WV
Wayne V
1 reviews | Active since Nov 2020
04 Oct 2021, 17:55
Standard Bank Insurance Life premiums are ridiculous and their response to complaints is pathetic.
I loaded a complaint on Hellopeter on 10 September 2021. It was a complaint that that although I was paying R150k per year on my bond, the balance was increasing every year because their life assurance premiums are rediculous. I then made a claim for dread disease cover because I had a stroke and a heart attack only to be told that my life assurance policy only covered death and temporary disability (whatever that is) . I never approved only that cover and the premiums I am paying (R6000 pm) do not make sense consider the cover they say I have. I then got an email stating that the entire issue had been escalated to teh resoluions department and would take around 8 days. It is now 4 October and Im still waiting for a response.
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Wayne V's updateReviewer Update
11 May 2022, 13:45It is now May 2022. Standard Bank is still trying to resolve my complaint from September 2021 Despite numerous emails dozens of phone calls and interaction with many people, I had to resort to lodging a complaint with the Ombudsman. The result of the enquiry is that from the start Standard bank gave me a life policy that has no value. Who signs you up for a life policy for a bond that has no value at all. Not only that the monthly premium is calculated on the balance outstanding which grows every month because of the life premium (that accrues no value). SB calculated and implemented the debit order for monthly payments. But somehow after two decades it becomes my problem that the debit order was never enough to cover the interest, bond repayment and premium (for a no value policy) that continued to grow because its calculated on the balance outstanding that continued to grow because of the life assurance premium. Legally they say I have no claim. Not only that its only for Life Cover and temporary disability. But the premium is so high, if it was with an assurance company I would have life cover for probably ten times the bond balance outstanding. They did reverse a chunk of interest and a portion of the total premium paid to date. The problem is the total premium paid is 80% of the balance still outstanding on the bond. I have also paid more the twice the original capital value in monthly payments. Their solution??? I can the policy and get a new one somewhere else. But I must ignore that the balance outstanding is still so high that I may never pay it off and will not get a life cover at my age now., and the premiums on the policy (that has no value) is 60% of the original capital amount of the bond. So who scored all the interest and growth on the policy that I will b e paying for until I die because it has no value? Standard Bank or Liberty?
WV
Wayne V's update11 May 2022, 13:45
Reviewer Update
It is now May 2022. Standard Bank is still trying to resolve my complaint from September 2021 Despite numerous emails dozens of phone calls and interaction with many people, I had to resort to lodging a complaint with the Ombudsman. The result of the enquiry is that from the start Standard bank gave me a life policy that has no value. Who signs you up for a life policy for a bond that has no value at all. Not only that the monthly premium is calculated on the balance outstanding which grows every month because of the life premium (that accrues no value). SB calculated and implemented the debit order for monthly payments. But somehow after two decades it becomes my problem that the debit order was never enough to cover the interest, bond repayment and premium (for a no value policy) that continued to grow because its calculated on the balance outstanding that continued to grow because of the life assurance premium. Legally they say I have no claim. Not only that its only for Life Cover and temporary disability. But the premium is so high, if it was with an assurance company I would have life cover for probably ten times the bond balance outstanding. They did reverse a chunk of interest and a portion of the total premium paid to date. The problem is the total premium paid is 80% of the balance still outstanding on the bond. I have also paid more the twice the original capital value in monthly payments. Their solution??? I can the policy and get a new one somewhere else. But I must ignore that the balance outstanding is still so high that I may never pay it off and will not get a life cover at my age now., and the premiums on the policy (that has no value) is 60% of the original capital amount of the bond. So who scored all the interest and growth on the policy that I will b e paying for until I die because it has no value? Standard Bank or Liberty?