MS
Marco S

1 reviews | Active since Feb 2019

06 Sept 2020, 10:27

No Standard Bank credit protection Insurance for COVID! Despite some sweet PR

Standard insurance tactics for Standard bank, 'Pretend the customer does not exist' NO REPLY despite numerous emails and frustrating calls which no one can help with. Please could you assist me with the following COVID insurance I did speak to one of your consultants who stated that all my credit protection insurance was for Death and disability and had some kind of income protection but only on retrenchment.

I read this article on city press which states that standard bank will extend all insurance to include income protection even pre Aug 2017

https://www.news24.com/citypress/Personal-Finance/how-credit-insurance-can-cover-your-debt-***6

'In some cases, the loss of income provision would only apply to loans or insurance taken out after August 2017, which is when new regulations were issued by government requiring credit insurance to provide for loss of income protection. However, Nedbank and Standard Bank have announced that they would extend the cover retrospectively to those who took out the cover prior to 2017 in certain cases. African Bank’s cover also covers loans taken out before 2017.'

My company has paid full basic salary for April however from May there will be significant reductions and short-time until further notice

I want to find out what insurance cover I can claim for in this case as I will not be able to cover my instalments and debt and a payment holiday is not insurance cover...

Still no answer...

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