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Faizal N

1 reviews | Active since Feb 2016

01 Feb 2024, 18:11

Old Mutual service is extremely poor

I’ve had a life policy for a number of years with Old Mutual and recently received a premium increase following the end of the guaranteed term sighting covid as the reason for the increase. i decided to review and took a new policy with another company and asked Old Mutual to cancel my policy. I received a response that they required a signed letter which I then forwarded on the 28th December. A premium for January was already taken and I expected a refund due to requesting immediate cancellation. In January I notice that the policy is still showing as active so I call the call centre twice . I’m assured that the pollcy is canceled but the system will only update on 1st Feb. i ask about premium and im assured no premim will go off . 21st Jan another premium goes off and I can’t return it because it includes my severe illness benefit. I proceed with contacting the call centre via email and lodge a complaint directly with the complaints department. Im told that the policy has been cancelled and the system will update on the 1st Feb & they are investigating my refunds and will provide feedback within 3 days. Im past the 3 day mark still no feedback and yes the policy is still showing as active on myportfolio. I have no option left but to refer the matter to the Ombudsman.

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Replies (1)
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Faizal N's update24 Feb 2024, 20:38
Reviewer Update
Following a 21 day wait for a refund and confirmation that the policy had been cancelled. Old Mutual has now gone ahead and taken another premium for a policy that has been cancelled. I’m not sure how long I have to wait for them to investigate again and finally refund the premium. This is absolutely ridiculous .