MA
Margaret A
1 reviews | Active since Feb 2023
27 Feb 2023, 18:28
Life cover and Investment Pension fund
My late mother's money of the government hospital in Middelburg Mpumalanga was invest by Metropolitan and my late mother open a life cover for me and my late brother who was beneficiaries at Metropolitan...as the only beneficiary who is a life...i only get 50% of the life cover and not 100% other 50 % is in the estate account of my late mother...the investment money what they have ...they don't want to pay it out....as i can see they do ***** with dead people's money.....please help us to fight *****...insurance companies in South Africa....we are in poverty because of them...my children don't have food and luch for school...but my mother left me money ....for the life cover...they don't eat in the morning before they go to school ....I'm unemployed looking for job...i try hard to find a job...only 18 and 35 get jobs..I'm hopeless.....
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Metropolitan Life's replyOfficial
28 Feb 2023, 11:29Dear Margaret
We acknowledge receipt of your complaint on HelloPeter.
We are sorry to hear about your dissatisfaction regarding the claim payment on your mother's Capital Preservation Plan.
A Capital Preservation Plan is designed to provide the Annuitant (policy owner) with an income and allows the owner the option to preserve between 25 % - 100 % of the purchase sum, in the event of their death.
The plan consists of two policy numbers - one that pays the monthly income to the annuitant and funds the premium for the (second) life cover policy that pays out the death benefit to the nominated beneficiaries.
Therefore, at death of the insured, the annuity portion ceases, and the life cover pays out the nominated beneficiary/ies.
We acknowledge receipt of your complaint on HelloPeter.
We are sorry to hear about your dissatisfaction regarding the claim payment on your mother's Capital Preservation Plan.
A Capital Preservation Plan is designed to provide the Annuitant (policy owner) with an income and allows the owner the option to preserve between 25 % - 100 % of the purchase sum, in the event of their death.
The plan consists of two policy numbers - one that pays the monthly income to the annuitant and funds the premium for the (second) life cover policy that pays out the death benefit to the nominated beneficiaries.
Therefore, at death of the insured, the annuity portion ceases, and the life cover pays out the nominated beneficiary/ies.
- If the policy owner dies before the beneficiary/ies, the death benefit is paid to the beneficiary or each of the beneficiaries.
- If a beneficiary passes away before the policy owner, the policy owner may revise the beneficiaries on the plan and appoint another beneficiary in the late beneficiary's place or may decide to appoint completely new beneficiaries
- If a beneficiary passes away before the policy owner and the policy owner has not revised the beneficiary/ies on the plan, the deceased beneficiary's portion of the death benefit does not automatically revert to the other beneficiary/ies, but reverts back to the late policy owner's estate.
We are bound by the contract to pay out in accordance with the policy owner's beneficiary appointment. Doing anything to the contrary would constitute *********/********** practice.
One of our Client Care Assessors will investigate the complaint and revert back to you directly on how the above applies to your late mother's Capital Preservation Plan.
Regards
Client Care Team
Metropolitan Life's reply28 Feb 2023, 11:29
Official
Dear Margaret
We acknowledge receipt of your complaint on HelloPeter.
We are sorry to hear about your dissatisfaction regarding the claim payment on your mother's Capital Preservation Plan.
A Capital Preservation Plan is designed to provide the Annuitant (policy owner) with an income and allows the owner the option to preserve between 25 % - 100 % of the purchase sum, in the event of their death.
The plan consists of two policy numbers - one that pays the monthly income to the annuitant and funds the premium for the (second) life cover policy that pays out the death benefit to the nominated beneficiaries.
Therefore, at death of the insured, the annuity portion ceases, and the life cover pays out the nominated beneficiary/ies.
We acknowledge receipt of your complaint on HelloPeter.
We are sorry to hear about your dissatisfaction regarding the claim payment on your mother's Capital Preservation Plan.
A Capital Preservation Plan is designed to provide the Annuitant (policy owner) with an income and allows the owner the option to preserve between 25 % - 100 % of the purchase sum, in the event of their death.
The plan consists of two policy numbers - one that pays the monthly income to the annuitant and funds the premium for the (second) life cover policy that pays out the death benefit to the nominated beneficiaries.
Therefore, at death of the insured, the annuity portion ceases, and the life cover pays out the nominated beneficiary/ies.
- If the policy owner dies before the beneficiary/ies, the death benefit is paid to the beneficiary or each of the beneficiaries.
- If a beneficiary passes away before the policy owner, the policy owner may revise the beneficiaries on the plan and appoint another beneficiary in the late beneficiary's place or may decide to appoint completely new beneficiaries
- If a beneficiary passes away before the policy owner and the policy owner has not revised the beneficiary/ies on the plan, the deceased beneficiary's portion of the death benefit does not automatically revert to the other beneficiary/ies, but reverts back to the late policy owner's estate.
We are bound by the contract to pay out in accordance with the policy owner's beneficiary appointment. Doing anything to the contrary would constitute *********/********** practice.
One of our Client Care Assessors will investigate the complaint and revert back to you directly on how the above applies to your late mother's Capital Preservation Plan.
Regards
Client Care Team