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Question
Posted by: SWAN | 2004/10/13

POLICY

Please advise. I feel that Old Mutual sells policies under false pretenses. I took out a policy (granted, it was off-shore) as I was advised to do by the broker. I know absolutely nothing about these things. Now the policy is supposed to pay out and it is less than what I put in!!!! Nevermind the projections (in writing from them) that it could be about 80% more on maturity. I was not contacted at all during the time of the policy to advise me to move the investment. I think this is totally unfair. Now they advise that I should leave it there. I dont want to do business with them, nevermind leave it there and I know that is probably the best thing to do. I am going to take the money and put it in a banking account. This is just unacceptable!

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Our expert says:
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You can put the money in a guarenteed fund. Discuss it with your Bank.

regards

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Our users say:
Posted by: Zee | 2004/10/13

I had the experience with amaomentum. Out of my monthly premiums totaling R7000, They gave me R1700 when asking for a withdrawal and had to cancel the policy. It was such a waste.

U must be careful with these investments, they can be a rip off. When u want to claim ur money they come with these terms, that the broker never mentioned to u about.

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