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Carol B

1 reviews | Active since Jun 2018

05 Jun 2018, 15:35

Standard Bank Insurance not a good deal

I've been a client with Standard Bank for 30 years. I've had several home loans with Standard bank over the years. Always loyal to them. I recently received a letter from Standard Bank Insurance informing me that my monthly insurance premium will change because of the age band I fall in, which is from 56 to 59. The monthly premium is increasing from R407.55 to R614.77 which is a 50% increase on the monthly premium. This is very shocking, and its is the second time that they have increased it so drastically due to an age band over the years. My home loan amount that I owe is steadily decreasing but the insurance is increasing. My question is why did they not inform me about the steep % increases that will be affected in these age bands. Also why are they penalising aging clients, in my opinion its **************.

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Carol B's update06 Jun 2018, 14:00
Reviewer Update
My account number is ********** 34. I emailed Standard Bank Insurance at ********** to request a cancellation of the Home Loan Protection Plan. This was after I spoke to one of your consultants who was unable to assist me in any way. All she could say was that was the condition of the policy, which was in my opinion did not clearly stipulate what percentage increase i would be facing in the age band. In the meantime I have taken out another Bond Protection Policy with Shackleton Life to cover the amount owing on my bond. They gave me a very good deal, which is a big saving. So please cancel the Policy with yourselves and confirm that you've done so.