VM
Velemseni M
1 reviews | Active since Mar 2016
29 Jun 2021, 13:42
Bad service from Metropolitan
On 22 June 2021 I sent an email requesting cancellation of the educational/investment plan policy with Metropolitan, and only got respond saying my request would be attended within 48 hours or sooner but until today nobody responded to my request or explain to me what happened and when the amount due to me will be paid out. Therefore I have taken another decision to cancel all my policies with Metropolitan cause what they say is total an opposite of how they actual handling our cases when we need them the most. I AM VERY MUCH DISSAPOINTED and Lost trust on Metropolitan.
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Metropolitan Life's replyOfficial
29 Jun 2021, 17:20Dear Velemseni
We acknowledge receipt of your complaint on HelloPeter.
We are sorry to learn of your disappointment with not being able to cancel your policy at this time.
Once a policy acquires cash values, one cannot simply cancel it - it must be surrendered or **** paid up to stop paying policy premiums.
Please note that terms of Regulation 4.2 of the Long Term Insurance Act, all policies are restricted for a period of 5 years from inception date. During this restriction period, one is only allowed:
We acknowledge receipt of your complaint on HelloPeter.
We are sorry to learn of your disappointment with not being able to cancel your policy at this time.
Once a policy acquires cash values, one cannot simply cancel it - it must be surrendered or **** paid up to stop paying policy premiums.
Please note that terms of Regulation 4.2 of the Long Term Insurance Act, all policies are restricted for a period of 5 years from inception date. During this restriction period, one is only allowed:
- one policy loan
- one surrender/withdrawal (be it a full or a partial withdrawal)
The same law also applies when one increases the premium of one's policy by more than 20 % of the average of the preceding two years premiums and this may cause multiple or overlapping restriction periods.
As you can see, this restriction is not a policy term and condition that can be waived by Metropolitan, but insurance law that app**** to all insurers.
If you have already taken a partial surrender/withdrawal in the first one wants to 'cancel' or stop a policy that is restricted, one can apply to make it paid up, until the policy comes out of the legislated restriction period.
- The policy will remain on record, without expecting any further premiums
- The value accumulated/remaining in your investment fund still attracts bonuses when Metropolitan declares profits annually
- Only a small monthly administration fee to keep the policy on books is levied against the investment fund of the policy
- Once the restriction has expired, the policy can then be surrendered.
One of our Client Care Assessors will send you full details of how this legislation affects your specific policy, to provide you with more clarity.
Regards
Client Care Team
Metropolitan Life's reply29 Jun 2021, 17:20
Official
Dear Velemseni
We acknowledge receipt of your complaint on HelloPeter.
We are sorry to learn of your disappointment with not being able to cancel your policy at this time.
Once a policy acquires cash values, one cannot simply cancel it - it must be surrendered or **** paid up to stop paying policy premiums.
Please note that terms of Regulation 4.2 of the Long Term Insurance Act, all policies are restricted for a period of 5 years from inception date. During this restriction period, one is only allowed:
We acknowledge receipt of your complaint on HelloPeter.
We are sorry to learn of your disappointment with not being able to cancel your policy at this time.
Once a policy acquires cash values, one cannot simply cancel it - it must be surrendered or **** paid up to stop paying policy premiums.
Please note that terms of Regulation 4.2 of the Long Term Insurance Act, all policies are restricted for a period of 5 years from inception date. During this restriction period, one is only allowed:
- one policy loan
- one surrender/withdrawal (be it a full or a partial withdrawal)
The same law also applies when one increases the premium of one's policy by more than 20 % of the average of the preceding two years premiums and this may cause multiple or overlapping restriction periods.
As you can see, this restriction is not a policy term and condition that can be waived by Metropolitan, but insurance law that app**** to all insurers.
If you have already taken a partial surrender/withdrawal in the first one wants to 'cancel' or stop a policy that is restricted, one can apply to make it paid up, until the policy comes out of the legislated restriction period.
- The policy will remain on record, without expecting any further premiums
- The value accumulated/remaining in your investment fund still attracts bonuses when Metropolitan declares profits annually
- Only a small monthly administration fee to keep the policy on books is levied against the investment fund of the policy
- Once the restriction has expired, the policy can then be surrendered.
One of our Client Care Assessors will send you full details of how this legislation affects your specific policy, to provide you with more clarity.
Regards
Client Care Team