WA
Waseala A

1 reviews | Active since Oct 2022

15 Mar 2025, 10:34

OLD MUTUAL PAYOUT PROCEDURES NOT CLEAR AND ALSO NOT AVAILABLE TO CLIENTS

I had an RA with Old Mutual. The policy had been declared paid up as I was unable to afford the monthly premiums. During 2024 the policy had matured when I turned 55 years old. In November I approached Old Mutual to cash in this policy, I was advised to return with my documentation necessary to effect payout which I did. My gripe is at the initial enquiry the agent at Old Mutual told me that there was only 30k in the policy, I was disappointed but left it at that. After retuning with all the relevant documents I submitted and was told to wait. During December of 2024 I received a payout from Old Mutual that was three times more than what the agent told me I had. My issues with Old Mutual is the following: 1. The vast difference between the two amounts. 2. I still don't know what the actual value at the time of payout was. 3. How do I know that this was the actual amount due to me? 4. I have tried to ascertain to value of the policy by going to the Southdale branch, but the agent was unable to assist me with my query and instead tried to sell me another policy. 5. Subsequent to that aforementioned attempt I downloaded the Old Mutual app to try and find out what the payout amount was but that too was a dead end with app advising me that they don't have any records of a past or present on their systems. 6. I then spoke to another agent named Velda who checked and told me I was paid but still couldn't give me the information I needed. 7. Am I crazy for wanting to know what the total payout amount due to me is was? 8. This entire affair doesn't feel right to me. 9. To date I still don't have a clue what that policy was worth.

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Replies (2)
Old Mutual
Old Mutual's reply15 Mar 2025, 10:36
Official
Good day Waseala,

We've received your review, and we are sorry for the service you've experienced. Your feedback is crucial to us, and we're committed to a detailed investigation to address your concerns. Please expect a follow-up from us soon to resolve this matter during business hours.

Warm regards,
Old Mutual Complaints Management
Old Mutual
Old Mutual's reply18 Mar 2025, 20:17
Official
Good day Waseala,

We can confirm that our team has been in contact with you and attended to the relevant matter.

Please accept our sincere apologies for any inconvenience caused.

Regards,
Old Mutual Complaints Management