MM
Milly M
1 reviews | Active since Feb 2019
14 Feb 2022, 09:33
Restricted policy
I was told my policy is restricted ,meaning you can't close the policy if you withdrawn from it ,Metropolitan is refusing to close my policy because according to them is now restricted.
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Metropolitan Life's replyOfficial
14 Feb 2022, 11:03Dear Milly
We acknowledge receipt of your complaint on HelloPeter.
We are sorry to learn of your unhappiness with the policy you have taken.
It is not a Metropolitan term and condition that restricts access to funds on your policy, but legislation:
Therefore, if you have already accessed the partial surrender option on your policy, within the restriction period, we are not able to grant you the full surrender of your policy, as we are bound by the same legislation that you are.
One of our Client Care assessors will investigate the complaint and revert back to you directly.
Regards
Client Care Team
We acknowledge receipt of your complaint on HelloPeter.
We are sorry to learn of your unhappiness with the policy you have taken.
It is not a Metropolitan term and condition that restricts access to funds on your policy, but legislation:
- 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.
Therefore, if you have already accessed the partial surrender option on your policy, within the restriction period, we are not able to grant you the full surrender of your policy, as we are bound by the same legislation that you are.
One of our Client Care assessors will investigate the complaint and revert back to you directly.
Regards
Client Care Team
Metropolitan Life's reply14 Feb 2022, 11:03
Official
Dear Milly
We acknowledge receipt of your complaint on HelloPeter.
We are sorry to learn of your unhappiness with the policy you have taken.
It is not a Metropolitan term and condition that restricts access to funds on your policy, but legislation:
Therefore, if you have already accessed the partial surrender option on your policy, within the restriction period, we are not able to grant you the full surrender of your policy, as we are bound by the same legislation that you are.
One of our Client Care assessors will investigate the complaint and revert back to you directly.
Regards
Client Care Team
We acknowledge receipt of your complaint on HelloPeter.
We are sorry to learn of your unhappiness with the policy you have taken.
It is not a Metropolitan term and condition that restricts access to funds on your policy, but legislation:
- 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.
Therefore, if you have already accessed the partial surrender option on your policy, within the restriction period, we are not able to grant you the full surrender of your policy, as we are bound by the same legislation that you are.
One of our Client Care assessors will investigate the complaint and revert back to you directly.
Regards
Client Care Team