“There are thousands of other people in a similar situation and it’s just not right.”
Thousands of people who took out life and illness policies were told 'not to be alarmed' about the sudden cancellation of their policies. Stock image.Thousands of people who took out life and illness policies, some as far back as a decade ago, will be left with no cover at the end of the month - and no premium refunds - in the wake of the sudden cancellation of their policies.
The first those policyholders knew about the unilateral policy cancellations was in the last week of February when they received an SMS saying their policy will be cancelled with effect from March 31 “due to regulatory changes” and urging them to"please don’t be alarmed". The Financial Sector Conduct Authority has stepped in and is engaging with Constantia"to ensure this matter is resolved in a manner which does not lead to unfair outcomes for policyholders”.
“My accrued benefit as at December 2019 was about R1.2m, and the reality is that from April 1, should I die, my family gets nothing.Tyron Brett wrote to TimesLIVE in a state of panic after receiving"the letter". In a HelloPeter post, “Neil L” told how he cancelled his previous life insurance policy of 20 years to take out the CoverGrow policy in 2015, with a R1,500 premium “because the terms of this policy were better”.“At first, the cover was very low but it has steadily increased to well over R4m. I took the risk of low initial cover. Now, at this stage, when it is finally paying off, they are pulling the plug because they found some loophole.
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