I switched insurance companies from Old Mutual at the end of February 2013, and thought I should be refunded the debit order that was still taken by them on 1 March (payments are in advance).
Not so, it seems. After numerous enquiries it appears that notice of cancellation was received too late for the premium to be refunded - on 1 March! Apparently it would have been fine if the notice date had been 28 February. I can't find any mention of this stipulation (or of any notice period for that matter) in my policy contract, and it makes no sense to me. Surely an advance payment can still be refunded!
I have a huge problem with Old Mutual taking my money for a month in which I didn't need cover, and find it staggering that they'd refuse a refund of less than R300, and rather risk the bad goodwill the situation creates.
Being employed in the financial arena myself, I'd find it hard to recommend Old Mutual to clients after this unpleasant experience.
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