AH
Andre H

1 reviews | Active since Jan 2024

12 Feb 2024, 15:48

Hollard funeral policy increase - Daylight *******

After being a loyal customer for almost 2 decades i decided to leave them last month because they think they know what a customer wants. After they advised that my funeral policy will increase from R 652.33 to R 788,49 i calculated the increase seeing that CPI was sitting around 5.5% during December 2023. The increase that they put through was a staggering 22% on a funeral policy. This to a person that is 50 years old and healthy. Wife also 50 and healthy and two active girls age 9 and 15. So the chances of us claiming is really minute. So people, please dont just accept annual increases without calculating the %. So I lost a lot of money after being with them for almost 20 years. I managed to get the exact same cover from OUTsurance for an amount of only R 570 per month that will increase by 5% annually. Business must understand that the customer is King and i have now decided to vote with my wallet because this was just ********* behaviour at all levels with a service provider refusing to listen to a customer. This is a funeral policy and not life insurance

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Replies (3)
Hollard Life
Hollard Life's reply12 Feb 2024, 16:16
Official
Hello Andre,

We are sorry that you had a poor experience with Hollard, which led to you reaching out to Hellopeter with a complaint. 

Our customer resolution team is busy looking into your complaint and will be providing you with feedback within five working days. 

Kind Regards, 

Escalated Complaints Team 
AH
Andre H's update12 Feb 2024, 16:42
Reviewer Update
This below was the poor excuse received when i escalated. Imagine 22% increases over another 10 years. Really undermining the intelligence of customers. Based on the current benefit for adult individuals (around R 70K) that amount is more than enough to cover funeral costs with an annual fix increase of 6 % to stay abreast of CPI.

"Your premium has been reviewed and is increasing due to a number of factors, including the following:
We want to ensure that we can continue to provide you with reliable coverage for the long term. To do this, we need to make sure that all premiums are adequate to cover our costs and honor valid claims which are impacted by economic and market conditions as well as our expected claims payments on an ongoing basis"
Hollard Life
Hollard Life's reply13 Feb 2024, 09:07
Official
Hello Andre,

Unfortunately  the  reason you have mentioned above is indeed correct, and that is  why the premiums were increased. We understand that response  is not the what  you wanted to hear,  however as per your policy wording it does state that Hollard may increase the premiums from time to time.

 
Kind Regards, 

Escalated Complaints Team