MJ
MARIETJIE J
1 reviews | Active since Feb 2024
09 Oct 2025, 08:08
DISAPPOINTMENT OF LIFE INSURANCE
DISAPPOINTMENT THE TREATMENT I RECEIVE FROM OLD MUTUAL AFTER 25 YEARS LOYALTY PAYMENTS
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Replies (3)
Old Mutual's replyOfficial
09 Oct 2025, 09:00Good day Marietjie, we acknowledge receipt of your review and sincerely apologise for the service experience you encountered. We are committed to investigating this matter thoroughly and will make direct contact with you during business hours should further information be required.
Kind regards
Old Mutual Complaints Management
Kind regards
Old Mutual Complaints Management
Old Mutual's reply09 Oct 2025, 09:00
Official
Good day Marietjie, we acknowledge receipt of your review and sincerely apologise for the service experience you encountered. We are committed to investigating this matter thoroughly and will make direct contact with you during business hours should further information be required.
Kind regards
Old Mutual Complaints Management
Kind regards
Old Mutual Complaints Management
MJ
MARIETJIE J's updateReviewer Update
09 Oct 2025, 14:24EXPLANTION TO PROOF OF MY DISAPPOINTMENT
I took a LIFE POLICY out more than 25 years ago. According to their proposed table, I paid by February 2025 an amount of R583 815.00, up to date an amount of R622 791-00 in total contributions. There was never a problem of any kind. At the moment my premium is
I took a LIFE POLICY out more than 25 years ago. According to their proposed table, I paid by February 2025 an amount of R583 815.00, up to date an amount of R622 791-00 in total contributions. There was never a problem of any kind. At the moment my premium is
R4872-88 per month.
Now all of a sudden, I got a letter from Old Mutual, that they reviewed my policy. According to them, it's an "OLD POLICY" and they offer me the following two options:
Nr 1. To maintain the same cover of R2,289,060-00, the premium will increase from R4872-88 to R10490-80 per month, more than 100% increase.
Nr 2. If my monthly contribution stays the same, R4872-88 per month, the REVIEWED COVER WILL REDUCE from R2,289,060-00 to R341,214-00. About 50% of my contributions over 25 years of loyal payments every month.
If a customer invests for so many years, we expect peace of mind and a well-deserved payout when we need it in your older days.
If you invest in a life policy, it will become an "OLD POLICY" sometime in future, if there is not a claim.
How can I recommend any young people to invest in policies at Old Mutual, if this is their attitude after 20/30 years of loyal customers contributions?
According to other Insurance Brokers, not one of the other Life Insurance companies treat their customers like this, or have financial problems, to make drastic changes in a company'
MJ
MARIETJIE J's update09 Oct 2025, 14:24
Reviewer Update
EXPLANTION TO PROOF OF MY DISAPPOINTMENT
I took a LIFE POLICY out more than 25 years ago. According to their proposed table, I paid by February 2025 an amount of R583 815.00, up to date an amount of R622 791-00 in total contributions. There was never a problem of any kind. At the moment my premium is
I took a LIFE POLICY out more than 25 years ago. According to their proposed table, I paid by February 2025 an amount of R583 815.00, up to date an amount of R622 791-00 in total contributions. There was never a problem of any kind. At the moment my premium is
R4872-88 per month.
Now all of a sudden, I got a letter from Old Mutual, that they reviewed my policy. According to them, it's an "OLD POLICY" and they offer me the following two options:
Nr 1. To maintain the same cover of R2,289,060-00, the premium will increase from R4872-88 to R10490-80 per month, more than 100% increase.
Nr 2. If my monthly contribution stays the same, R4872-88 per month, the REVIEWED COVER WILL REDUCE from R2,289,060-00 to R341,214-00. About 50% of my contributions over 25 years of loyal payments every month.
If a customer invests for so many years, we expect peace of mind and a well-deserved payout when we need it in your older days.
If you invest in a life policy, it will become an "OLD POLICY" sometime in future, if there is not a claim.
How can I recommend any young people to invest in policies at Old Mutual, if this is their attitude after 20/30 years of loyal customers contributions?
According to other Insurance Brokers, not one of the other Life Insurance companies treat their customers like this, or have financial problems, to make drastic changes in a company'
Old Mutual's replyOfficial
09 Oct 2025, 16:07Hi Marietjie,
We note your comments, please be advised that this matter is being attended to and feedback will be provided via email.
Regards
Old Mutual Complaints Management
We note your comments, please be advised that this matter is being attended to and feedback will be provided via email.
Regards
Old Mutual Complaints Management
Old Mutual's reply09 Oct 2025, 16:07
Official
Hi Marietjie,
We note your comments, please be advised that this matter is being attended to and feedback will be provided via email.
Regards
Old Mutual Complaints Management
We note your comments, please be advised that this matter is being attended to and feedback will be provided via email.
Regards
Old Mutual Complaints Management