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CR215 Costs – Complainant unhappy with return on his policies; alleging values diminished by surrender penalties
CR215 Costs – Complainant unhappy with return on his policies; alleging values diminished by surrender penalties Background The complainant had taken out three endowment policies in the late 1970’s, and he surrendered them in 2003, receiving approximately R47 000 in total. He was unhappy with this return and felt that the money he had spent […]Read More
CR65 Costs – alleged failure of broker to explain costs and commission structure – whether deductions on calculation of surrender value authorised by policy – error in calculation of surrender value uncovered. Background The complainant applied through a broker for an endowment policy whereby he would contribute a fixed amount per month for ten years. […]Read More
C63 RA policies made paid-up – costs deducted Background The complainant took out 2 RA policies in February 2000 with a term for 25 years. In November 2002 he needed more life cover. He instructed his broker to obtain a quote from the insurer. The answer from the insurer confused him i.e. that his wish […]Read More
CR62 RA policy made paid-up – costs deducted Background In this case the policyholder took out a retirement annuity policy in August 2000 with a premium of R1 546,00. The deduction of a marketing and administration charge on this monthly amount came to R974,00 per month i.e. 63% of the recurring premium during the first […]Read More