Buyer Beware: FNB Life is ********* for funeral policies

I took out a policy with FNB Life for a funeral policy for myself and my wife early 2019 after much investigation and quotes from other companies. It was a no frills, straight up funeral policy i.e. if you die you get money for the funeral and their price point was attractive comparatively speaking. The sale person was pleasant enough and mentioned all the T&Cs including that every year there would be an increase in the premium with a requisite increase in benefits and I could opt out and keep my premium the same as long as I wanted.

At the year anniversary - this increase kicked in and the increase in premiums was almost 5 percent! HOWEVER! What is my gripe is and what is more disconcerting and what they failed to mention is there another ad-hoc price review that FNB Life can do and does and can increase your premium without any chance of opt-out or increase in premium.

Part of the wording I received from FNB Life is this: The FNB Funeral Plan pricing is reviewed yearly to ensure that you and your family get the best value from your Plan. After careful consideration, we have found that it is necessary to apply a 5.5% premium increase to make sure that the Funeral Product remains viable. The rest of the benefits on your Plan will stay the same.

So FNB Life effectively increased my premium by 10 percent in a year and a bit. This "ad-hoc" policy increase was never mentioned by the sales person and I am sure that it is hidden somewhere in the very fine print. Although the rand value amount is not significant for each increases due to the policy value and it isn't that I cannot afford the increase -my complaint is about the highly ********* business practice that FNB Life is using on their clients. They offer you an attractive starting premium then start loading the increases because most customers can't be bothered to go through the hassle of changing once they have signed up and also after paying for a while they don't want to lose out. This complaint is to you the client - when you are looking for a funeral policy beware of FNB Life. To summarise: BE AWARE - FNB Life sucks you in on a low premium and then jacks up the price on you. A very ********* company and I am glad I don't bank with them.