PB
Priscilla B
1 reviews | Active since Mar 2022
31 Mar 2022, 10:59
Old funeral policies from 1990 and 1992 a total *******?
We have taken out funeral policy one in 1990 for my husband at that time said value would be R3000 for each of us, then another in 1992 value R5000 for each of us we had been paying all these years, I did send email recently as to acquire the current value of these, we had paid in more than double that amount over the years not mentioning any interest or bonuses which apparently gets paid, but are now told they cannot be made to be fully paid up, and value even if we live and pay another 30 years will remain on R3000 and R5000, apparently these type of policies were phased out on their side but we were never told about that or offered any alternative at the time. What is the use of keeping on paying, and if we cancel we lose it all? Very unhappy about this... also battling to get management to respond to our emails or offer a solution so we do not lose all that money we have paid into these policies already?
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Replies (4)
Metropolitan Life's replyOfficial
31 Mar 2022, 11:41Dear Priscilla
We acknowledge receipt of your complaint on HelloPeter.
We regret to learn of your dissatisfaction with your funeral policies.
Please note that a funeral policy is a pure risk product, not to be confused with endowment policies that have a savings element that builds up a value over time.
A funeral group scheme belongs to a group of people with the same demographics who help insure each other under the scheme.
We acknowledge receipt of your complaint on HelloPeter.
We regret to learn of your dissatisfaction with your funeral policies.
Please note that a funeral policy is a pure risk product, not to be confused with endowment policies that have a savings element that builds up a value over time.
A funeral group scheme belongs to a group of people with the same demographics who help insure each other under the scheme.
- A funeral policy therefore provides you with your chosen sum insured in return for a monthly premium that you have agreed to pay - i.e. each months premium received renews your cover for that month only.
- As such Metropolitan is liable for the full sum insured, regardless of the amount of premiums received over time, provided the waiting period has expired.
This means that some clients benefits become payable after mere months of premiums received.
- Regrettably this also means that other clients who live longer, may end up paying much more in terms of premiums over time than their cover amounts to.
- This is the nature of a group insurance scheme.
One of our Client Care Assessors will investigate how this applies to your policy/ies and revert back to you as soon as possible.
Regards
Client Care Team
Metropolitan Life's reply31 Mar 2022, 11:41
Official
Dear Priscilla
We acknowledge receipt of your complaint on HelloPeter.
We regret to learn of your dissatisfaction with your funeral policies.
Please note that a funeral policy is a pure risk product, not to be confused with endowment policies that have a savings element that builds up a value over time.
A funeral group scheme belongs to a group of people with the same demographics who help insure each other under the scheme.
We acknowledge receipt of your complaint on HelloPeter.
We regret to learn of your dissatisfaction with your funeral policies.
Please note that a funeral policy is a pure risk product, not to be confused with endowment policies that have a savings element that builds up a value over time.
A funeral group scheme belongs to a group of people with the same demographics who help insure each other under the scheme.
- A funeral policy therefore provides you with your chosen sum insured in return for a monthly premium that you have agreed to pay - i.e. each months premium received renews your cover for that month only.
- As such Metropolitan is liable for the full sum insured, regardless of the amount of premiums received over time, provided the waiting period has expired.
This means that some clients benefits become payable after mere months of premiums received.
- Regrettably this also means that other clients who live longer, may end up paying much more in terms of premiums over time than their cover amounts to.
- This is the nature of a group insurance scheme.
One of our Client Care Assessors will investigate how this applies to your policy/ies and revert back to you as soon as possible.
Regards
Client Care Team
PB
Priscilla B's updateReviewer Update
31 Mar 2022, 12:50Thank you for the reply. Why then was our very first policy we took out that was for only R500 paid up after a certain time, and now value a lot more? Why do they not inform potential customers about the fact that those policies do not ever get "paid up" like one was under the impression they would and increase in value?
PB
Priscilla B's update31 Mar 2022, 12:50
Reviewer Update
Thank you for the reply. Why then was our very first policy we took out that was for only R500 paid up after a certain time, and now value a lot more? Why do they not inform potential customers about the fact that those policies do not ever get "paid up" like one was under the impression they would and increase in value?
PB
Priscilla B's updateReviewer Update
06 Apr 2022, 10:56Thank you I just wanted to add that I was contacted by a very helpful lady Aletta from Metropolitan who updated our details and sent me copies of them, I much appreciated her help.
PB
Priscilla B's update06 Apr 2022, 10:56
Reviewer Update
Thank you I just wanted to add that I was contacted by a very helpful lady Aletta from Metropolitan who updated our details and sent me copies of them, I much appreciated her help.
Metropolitan Life's replyOfficial
06 Apr 2022, 11:18Dear Priscilla
Thank you for your additional comments.
We are happy to have been of assistance and value your feedback.
#Together we can!
Regards
Client Care Team
Thank you for your additional comments.
We are happy to have been of assistance and value your feedback.
#Together we can!
Regards
Client Care Team
Metropolitan Life's reply06 Apr 2022, 11:18
Official
Dear Priscilla
Thank you for your additional comments.
We are happy to have been of assistance and value your feedback.
#Together we can!
Regards
Client Care Team
Thank you for your additional comments.
We are happy to have been of assistance and value your feedback.
#Together we can!
Regards
Client Care Team