cS
candi S
1 reviews | Active since Dec 2016
28 Nov 2019, 12:50
FYI
Just to let everyone know, if you cancel with Platinum Life, because it is a risk product, you will not get any money back from them. You either have to get cancer or have to be nearly a hundred. I am cancelling my policy, i have never had any problems with Platinum, but i do feel that its a little harsh if you have been paying monthly without fail and you still dont get any of your premiums back.
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Platinum Life's replyOfficial
29 Nov 2019, 12:36Dear Candi,
I have received your review and would like to provide some information regarding this matter.
We wish to confirm that your policy does not acquire any surrender, loan, paid-up or cash value during its term. Please refer to the General terms and conditions in your policy contract which states that “The policy does not: accrue a surrender value.”
Keep in mind that this policy is a whole life policy. This means that in order to enjoy cover in a month, a premium must be paid on time. Each monthly premium is paid individually and separately for the specific risk that Platinum Life carries for that month. There is no cumulative effect of premiums paid over the duration of a policy.
A value added benefit that is coupled onto the policy is the money back benefit (as per your policy documents). Once the specific term has expired (please see your policy schedule for this date), and your policy is in force and claim free, a lump sum of 50% of all the premiums paid, is paid back to you.
We can assist with lowering or adjusting your premium if you do not wish to lose all the benefits and money paid in this time and I will arrange for a consultant to give you a call just to discuss this with you.
If you have any further queries please feel free to contact us.
Yours Sincerely
Simoné Venter
Client Relationship Specialist & Client Care Supervisor
Platinum Life's reply29 Nov 2019, 12:36
Official
Dear Candi,
I have received your review and would like to provide some information regarding this matter.
We wish to confirm that your policy does not acquire any surrender, loan, paid-up or cash value during its term. Please refer to the General terms and conditions in your policy contract which states that “The policy does not: accrue a surrender value.”
Keep in mind that this policy is a whole life policy. This means that in order to enjoy cover in a month, a premium must be paid on time. Each monthly premium is paid individually and separately for the specific risk that Platinum Life carries for that month. There is no cumulative effect of premiums paid over the duration of a policy.
A value added benefit that is coupled onto the policy is the money back benefit (as per your policy documents). Once the specific term has expired (please see your policy schedule for this date), and your policy is in force and claim free, a lump sum of 50% of all the premiums paid, is paid back to you.
We can assist with lowering or adjusting your premium if you do not wish to lose all the benefits and money paid in this time and I will arrange for a consultant to give you a call just to discuss this with you.
If you have any further queries please feel free to contact us.
Yours Sincerely
Simoné Venter
Client Relationship Specialist & Client Care Supervisor