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Elizma D
1 reviews | Active since Sept 2021
02 Sept 2021, 20:30
Is it necessary to wait so long for your own money
I have open 2 years ago 2019 a endowse invest policy with metropolitan ive already taken a loan and partial surrender last year..ive stop the monthly premiums so the policy is automatically change to paid up...what i want to know is can i get acces to my funds coz i need it for emergency but advisor told me it will only cash out over 5 years
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Metropolitan Life's replyOfficial
03 Sept 2021, 09:03Dear Elizma
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 reply03 Sept 2021, 09:03
Official
Dear Elizma
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