Old Mutual iWyze - Whopping 168.94% Premium Increase

As a policy holder with Old Mutual iWyze since 1997, it was shocking to receive the annual policy renewal with a monthly premium increase of 168.94% for no change in benefits (benefits remained unchanged since inception of the policy). Given to the huge increase, I sent an email to the only address available on the Policy document on 21 August 2024 requesting the premium be reviewed in lieu of a possible clerical error. Alternatively, failing which the policy is to be cancelled at the end of September 2024.

That evening, an sms notification confirmed the iWyze debicheck against my bank account was cancelled.

1 September the old premium was debited for September which is fine. A further sms from the bank on 4 September requested a debicheck reinstatement which I declined. iWyze Sent an sms on the same day confirming the cancellation and that future premiums would be raised via EFT.

Having received no response to the email, I called iWyze on the given number, explained to three different call agents, call was dropped, called again, spoke to two different agents before the problem could be attended to.

I was advised there is no record of the email on my profile which is hard to believe because how then was the sms generated the very same day confirming the debicheck cancellation. For record purposes, I sent the original email to the last call centre agent I spoke with. This person was abrupt. As for the new premium, the call centre agent was most unhelpful, contrary to exhibiting the willingness to have the policy reviewed, all the agent wanted to know is if the policy should be cancelled or not, notwithstanding having requested further consideration.

I cancelled the policy due to the inability of the call centre agent's as well iWyze's sheer unwillingness to even bother reviewing the policy.

As a customer of 24 years, the disdain with which Old Mutual iWyze treated me is truly disappointing. If this is the way Old Mutual treats it's customers it is surprising that it still is in business. Personally, I will not easily be tempted into buying any of their products nor recommend their services any time soon.