pP
piet P
1 reviews | Active since Nov 2019
27 Jul 2021, 14:26
Cancellation of contract
Hi... I was at metropolitan life office in vereeniging to cancell the annuity policy of my grand mother *** nnuku stabella phale so that she can use the funds for funeral of her late grand son as she has no funeral policies to assist.
We were told (John Matlaka)that the contract she signed does not give her any right to cancell for as long as she is still alive
Please kindly help? As we need the cash ASAP
Thanks in advance
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Metropolitan Life's replyOfficial
27 Jul 2021, 15:12Dear Piet
We acknowledge receipt of your complaint on HelloPeter.
We are sorry to read of the death in your family. Please accept our sincere condolences.
We regret to learn of your grandmother's difficulty in canceling her annuity policy.
Please be advised that there are different type of annuity policies:
We regret to learn of your grandmother's difficulty in canceling her annuity policy.
Please be advised that there are different type of annuity policies:
- Annuities to which you contribute to save towards your retirement
- Reinvestments from pension funds that provide you for a monthly income.
- Reinvestments from private savings that provide you with a monthly income.
If your grandmother's annuity was funded by her pension fund this is considered compulsory money and can therefore not be cancelled.
Typically pension funds only allow for one withdrawal. Members usually do a withdrawal from the pension fund before reinvesting the proceeds of their retirement fund for a monthly income. This may therefore be the reason why we cannot assist your grandmother with the cancellation of her policy.
One of our Client Care Assessors will investigate and revert back as soon as possible.
Regards
Client Care Team
Metropolitan Life's reply27 Jul 2021, 15:12
Official
Dear Piet
We acknowledge receipt of your complaint on HelloPeter.
We are sorry to read of the death in your family. Please accept our sincere condolences.
We regret to learn of your grandmother's difficulty in canceling her annuity policy.
Please be advised that there are different type of annuity policies:
We regret to learn of your grandmother's difficulty in canceling her annuity policy.
Please be advised that there are different type of annuity policies:
- Annuities to which you contribute to save towards your retirement
- Reinvestments from pension funds that provide you for a monthly income.
- Reinvestments from private savings that provide you with a monthly income.
If your grandmother's annuity was funded by her pension fund this is considered compulsory money and can therefore not be cancelled.
Typically pension funds only allow for one withdrawal. Members usually do a withdrawal from the pension fund before reinvesting the proceeds of their retirement fund for a monthly income. This may therefore be the reason why we cannot assist your grandmother with the cancellation of her policy.
One of our Client Care Assessors will investigate and revert back as soon as possible.
Regards
Client Care Team