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Dikgang N
1 reviews | Active since Mar 2012
17 Feb 2022, 20:10
******** a pensioner widow is the lowest point
Metropolitan Life are ********. This is derived from a way they have been a mockery of my Mom (A pensioner), instead of making a pay out over a paid policy, that was settled in 2020. Instead, they are prepared to pay this pensioner by next April. Mind you that, her pay out is not accumulating any interests. Why is she been held at ransom over her dues???...Be very warned not to ever do business with these ********!!.
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Metropolitan Life's replyOfficial
18 Feb 2022, 10:30Dear Dikgang
We acknowledge receipt of your complaint on HelloPeter.
We are sorry to read of your dissatisfaction.
We are not authorized to discuss your mother's policy details with you.
What little we can however mention to you, without divulging her policy details, is that 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.
Also, where one converts a policy to a new policy:
We have also received this complaint through the offices of the Ombudsman for Long Term Insurance in 2020.
We regret to confirm that restrictions are not Metropolitan Terms and conditions but legislation that prevents us from allowing your mom further access to the funds in her policy until the relevant restriction has expired.
We trust that the above enhances your understanding around restrictions and clarifies any concerns you may have.
Regards
Client Care Team
We acknowledge receipt of your complaint on HelloPeter.
We are sorry to read of your dissatisfaction.
We are not authorized to discuss your mother's policy details with you.
What little we can however mention to you, without divulging her policy details, is that 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.
Also, where one converts a policy to a new policy:
- The old policy is cancelled and linked to the new policy to form one continuous policy:
- The conversion credit on the old policy is transferred to the investment fund of the new policy
- Thou the new policy has it's own start date, the entry date of the original policy is carried forward to the new policy as the assumed entry date
- Similarly the remaining restrictions (if any) on the old policy is transferred to the new policy and overlaps the restriction period of the new plan.
We have also received this complaint through the offices of the Ombudsman for Long Term Insurance in 2020.
We regret to confirm that restrictions are not Metropolitan Terms and conditions but legislation that prevents us from allowing your mom further access to the funds in her policy until the relevant restriction has expired.
We trust that the above enhances your understanding around restrictions and clarifies any concerns you may have.
Regards
Client Care Team
Metropolitan Life's reply18 Feb 2022, 10:30
Official
Dear Dikgang
We acknowledge receipt of your complaint on HelloPeter.
We are sorry to read of your dissatisfaction.
We are not authorized to discuss your mother's policy details with you.
What little we can however mention to you, without divulging her policy details, is that 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.
Also, where one converts a policy to a new policy:
We have also received this complaint through the offices of the Ombudsman for Long Term Insurance in 2020.
We regret to confirm that restrictions are not Metropolitan Terms and conditions but legislation that prevents us from allowing your mom further access to the funds in her policy until the relevant restriction has expired.
We trust that the above enhances your understanding around restrictions and clarifies any concerns you may have.
Regards
Client Care Team
We acknowledge receipt of your complaint on HelloPeter.
We are sorry to read of your dissatisfaction.
We are not authorized to discuss your mother's policy details with you.
What little we can however mention to you, without divulging her policy details, is that 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.
Also, where one converts a policy to a new policy:
- The old policy is cancelled and linked to the new policy to form one continuous policy:
- The conversion credit on the old policy is transferred to the investment fund of the new policy
- Thou the new policy has it's own start date, the entry date of the original policy is carried forward to the new policy as the assumed entry date
- Similarly the remaining restrictions (if any) on the old policy is transferred to the new policy and overlaps the restriction period of the new plan.
We have also received this complaint through the offices of the Ombudsman for Long Term Insurance in 2020.
We regret to confirm that restrictions are not Metropolitan Terms and conditions but legislation that prevents us from allowing your mom further access to the funds in her policy until the relevant restriction has expired.
We trust that the above enhances your understanding around restrictions and clarifies any concerns you may have.
Regards
Client Care Team