Hi There
In 1994 i bought a house and the bank need a life insurance to cover the bond. After that i needed a overdraft facility for my company's account so i seeded it the life insurance to nedbank as surety. And in 2010 i could no longer pay the amount of the policy as it was escalating 15 % per annum. So i contacted NEDBANK to get it released and the only way they would released it would be if they take away my overdraft for both my account. At that time the cash value of life insurance was R29, 000.00. I called the broker who sold me the policy and he's told me that I should not worry as the life insurance will always have a death value so that set my mind at ease. After 2 years i got a letter from old mutual that my life insurance have lasped meaning it is worth nothing. I called the call centre and no one could help me. After that i called my broker again and he told me the that he would get back to me which he never did after a week i called him and he said that he is not int rested. So i contacted their complaints and the lady told me that their is nothing left my life insurance it paid itself for the last 3 years and it is now depleated .and its worth absalutly nothing
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