WM
Wendy M
1 reviews | Active since Dec 2013
30 Apr 2020, 10:21
Momentum's Greed during Covid 19
I called Momentum a week ago to let them know that I won't be earning a salary at the end of April, due to Covid 19. They offered me a payment break on my RA. On my Life Cover they offered me the following. A payment break for 3 months...but if I during that time, they will pay out 20 percent of what I'm covered for. So on R***.00 my beneficiaries will receive R280000.00. Furthermore after the break, they can decide to either send me for blood test, or they can also decide not to re instate my Life Cover again. This is totally and utterly disgusting. In a time of need, Momentum shows you what they stand for. They are using Covid 19 to stick it to their clients
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Replies (3)
Momentum (SA)'s replyOfficial
30 Apr 2020, 11:06Dear Wendy
I would like to correct your statement regarding the Premium Pause Option (PPO) which Momentum offers to their existing Myriad clients.
The policy in question is a whole life risk policy which is different to a Retirement Annuity plan.
A policy owner who wants to apply for the PPO has to complete a Premium Pause Option application form. If their request is approved, they will receive confirmation via email where after three consecutive life insurance premiums on the nominated policy will be paused. After the three month premium paused period, premiums will again become payable and will resume automatically. When premium payments resume, no additional requirements or underwriting will apply. After the pause period cover will commence as per the contract rules.
The policy in question is for Mr. HA Barnes and we would suggest that the client speak to his financial adviser in order to explain these options in detail.
Kind regards
NH
Momentum (SA)'s reply30 Apr 2020, 11:06
Official
Dear Wendy
I would like to correct your statement regarding the Premium Pause Option (PPO) which Momentum offers to their existing Myriad clients.
The policy in question is a whole life risk policy which is different to a Retirement Annuity plan.
A policy owner who wants to apply for the PPO has to complete a Premium Pause Option application form. If their request is approved, they will receive confirmation via email where after three consecutive life insurance premiums on the nominated policy will be paused. After the three month premium paused period, premiums will again become payable and will resume automatically. When premium payments resume, no additional requirements or underwriting will apply. After the pause period cover will commence as per the contract rules.
The policy in question is for Mr. HA Barnes and we would suggest that the client speak to his financial adviser in order to explain these options in detail.
Kind regards
NH
WM
Wendy M's updateReviewer Update
30 Apr 2020, 12:12Dear NH
I stated that it was not for my RA, but for my life cover. If you would take a moment of your precious time to call or email me, I can forward you the email sent to me. The reference in the email was *** Mr Barnes, but the email read ...Dear Wendy...
I spoke to an agent regarding my life cover on telephone number, ***, and she informed me telephonically, that yes they can provide me with a 3month payment holiday, but if I die during that period, my beneficiaries will get 20% of my covered amount, and she definitely told me, that after 3months you might require more blood test, and that I might be refused cover. She told me that she will email me forms to fill in for the life cover break. She then emailed me with the reference quoted and the Mr Barnes reference. She put me through to the RA department, which granted me a payment break on my RA. I have been trying to speak to a consultant, but cannot get hold of one. I think what Momentum is doing on their Life Cover offer is disgusting, as Covid 19 is affecting us all at the moment.
Wendy Malgas
I stated that it was not for my RA, but for my life cover. If you would take a moment of your precious time to call or email me, I can forward you the email sent to me. The reference in the email was *** Mr Barnes, but the email read ...Dear Wendy...
I spoke to an agent regarding my life cover on telephone number, ***, and she informed me telephonically, that yes they can provide me with a 3month payment holiday, but if I die during that period, my beneficiaries will get 20% of my covered amount, and she definitely told me, that after 3months you might require more blood test, and that I might be refused cover. She told me that she will email me forms to fill in for the life cover break. She then emailed me with the reference quoted and the Mr Barnes reference. She put me through to the RA department, which granted me a payment break on my RA. I have been trying to speak to a consultant, but cannot get hold of one. I think what Momentum is doing on their Life Cover offer is disgusting, as Covid 19 is affecting us all at the moment.
Wendy Malgas
WM
Wendy M's update30 Apr 2020, 12:12
Reviewer Update
Dear NH
I stated that it was not for my RA, but for my life cover. If you would take a moment of your precious time to call or email me, I can forward you the email sent to me. The reference in the email was *** Mr Barnes, but the email read ...Dear Wendy...
I spoke to an agent regarding my life cover on telephone number, ***, and she informed me telephonically, that yes they can provide me with a 3month payment holiday, but if I die during that period, my beneficiaries will get 20% of my covered amount, and she definitely told me, that after 3months you might require more blood test, and that I might be refused cover. She told me that she will email me forms to fill in for the life cover break. She then emailed me with the reference quoted and the Mr Barnes reference. She put me through to the RA department, which granted me a payment break on my RA. I have been trying to speak to a consultant, but cannot get hold of one. I think what Momentum is doing on their Life Cover offer is disgusting, as Covid 19 is affecting us all at the moment.
Wendy Malgas
I stated that it was not for my RA, but for my life cover. If you would take a moment of your precious time to call or email me, I can forward you the email sent to me. The reference in the email was *** Mr Barnes, but the email read ...Dear Wendy...
I spoke to an agent regarding my life cover on telephone number, ***, and she informed me telephonically, that yes they can provide me with a 3month payment holiday, but if I die during that period, my beneficiaries will get 20% of my covered amount, and she definitely told me, that after 3months you might require more blood test, and that I might be refused cover. She told me that she will email me forms to fill in for the life cover break. She then emailed me with the reference quoted and the Mr Barnes reference. She put me through to the RA department, which granted me a payment break on my RA. I have been trying to speak to a consultant, but cannot get hold of one. I think what Momentum is doing on their Life Cover offer is disgusting, as Covid 19 is affecting us all at the moment.
Wendy Malgas
Momentum (SA)'s replyOfficial
30 Apr 2020, 12:28Dear Wendy
Thank you for clarifying this. I will email you shortly, with regards to the information pertaining to your policy.
Kind regards
NH
Thank you for clarifying this. I will email you shortly, with regards to the information pertaining to your policy.
Kind regards
NH
Momentum (SA)'s reply30 Apr 2020, 12:28
Official
Dear Wendy
Thank you for clarifying this. I will email you shortly, with regards to the information pertaining to your policy.
Kind regards
NH
Thank you for clarifying this. I will email you shortly, with regards to the information pertaining to your policy.
Kind regards
NH