insurance companies

[murdock]

i was chatting to a mate while driving to jhb in december...insurance policies and how i got the short end of the stick form a motor vehicle accident which left me partially disable.

i got a call form this person because he had also taken out policies a long time ago when the brokers could still get away with ripping the backside right out of you and get away with...selling you policies and hospital plans which had such high life insurance which ensured they got good commissions...by the time we got back to durban he had already contacted his broker and set up a meeting.

this is just a warning make sure you get second and third opinions on your investments...see how much they are actually worth...i have had numerous customers complaining that the amount being paid out at maturity was less thay they had actually paid in...not a good time at 65 to realise the broker who sold you the invetment is no longer around and the policy is no longer worth much due to some market crash 10 years prior.

the broker who sold you the life insurance policy belongs to the millionaire club thanks to you and all the other suckers he caught out by using the oldest trick in the book "you got to think of your children and your wife if something happens to you" suckers we all fall for it...putting life cover on every single policy you took out including your kids education policy.

then last but not least your hospital plan...if you are like me and rely on your hands to do your work...makes sure the policy doesnt have a clause "does not cover your hands and legs" and this is no joke...i got paid out R14.70 from nearly R3000 a months worth of policies.

all my policies where with old mutual and sanlam.

salam sent me a nice letter stating " due to your years of experience and qualifications we dont feel the need to pay you out for disablility or part there of as you can now work in a supervisor position"

old mutual didnt even bother...after years of fighting with them their response was "you didnt pay your policies because you were in hospital recovering from the accident...your policies lapsed after about 8 months...thanks to the life cover which chewed up the money that had been paid in over the 14 years.

another catch is changing the policy in anyway...dont do it you will get so screwed if something happens to you ie...they changed one of the policies that it would only be valid after the maturity date as a lump sum...i kissed that money good bye.

moral of the story dont trust anyone with your life investments and insurance policies have them checked and checked again by different companies...and dont make the mistake we all make "i trust my broker" they only hold that positin for a couple years your investment last a life time...he just makes money out of you to support his family...who do you think his best interest is with you??? i hope so for your sake.

[desA]

That is an incredibly sad story.

I really hope that you manage to get things settled in the end. Perhaps a 'name & shame' session on your own website, with full case details, names etc - could force these sharks to come clean & be fair in their dealings.

The more that people come to know about the sharks, the less the rest of us, will get bitten in half.

[murdock]

the end result was i ended up stone broke...unable to work...and lost every material item i owned...and have been blacklisted since for the balance of the money i couldnt pay...doctors and hospital bills...physio which i have to give up...wholesalers...tv license...etc etc...then i turned to the bottle which just made things even worse for a couple of years...the worst was when they repossesed my car...then i became a crippled bum without any transport...it got even worse but i dont want to bore you with the details.

But the end was not all doom and gloom...i had friends who helped me realise that there was more to life and all i had to do was pick myself up and go again.

it has taken me years t recover but as i sit at my pc today i cannot want for any more than i have at the moment...i feel i am blessed by god...things have just been getting better.

the funny thing however...is i didnt turn to god like most people when i was down and out...then come out of my hole...my life took a serious turnaround last year in july as you will see by my standard bank thread...i have just recently decided to change my ways...and ask god to forgive me for all my sins...i have been attending bible study classes and have decided to start on a new journey.

the biggest change i have noticed is a sense of calm in my life...i still have a long way to go and a lot to learn...but look forward to the experience.

[tec0]

Good for you, but I would contact carte blanche and tell them your story just so that you can inform others.

[desA]

the end result was i ended up stone broke...unable to work...and lost every material item i owned...and have been blacklisted since for the balance of the money i couldnt pay...doctors and hospital bills...physio which i have to give up...wholesalers...tv license...etc etc...then i turned to the bottle which just made things even worse for a couple of years...the worst was when they repossesed my car...then i became a crippled bum without any transport...it got even worse but i dont want to bore you with the details.

But the end was not all doom and gloom...i had friends who helped me realise that there was more to life and all i had to do was pick myself up and go again.

The systems of need & greed out there are incredibly selfish & self-serving.

it has taken me years t recover but as i sit at my pc today i cannot want for any more than i have at the moment...i feel i am blessed by god...things have just been getting better.

the funny thing however...is i didnt turn to god like most people when i was down and out...then come out of my hole...my life took a serious turnaround last year in july as you will see by my standard bank thread...i have just recently decided to change my ways...and ask god to forgive me for all my sins...i have been attending bible study classes and have decided to start on a new journey.

May your journey continue both forward & upwards.

the biggest change i have noticed is a sense of calm in my life...i still have a long way to go and a lot to learn...but look forward to the experience.

This is called 'inner peace'. If you would like to chat more about your Christian experiences, please feel free to contact me per pm on the site. I have been a believer for some 33 years. I have trusted God as my provider all these years. He has never failed me, through thick & thin. Take each day at a time & your life will wind forwards & upwards.

[murdock]

in recent months i have been surrounded by people who are true christians and people who have become reborn christians...i dont want to turn this into a bible bashing thread but i think it is important to undestand going to church every sunday like i did for 16 years doesnt make you a christian...the day i was to be confirmed in the methodist church 28 years ago i was not ready i realised this and told the minister...it broke my parents as i walked away...they thought they had done the right thing seding me sunday school etc.

in december last year i had an experience at makro springfield which almost bought me to my knees in the ilse...i was told afterward it was a message from god and very few people ever get to experience it.

i have so much to learn and so many questions to ask.

[desA]

Please don't set your eyes on people, no matter how good them seem to be at the time, or what they seem to say. People will always lead you down the wrong path & disappoint you. This includes all types.

Focus upwards, pray & communicate with the One whose voice you know, & Who knows your heart.

We can talk more by pm - I don't want to take up TFSA's bandwidth, in case it offends others out there. We're on a business site & I don't want to overstay my welcome.

You take care murdock. You'll be in my prayers.

[Marq]

These insurance policies be they life cover, disability, PI or any other name that they care to come up with appear to be no better than the various scams and cons that are out there. We always have a wobbly when someones pension plan or life savings is robbed. We really get excited when someone is left destitute and groveling because of an accident where the road fund or some related insurance just like Murdock's is told. Partners disappear with your half of the profits or fraud cripples you and the cover you thought you had does not come forth. It would seem this insurance game is just a legal licence to con and rip the sheeple from their hard earned takings.

I have yet to hear any solid good story to come out of one of these types of insurance. Every time we hear of endless clauses that dont make sense or stuff that wasnt covered. The insurance companies will tell about the time they got ripped off and thats why you cannot claim now. Its a common thread throughout their existence.

The only policy that I currently pay for is a PI policy for professional cover, to actually cover anybody else that I may rip off. It had specific clauses that actually exclude me from being covered. Its part of my annual fees to the association that I have to belong to to practice and there is no way that they will waive the premium.

I cancelled all other policies - saved my premiums and built up my own funds from that which seem to be more than anyone else had managed to recover when claiming from these professional con artists.

[desA]

I cancelled all other policies - saved my premiums and built up my own funds from that which seem to be more than anyone else had managed to recover when claiming from these professional con artists.

That is some of the best advice I have heard in a long, long time.

[murdock]

talking about the road accident fund...i forgot to mention...if you are involved in a motor vehicle accident and you are the only person involved...ie slide off the road and hit a tree and you a paralysed from the accident you are not covered by the road accident fund...i bet you didnt know that...i found this out when i put in my claim...not even the scavengers laywers would waste their time taking on the case to fight the road accident fund and get their huge cut which they normally take...they said it was a no win case period.

[desA]

That is incredible.

To put some balance to this kind of thing, do you know what the price of a life is in Thailand, if a speeding driver tee-bones & kills a person on a motorbike?

THB30,000 ~ R7,500. Paid out by the road accident fund.

[Dave A]

I cancelled all other policies - saved my premiums and built up my own funds from that which seem to be more than anyone else had managed to recover when claiming from these professional con artists.

That's some hefty exposure you've got there, Marq. I looked quite closely at the prospects of doing something similar - the snag is one of my guys tee-bones a fancy Merc and then...? Without a knock-for-knock agreement covering the value of your own vehicle is the least of your worries. It's a pretty good argument for having at least balance of third party cover on vehicles (or not being worth a dime).

My philosophy is business (and life for that matter) comes with risk. What you want to cover with insurance is the stuff that could wipe you out.