SS
Sade S
1 reviews | Active since Feb 2022
06 Jul 2022, 16:43
Mis sold
Metropolitan mis sold me a policy investment plan my money is restricted without my knowledge
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Replies (1)
Metropolitan Life's replyOfficial
07 Jul 2022, 10:21Dear Sade
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 reply07 Jul 2022, 10:21
Official
Dear Sade
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