unpayable annual increase on the monthly premiums

Item: Platinum Life
Rating: 2
Author: Vivienne S

I took out this policy ten years ago. Due to their enormous increases annually the premium started with R350 per month to over R1200 per month. The premiums are too much. I asked to end the policy, but they say I will get nothing paid out as it is a risk policy. My understanding was that if you wish to end the policy they will at least payout 50% of the total premiums paid to them.

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Replies (1)

Platinum Life's replyOfficial

17 Dec 2020, 09:58

Dear Mrs Swartz,

Thank you so much for taking my call this morning.

As discussed, please note that your policy is a pure risk cover and does not accrue any cash or surrender value on cancellation

You can reduce the premium at any time to best suit you and I have sent an option via email to assist

Please do not hesitate to contact me if there is anything else I can assist with

Kind Regards

Simone Venter
Client Relationship Specialist & Client Care Supervisor

Platinum Life's reply17 Dec 2020, 09:58

Official