1 reviews | Active since Sept 2012
Savings policy
Hi,
I have a greenlight savings policy and due to me being unemployed I have to cancel it. Old mutual told my broker that they can stop the payments but I will only get a payment in 2021. How the hell is this possible. I want to cancel my policy and I want my money refunded to me once I do decide on new policies I will not be taking out policies with OM. I want my money released and that policy completely cancelled with immediate effect.
Dear Tracey
Thank you for bringing this to our attention.
We apologise for the inconvenience this has caused. I will look into the matter and respond to you directly.
Regards,
Brent Sellidon
Complaints Assessor
Dear Tracey
Thank you for bringing this to our attention.
We apologise for the inconvenience this has caused. I will look into the matter and respond to you directly.
Regards,
Brent Sellidon
Complaints Assessor
Dear Ms Amos
The Investment policy taken is governed by the Long-term Insurance Act. This law currently restricts Old Mutual from paying Benefits to you within certain periods.
This means that you may only make one loan and one disinvestment
· during the first five (5) years of the Plan, and also
· for a period of 5 years starting from the first day of the month that you pay a premium
· that by itself exceeds, or
· if added to the other premiums already paid and still to be paid in that year exceeds, or
· If it is the first of recurrent premiums which if paid at that rate for the whole year will cause the total value of the premiums to exceed the premiums you paid in one of the two previous years by more than 20%.
The law also limits the amount of the loan or disinvestment made during any of the above periods.
You have already taken one loan and one disinvestment. You will therefore not be able to withdraw until the end of the initial restriction period.
I understand that this is not the outcome you were hoping for. Old Mutual is however obligated to adhere to current legislation.
Regards,
Brent Sellidon
Complaints Assessor
Dear Ms Amos
The Investment policy taken is governed by the Long-term Insurance Act. This law currently restricts Old Mutual from paying Benefits to you within certain periods.
This means that you may only make one loan and one disinvestment
· during the first five (5) years of the Plan, and also
· for a period of 5 years starting from the first day of the month that you pay a premium
· that by itself exceeds, or
· if added to the other premiums already paid and still to be paid in that year exceeds, or
· If it is the first of recurrent premiums which if paid at that rate for the whole year will cause the total value of the premiums to exceed the premiums you paid in one of the two previous years by more than 20%.
The law also limits the amount of the loan or disinvestment made during any of the above periods.
You have already taken one loan and one disinvestment. You will therefore not be able to withdraw until the end of the initial restriction period.
I understand that this is not the outcome you were hoping for. Old Mutual is however obligated to adhere to current legislation.
Regards,
Brent Sellidon
Complaints Assessor