****med by outsurance

Hello Peter

I am having a bad experience with the home loan insurance, I was phoned by a Lady named Desiree 3 weeks ago. She was informing me that I am double insured and the reason this happened was because we were under the impression that our insurance that was linked to our FNB bond was cancelled. I then took up an insurance under my name. She said she will get back to me and she will give me a choice to choose which insurance I want to cancel. The following morning I receva documents indicating that my FNB insurance is cancelled and I am left with the one that I have opened myself. On the call she told me that I will be receiving a refund.

My complaint is that the FNB insurance is cheaper than the one I am paying for myself. So it does not make sense that I will take a more expensive option in this bad economy. Secondly the refund that I will be getting is smaller than what I would have received had she cancelled the insurance that was opened by myself. My take on this is that outsurance is trying to gain by both taking the refund and also the higher premium. This is so disappointing, the greediness is really disappointing.