Termination of service

Greetings ,

My name is Tshepo and have been a banking with Absa since I was a tertiary student +15 years ago. I am currently financed by Absa on my two cars and two house loan, have absa idirect insurance which covers the house, the cars and car insurance boost cover. Also have education policy for my son with Absa besides other benefits which comes with Absa private bank account package. I have been loyal and very supportive of this institution however I feel overlooked and undermined.

On the 23rd April’24, I received a call from the agent telling me that they are terminating idirect insurance cover with me because I am deemed as a multiple claimant and have one month effective from the 23rd to find another insurance policy to cover me. I haven’t logged any claim for over +20 months if I am not mistaken yet I am seen as a risk to this insurance company.

The insurance have been taking monthly premiums on monthly basis and I never run short to pay off but all of sudden I am told that I am risk due to multiple claims.

The insurance send me a cancellation letter on the same day of the 23rd April’24 acknowledging receipt of my request to terminate the policy cover meanwhile it is actually Absa idirect agent who called me to inform me of the decision they made as company to terminate their service to me. I have the cancellation letter copy upon request and the letter misrepresent me and the sequence of events because it is written as if I was the one who initiated the service termination from side.

Is the service providers allowed to terminate contract if they feel that they have under quote me? Is a month sufficient to find an another service provider, if something happens in between the period will insurance be able cover my assets? Is this gesture even legitimate?.

Your opinion/advise/assistance will be highly appreciated.

Regards, Tshepo ***