1 reviews | Active since Mar 2025
Liberty Ltd Doesn't Honor contractual obligations
I held a 30 year endowment policy with Liberty Ltd. For which I paid R100 per month for the first 20 years and thereafter a reduced premium of R86.00 per month. On maturity the policy stated that I will be paid R100 000.00. During March 2024 Liberty advised that the policy will mature on 01 January 2025. I wrote back requesting the procedure to claim on maturity. Liberty then claimed that the policy was not an Endowment policy but a Life policy via email . After exhausting my dissatisfaction with their claim, I referred the matter to the Insurance Ombudsman and after going back and forth with Liberty at the request of the Ombudsman the matter rested without a decision from the Ombudsman in October 2024. During December 2024, Liberty advised that the policy will mature on 01 Jan 2025 and requested my decision whether I will continue or withdraw the payment. They stated that the amount due to be R31 658,26. I contacted the Ombudsman and informed on the issue, I was advised that the lady who handled my matter was on leave. I pursued the matter with the Ombudsman, bit to-date have not received a response from them.
I advised Liberty that had I invested my money on a savings account over the same period I would have received a better return.
It seems in South Africa that the consumer has no rights and companies like Liberty Ltd cannot comply with the terms of their contractual obligations and are able to get away with it. Further, the institution tasked with policing this industry is as bad.
My advice to consumers is to find other investments that yield better returns than the insurance industry.
Thank you for your response. However, it seems a waste of my time because your Customer Relations rep**** to me today referring to a response she sent me in June 2024, which was at the beginning of me taking up this matter with your Company. There were many correspondences thereafter between the office of the Ombudsman, your company and myself after this. So, it makes no sense sending me such a response. Unless just for appearance sake.
Your Company still paid out my endowment policy with an amount that was less than all my contributions for 30 years. Is this how the Insurance Industry operates?
Thank you.
Thank you for your response. However, it seems a waste of my time because your Customer Relations rep**** to me today referring to a response she sent me in June 2024, which was at the beginning of me taking up this matter with your Company. There were many correspondences thereafter between the office of the Ombudsman, your company and myself after this. So, it makes no sense sending me such a response. Unless just for appearance sake.
Your Company still paid out my endowment policy with an amount that was less than all my contributions for 30 years. Is this how the Insurance Industry operates?
Thank you.