SD
Sihle D
1 reviews | Active since Oct 2024
31 Oct 2024, 19:39
Investment policy cancellation
Sharing my nightmare dissatisfaction and disappointment with Metropolitan. I invested with metropolitan years back and have now requested cancellation towards my policy. To a shock of my life that my policy has been restricted to a two more years when I needed the money for legal fees. This is such an inconvenience to me and my future. I’m totally disappointed with you Metropolitan I really gave you the benefit of the doubt prior my investment
Helpful (0)
Replies (1)0
Replies (1)
Metropolitan Life's replyOfficial
01 Nov 2024, 10:24Dear Sihle
We acknowledge receipt of your complaint on HelloPeter.
We are sorry to read about your disappointment regarding the restriction to access of funds in your policy.
Please note that 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
If you have done a withdrawal on your policy in the first 5 years of its term, we are not allowed to grant you access to another withdrawal until the restriction/s have expired.
This is not a Metropolitan Term and Condition that we can waive or over-rule. It is a legislative restriction that applies to all insurers.
One of our Escalation Specialists will reach out to you shortly to advise you on how this applies to your specific policy.
Regards
Client Care Team
We acknowledge receipt of your complaint on HelloPeter.
We are sorry to read about your disappointment regarding the restriction to access of funds in your policy.
Please note that 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
If you have done a withdrawal on your policy in the first 5 years of its term, we are not allowed to grant you access to another withdrawal until the restriction/s have expired.
This is not a Metropolitan Term and Condition that we can waive or over-rule. It is a legislative restriction that applies to all insurers.
One of our Escalation Specialists will reach out to you shortly to advise you on how this applies to your specific policy.
Regards
Client Care Team
Metropolitan Life's reply01 Nov 2024, 10:24
Official
Dear Sihle
We acknowledge receipt of your complaint on HelloPeter.
We are sorry to read about your disappointment regarding the restriction to access of funds in your policy.
Please note that 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
If you have done a withdrawal on your policy in the first 5 years of its term, we are not allowed to grant you access to another withdrawal until the restriction/s have expired.
This is not a Metropolitan Term and Condition that we can waive or over-rule. It is a legislative restriction that applies to all insurers.
One of our Escalation Specialists will reach out to you shortly to advise you on how this applies to your specific policy.
Regards
Client Care Team
We acknowledge receipt of your complaint on HelloPeter.
We are sorry to read about your disappointment regarding the restriction to access of funds in your policy.
Please note that 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
If you have done a withdrawal on your policy in the first 5 years of its term, we are not allowed to grant you access to another withdrawal until the restriction/s have expired.
This is not a Metropolitan Term and Condition that we can waive or over-rule. It is a legislative restriction that applies to all insurers.
One of our Escalation Specialists will reach out to you shortly to advise you on how this applies to your specific policy.
Regards
Client Care Team