1 reviews | Active since May 2018
***** being watered down to "miss selling" who's fooling who?
On Mon, Jan 4, 2021, 7:41 PM Mbuso Sithole <***> wrote: To whom it may concern
Dear Sir/Madam
This email is on behalf of my mother, who is the policy holder.
My mother took out a policy from Metropolitan life in 1992, with a maturity date of the policy is 2022.
Part of the contract/ policy "Dynamic Life" stipulates that she may partially withdraw her investment This is known as a "partial surrender".My mother would call Metropolitan life to enquire about the partial surrender and whether or not she may access the funds ,she may only access the fund upon visiting the branch, which also include paper work.Over the years she did so with no problem.In 2019 when she came to the branch to access the funds, the financial advisor converted her life long policy to an unknown policy, without her knowledge,she did not received the contract nor any notification of this unknown contract.Fastforward 2020 my mother received a call from a sales person from Metropolitan Life trying to sell funeral cover, on her original policy " Dynamic Life" policy has a funeral cover.my mother became suspicious of her Life long policy and called Metropolitan, she was then told she no longer has the Dynamic Life policy because she "terminated" her contract/ policy. My mother and I drove to Fox street to the branch in Johannesburg and demanded to see the financial advisor Nthabiseng. Nthabiseng could not produce the contract/policy that she **********ly converted, she was very apologetic and her manager thanked us for not registering the matter with the policy.The paperwork that she usually completes to access the funds was actually the contract of the "unknown policy".This policy was completed by Nthabiseng and made my mother sign the last page .In 2011 Bare in mind that the Dynamic Life Policy was in the region of an estimated R 500 000 upon maturity in 2022.We managed to get hold of the higher echelons of management, who converted the policy back but, they insist the policy is now worth just under R 150 000, which is a farce, we demanded the breakdown of the policy from 1992, they have failed to produce. What angers us the most is that Metropolitan is calling this act of ***** as "miss selling" Nthabiseng knew what she was doing, she took advantage of an elderly woman for her own greed for commission.
We urge you to intervene in this matter, Metropolitan Life is playing the fool with us, we have been patient and there is no end in sight,
We plead someone to assist in this matter, to reinstate the policy as it was before the ********** activities made by the Nthabiseng with the reasonable maturity value, as it was in the region of R 500 000 in 2011.
I strongly believe this was a directive from management of Metropolitan to there fianacial adisors to convert "old policies" to new ones,
We have been in communication with Aletta Clarens From head office, and i'm deeply disappointed with her, Aletta is under the impression we cannot read policies, we cannot estimate future values of a maturity of a policy We urge upper echelons for management to intervene. We cannot be treated like this, this my mother life long investment, we are strongly considering legal action. It is really unacceptable
Warm Regards Thabang
We acknowledge receipt of your HelloPeter post.
We are already in communication with the policy owner on this matter.
She has requested some more information from us, which we have committed to supply to her and will be communicating with her in this regard, as agreed.
Regards
Client Care Team
We acknowledge receipt of your HelloPeter post.
We are already in communication with the policy owner on this matter.
She has requested some more information from us, which we have committed to supply to her and will be communicating with her in this regard, as agreed.
Regards
Client Care Team
In 2011 the policy was worth in the region of R500k, the" automatic inflation management" benefit works to assist any economic conditions, in other words if the raising costs incurred during the financial year, my mother's contribution would automatically change, to combat inflation by 10%, if the policy was worth R500k in 2011 now it is worth just under R 150k? You telling me that almost R 300k was lost due to economic conditions, Admin fees? Please note, economic meltdown was in 2008 and COVID impact was effective from May onwards, it cannot it that my mother's policy lost almost 2 thirds of her value in 7 months?
Kindly note this is not mis selling, it is FRUAD,that woman knew what was she doing,for two years my moth never received the policy,that woman failed to produce the policy at the branch, we cannot be treated like idiots, this mess was made by greed and selfishness, it's now clear it was a directive from mangaement to do this, if needs be Will go public with this, we cannot be treated like idiots, it's really an insult to us
Please take us seriously
Regards
In 2011 the policy was worth in the region of R500k, the" automatic inflation management" benefit works to assist any economic conditions, in other words if the raising costs incurred during the financial year, my mother's contribution would automatically change, to combat inflation by 10%, if the policy was worth R500k in 2011 now it is worth just under R 150k? You telling me that almost R 300k was lost due to economic conditions, Admin fees? Please note, economic meltdown was in 2008 and COVID impact was effective from May onwards, it cannot it that my mother's policy lost almost 2 thirds of her value in 7 months?
Kindly note this is not mis selling, it is FRUAD,that woman knew what was she doing,for two years my moth never received the policy,that woman failed to produce the policy at the branch, we cannot be treated like idiots, this mess was made by greed and selfishness, it's now clear it was a directive from mangaement to do this, if needs be Will go public with this, we cannot be treated like idiots, it's really an insult to us
Please take us seriously
Regards
Your additional post is acknowledged.
The matter is under investigation and we do not have consent to discuss your mother's policy with you.
Please revert back to your mother as we are in communication with her directly.
Regards
Client Care Team
Your additional post is acknowledged.
The matter is under investigation and we do not have consent to discuss your mother's policy with you.
Please revert back to your mother as we are in communication with her directly.
Regards
Client Care Team
It's 4 months we have brought this to your attention,
As per agreement, we will allow you to revert back with feedback
Regards
It's 4 months we have brought this to your attention,
As per agreement, we will allow you to revert back with feedback
Regards
Thank you for your additional comments.
An investigation into such serious allegations unfortunately does take long.
If you are enquiring on your mother's behalf, please obtain and furnish us with a signed letter of authority indicating she agrees that we may share her policy information with you and/or anyone else she may authorize us to communicate with. Otherwise we are not free to engage with you on her behalf.
She has our Assessors direct contact details, so she may send it directly to us.
Regards
Client Care Team
Thank you for your additional comments.
An investigation into such serious allegations unfortunately does take long.
If you are enquiring on your mother's behalf, please obtain and furnish us with a signed letter of authority indicating she agrees that we may share her policy information with you and/or anyone else she may authorize us to communicate with. Otherwise we are not free to engage with you on her behalf.
She has our Assessors direct contact details, so she may send it directly to us.
Regards
Client Care Team