AS
Andile S
1 reviews | Active since Aug 2022
18 May 2023, 10:34
Metropolitan does not want to release my money
My name. Is Andile Shenxani I have a problem with Metropolitan I have a pólicy with Metropolitan paying 425every month Sinc 2020 unfortunately in 2021 I went under debt review on the 4th of may 2023 I was finally out of debt review I got my clearance certificate I also requested my credit profile from TransUnion to prove that I had no pending judgements under my name I obtained it submitted it to metropolitan for them to release my funds it's been 2 weeks they don't want to release my money they are telling me that on their system im still under debt review even when I submitted a clearance certificate and a credit profile from TransUnion please help me metropolitan does not want to release my money to me
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Metropolitan Life's replyOfficial
18 May 2023, 11:24Dear Andile
We acknowledge receipt of your complaint on HelloPeter.
We regret reading of the difficulties you have encountered with accessing funds from your policy.
Please be advised that being under debt review will only have impact on your access to funds, if you apply for a loan, because policy loans also fall under the National Credit Act. If you are no longer under debt review and meet the other qualifying criteria under the NCA to apply for a policy loan, we will not hinder you from accessing the funds with your policy loan application.
Please note that there are other pieces of legislation that apply to policies that may prohibit us from releasing funds/allowing you to access funds on your policy.
In terms of Regulation 4.2 of the Long Term Insurance Act, a policy is automatically restricted for the first 5 years of its term and/or for 5 years after increasing your policy premium by more than 20 % of the average of the previous 2 years premium.
Restrictions are legislative in nature. All insurers are bound by this legislation. Therefore it is not a Metropolitan policy term or condition that we can choose to waive. All insurers are bound by
In a restriction period of 5 years , one may only access the loan option once and the withdrawal (be it full or partial surrender) option once.
One of our Escalation specialists will revert back to you directly on how this applies to your policy/ies.
Regards
Client Care Team
We acknowledge receipt of your complaint on HelloPeter.
We regret reading of the difficulties you have encountered with accessing funds from your policy.
Please be advised that being under debt review will only have impact on your access to funds, if you apply for a loan, because policy loans also fall under the National Credit Act. If you are no longer under debt review and meet the other qualifying criteria under the NCA to apply for a policy loan, we will not hinder you from accessing the funds with your policy loan application.
Please note that there are other pieces of legislation that apply to policies that may prohibit us from releasing funds/allowing you to access funds on your policy.
In terms of Regulation 4.2 of the Long Term Insurance Act, a policy is automatically restricted for the first 5 years of its term and/or for 5 years after increasing your policy premium by more than 20 % of the average of the previous 2 years premium.
Restrictions are legislative in nature. All insurers are bound by this legislation. Therefore it is not a Metropolitan policy term or condition that we can choose to waive. All insurers are bound by
In a restriction period of 5 years , one may only access the loan option once and the withdrawal (be it full or partial surrender) option once.
One of our Escalation specialists will revert back to you directly on how this applies to your policy/ies.
Regards
Client Care Team
Metropolitan Life's reply18 May 2023, 11:24
Official
Dear Andile
We acknowledge receipt of your complaint on HelloPeter.
We regret reading of the difficulties you have encountered with accessing funds from your policy.
Please be advised that being under debt review will only have impact on your access to funds, if you apply for a loan, because policy loans also fall under the National Credit Act. If you are no longer under debt review and meet the other qualifying criteria under the NCA to apply for a policy loan, we will not hinder you from accessing the funds with your policy loan application.
Please note that there are other pieces of legislation that apply to policies that may prohibit us from releasing funds/allowing you to access funds on your policy.
In terms of Regulation 4.2 of the Long Term Insurance Act, a policy is automatically restricted for the first 5 years of its term and/or for 5 years after increasing your policy premium by more than 20 % of the average of the previous 2 years premium.
Restrictions are legislative in nature. All insurers are bound by this legislation. Therefore it is not a Metropolitan policy term or condition that we can choose to waive. All insurers are bound by
In a restriction period of 5 years , one may only access the loan option once and the withdrawal (be it full or partial surrender) option once.
One of our Escalation specialists will revert back to you directly on how this applies to your policy/ies.
Regards
Client Care Team
We acknowledge receipt of your complaint on HelloPeter.
We regret reading of the difficulties you have encountered with accessing funds from your policy.
Please be advised that being under debt review will only have impact on your access to funds, if you apply for a loan, because policy loans also fall under the National Credit Act. If you are no longer under debt review and meet the other qualifying criteria under the NCA to apply for a policy loan, we will not hinder you from accessing the funds with your policy loan application.
Please note that there are other pieces of legislation that apply to policies that may prohibit us from releasing funds/allowing you to access funds on your policy.
In terms of Regulation 4.2 of the Long Term Insurance Act, a policy is automatically restricted for the first 5 years of its term and/or for 5 years after increasing your policy premium by more than 20 % of the average of the previous 2 years premium.
Restrictions are legislative in nature. All insurers are bound by this legislation. Therefore it is not a Metropolitan policy term or condition that we can choose to waive. All insurers are bound by
In a restriction period of 5 years , one may only access the loan option once and the withdrawal (be it full or partial surrender) option once.
One of our Escalation specialists will revert back to you directly on how this applies to your policy/ies.
Regards
Client Care Team