Platinum Life

I would like to make people aware of Platinum life and the premiums charged over a period of many years. My mom is a pensioner, 65 years of age. She joined Platinum life 9 years ago when she was still working permanently. My dad became a paraplegic 4 years ago, lost his leg and my mom was forced to take early retirement to look after my dad at home. She now only receives a Sassa grant of R1800 monthly and my dad a small pension.

She contacted Platinum Life to inform them that she cannot afford a monthly premium of R1600 a month. This is almost her whole Sassa amount. She has been forced to cancel this policy due to financial difficulty and her situation. She has lost all 9 years paid premiums to Platinum life. Her payout from Platinum Life is only in 2033 which is ridiculous as she could not still be alive by then, as she is already 65 years of age.

Platinum Life has not even offered to pay her back at least 50% of her premiums paid, they are willing to just take all her money which she has paid over the years. I find this a disgrace as Insurance providers can take money from pensioners and not come to an agreement when they say they cannot afford the premiums anymore.

My mom did not know that she would find herself in this situation when she commenced with Platinum Life. People are to be aware of the escalation in premiums and the money they can loose should their life circumstances change drastically.

Policy number: 825310 - MA Jansen Van Rensburg.

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