TP
Tasneem Petrus-Barnes
1 reviews | Active since Oct 2013
04 Nov 2021, 06:17
Failure to Explain Policy Guidelines
Metropolitan's agents provides a good service when assisting with a policy. Unfortunately, the fine print is never explained to you. I took out an educational savings policy for my daughter and was never told that if you partly surrender more than once and you cancel your policy you will have to wait for the policy to mature to pay out. According to me this is my money that I paid to your company and I don't see why I have to wait 2 years after cancellation. I want my money back now, not May 2022!!!
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Replies (3)
Metropolitan Life's replyOfficial
04 Nov 2021, 09:36Dear Tasneem
We acknowledge receipt of your complaint on HelloPeter.
Kindly note in terms of Regulation 4.2 of the Long Term Insurance Act, a policy is automatically restricted for the first 5 years of its existence to allow only one loan and one surrender, be it full or partial surrender. The same restriction rules apply when one increases one's policy premiums by more than 20% of the average of the previous two years premiums.
One of our Client Care Assessors will explain how this may apply to your policy.
Regards
Client Care team
We acknowledge receipt of your complaint on HelloPeter.
Kindly note in terms of Regulation 4.2 of the Long Term Insurance Act, a policy is automatically restricted for the first 5 years of its existence to allow only one loan and one surrender, be it full or partial surrender. The same restriction rules apply when one increases one's policy premiums by more than 20% of the average of the previous two years premiums.
One of our Client Care Assessors will explain how this may apply to your policy.
Regards
Client Care team
Metropolitan Life's reply04 Nov 2021, 09:36
Official
Dear Tasneem
We acknowledge receipt of your complaint on HelloPeter.
Kindly note in terms of Regulation 4.2 of the Long Term Insurance Act, a policy is automatically restricted for the first 5 years of its existence to allow only one loan and one surrender, be it full or partial surrender. The same restriction rules apply when one increases one's policy premiums by more than 20% of the average of the previous two years premiums.
One of our Client Care Assessors will explain how this may apply to your policy.
Regards
Client Care team
We acknowledge receipt of your complaint on HelloPeter.
Kindly note in terms of Regulation 4.2 of the Long Term Insurance Act, a policy is automatically restricted for the first 5 years of its existence to allow only one loan and one surrender, be it full or partial surrender. The same restriction rules apply when one increases one's policy premiums by more than 20% of the average of the previous two years premiums.
One of our Client Care Assessors will explain how this may apply to your policy.
Regards
Client Care team
TP
Tasneem Petrus-Barnes's updateReviewer Update
04 Nov 2021, 09:42Why is this not explained when you do take a loan or surrender? Until today, I am yet to receive a copy of my policy and this is more than 4 years ago. Maybe if I received my policy documents would I have been able to peruse and know what the do's and dont's are. I want my money please!!!
TP
Tasneem Petrus-Barnes's update04 Nov 2021, 09:42
Reviewer Update
Why is this not explained when you do take a loan or surrender? Until today, I am yet to receive a copy of my policy and this is more than 4 years ago. Maybe if I received my policy documents would I have been able to peruse and know what the do's and dont's are. I want my money please!!!
Metropolitan Life's replyOfficial
04 Nov 2021, 09:51Dear Tasneem
Thank you for your additional comments. One of our Client Care Assessors will be in contact with you shortly.
Regards
Client Care Team
Thank you for your additional comments. One of our Client Care Assessors will be in contact with you shortly.
Regards
Client Care Team
Metropolitan Life's reply04 Nov 2021, 09:51
Official
Dear Tasneem
Thank you for your additional comments. One of our Client Care Assessors will be in contact with you shortly.
Regards
Client Care Team
Thank you for your additional comments. One of our Client Care Assessors will be in contact with you shortly.
Regards
Client Care Team