ABSA Life

I took out a funeral policy with ABSA Life, my first premium was on the 1st March 1999. I have been paying this monthly with a yearly increment. The policy is 26 years old, when I made enquiries when will the policy be paid up. The agent told me that the policy will be paid up when I turn 80 (in 11 years time).

The policy is valued at R10 000.00 but my yearly Installment at the moment is close to R1 000.00. By the time I turn 80 I would have paid in more than the policy is worth.

I asked the agent will my policy be upgraded with the extra money that I paid in. He checked with management and came back to me and said no, I either continue paying the policy or cancel it.

When I took out the policy it was for 20 years, now ABSA says I have to pay gor another 11 years. How can rob people this way. If I had known back in 1999 about this I would have banked that monthly installment and would have more than R10 000.00 saved.