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.