There are millions of South Africans who have insurance or savings payouts due to them that they haven’t claimed. As Metropolitan, we have gone out of our way to pay our clients.
If you suspect that you have unclaimed benefits due to you or would like to find out more about claiming payouts.
Below are some of the commonly asked questions when it comes to cancelling your policy. Here’s what you need to know…
If I cancel my policy on and before the 15th of any month, how long will I still be covered for?
You will be covered until the end of the month in which you submitted the cancellation.
Should I cancel my policy on the 14th of a month, can I expect a refund?
You are covered until the end of that month. If the waiting period has expired and premiums are up to date, the premiums we received after the month of cancellation will be paid back to you.
Should I cancel my policy and I never missed a premium, do I get all my premiums or a percentage of them back?
No premiums are refundable; your funeral benefit is a pure risk and not a savings policy. Metropolitan would have been obligated to pay in the event of any claims which arise prior to cancellation.
Can I change my mind if I have already cancelled my policy?
Yes, you can request to reinstate your policy within the 30 day cooling off period.
A complainant is a person who submits a complaint, which includes:
Who has a direct interest in the agreement, policy or service to which the complaint relates, or a person acting on behalf of a person referred to in the list above.
You can complain if you are dissatisfied with the following from Metropolitan:
When it comes to lodging a complaint with us, the complainant can be anyone of the following:
An escalated complaint is an extension of a complaint relating to the outcome of the initial complaint. The complaint is so complex or unusual that it requires intervention by an impartial senior functionary appointed to deal with escalated complaints, or the resolution of the initial complaint is not to the complainant’s satisfaction and is then been referred to the appropriate Regulator or Ombudsman scheme by the complainant.
If you have a complaint that you feel should be escalated, you can access those details here.
If you are unhappy with our service, you can complain by following the process below:
Long Term Insurance Ombudsman
For all your long term insurance complaints.
Tel: 021 657 5000
Fax: 021 674 0951
Share call: 0860 103 236
Postal address: Private Bag X45, Claremont, 7735
For all complaints related to financial advice.
Fax: 012 348 3447
Share call: 0860 324 766 (0860 FAISOM)
Postal address: PO Box 74571, Lynwood Ridge, 0040
Pension Funds Adjudicator
For all complaints related to a Metropolitan Life Retirement Annuity, Pension or Provident Fund.
Tel: 012 7484000
Postal address: P O Box 580, Menlyn, 0063
Your life is always changing, and there are certain events that happen that should trigger you to have a look at your insurance policies to make sure that you are still covered for all your needs. A good financial practice is to update your policy yearly as your premiums increase, but the following are also good factors to trigger you to update your policy:
When your marital status changes
If you are recently married or divorced, you may need to relook your insurance and the amount that you are covered for.
When your employment changes
Whether you may be earning more money and need to cover your family for more, or you are joining a company with a different benefit structure, you will need to have a look and adjust your current policy.
When you have a child or children
Anytime you add a child to your family you need to consider the various policies you have. Your policies will have to be adjusted in order to make provision for your children.
It’s important to know the rules around the payment of premiums as that is what guarantees that your policy is always up to date.
Here are a few common questions which will help you manage your policy better.
Can I skip a premium?
You can skip a premium as long as you do not skip more than 3 premiums within the 1st 3 years of your policy.
How can I continue with my premium payments if I am no longer working for a company that deducted my premiums via stop order?
You may change your payment method to bank debit order to continue with premium payments. You are welcome to contact our individual contact centre at 0860 724 724 to have a chat with one of our expert consultants who will gladly assist you.
An ante-nuptial contract is entered into by two people before they get married.
This contract regulates and makes provision for the two parties in the event of a divorce or break up. The contract must be registered in the deeds office.
What does it mean to be married In Community of Property?
This is a marital arrangement where the spouses share their estates during the course of the marriage and when it ends, the surviving spouse is entitled to half of the joint estate. The remainder of the estate is distributed in accordance with the will of the deceased spouse. If you do not enter into an ante-nuptial contract you are automatically married in community of property.
What does it mean to be married Out of Community of Property?
This is a marital arrangement where both spouses have separate estates during the existence of their marriage and do not share each other’s profits or losses during or after the marriage (whether the marriage ends by divorce or death). You must enter into an ante-nuptial contract to be married out of community of property.
What does it mean to be married Out of Community of Property subject to the accrual system?
This is a marital arrangement where once the marriage is dissolved; neither spouse will be liable for the other spouse’s debts. However, the parties have to share what they have acquired together during the existence of the marriage. You must enter into an ante-nuptial contract to be married out of community of property subject to the accrual system.
What is a testator?
A testator is a man who makes or has made a will.
What is a testatrix?
A testatrix is a woman who makes or has made a will.
An executor is a person appointed by the Master of the High Court to administer the estate of a person who has died. The executor must ensure that the estate is wound up in accordance with the law and any wishes of the deceased (as expressed in a will). Practical responsibilities include gathering and protecting the assets of the estate, arranging for payment of debts of the estate and paying taxes.
A bequest is a legacy. It is leaving something to someone in terms of a will.
A guardian is a person who looks after and is legally responsible for a child whose parents have died.
A trust is an entity created to protect the assets or money of another – usually minors. A trust is an arrangement in terms of which a person hands over certain assets to a second person (the Trustee) to administer/manage for the benefit of a third party (the beneficiary).
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