regarding the policy cancellation and cash back, please advise client that there is no refund of premiums for this type of product you have signed up. (ONE CAN TELL, THAT HERE THIS ONE WAS TOLD WHAT TO RESPOND WITH. LEARN TO AT LEAST EDIT THE BULL****E BEFORE ENGAGING WITH CLIENTS)
This is because life insurance is a risk product, which is different to an investment or savings product. In this case, you are only covered against the insured risk, and the sum assured is only paid when the risk event happens, for a valid claim. If you cancel this life insurance policy, you will not receive any premiums back as a refund, because the risk event has not happened.
Kind Regards
Ticket Details
===================
Ticket ID: UUR-372121
Department: 3SixtyLife - Complaints - Client
Priority: Medium
Status: Closed
I trust you are well.
Our aim with the premium reviews is to ensure that we continue to deliver value to you as our client and provide a peace of mind during uncertain times through funeral cover products that we offer.
Several factors were taken into consideration during actuarial pricing exercises including expected claims costs and the likelihood of claims.
The cover amount was R30,000.00 and it is currently R31,000.00 all the members.
Please find the attached policy certificate.
This policy is an individual paying policy and the increase might seems high due to the extended members have their own premiums.
You do have the following options to carry on enjoying cover with us; we are keeping in mind that our clients are different and have different needs.
• By paying the revised premium, policyholders will get to unlock the full cover benefit and protect themselves from adjusted cover during difficult times
• You may continue to pay the increased current premium; however, this means the cover benefit payable on claim will reduce to 84%
• Alternatively, you can opt to downgrade and chose products that are more affordable to them from our product suite.
Whilst we encourage members to consider the increased premium which is still competitive, we understand the tough economic environment our members are faced with.
Regarding the policy cancellation and cash back, please advise client that there is no refund of premiums for this type of product you have signed up. (ONE CAN TELL, THAT HERE THIS ONE WAS TOLD WHAT TO RESPOND WITH. LEARN TO AT LEAST EDIT THE BULL****E BEFORE ENGAGING WITH CLIENTS)
This is because life insurance is a risk product, which is different to an investment or savings product. In this case, you are only covered against the insured risk, and the sum assured is only paid when the risk event happens, for a valid claim. If you cancel this life insurance policy, you will not receive any premiums back as a refund, because the risk event has not happened.
Kind Regards
Ticket Details
===================
Ticket ID: UUR-372121
Department: 3SixtyLife - Complaints - Client
Priority: Medium
Status: Closed
A CLOSED TICKET UPON REPSONSE TO THE CONSUMER WITHOUT HAVING THE MATTER RESOLVED?????????????????????????????????????????????