Sanlam
Termination Charges!!

In early 2008 I took out an Endowment plan with Sanlam. I was made aware that I will be able to terminate and remove the money from this Endowment after 5 years without suffering any alteration charges. The initial quote which I received, reflected exactly this. I accepted this policy from my broker based on this quote.

Now that 5 years have lapsed, Sanlam tells me that my policy does carry alteration charges should I wish to terminate the plan now and withdraw my money.
Sanlam has no documents which suggest that I did accept these new alteration charges. Neither does Sanlam have any signed documentation from me (not even a signed copy of my policy!).

I wish to terminate my Endowment now as I would like to use the money that I have saved. My plea is that, given that I accepted this Endowment based on the original quote, I should not be liable for alteration charges after April 2013.

I have submitted a Declaration to Sanlam. A Maresa May responded to me after some weeks advising that Sanlam cannot waive the alteration charges (even though they have no signed acceptance from me of these alteration charges).

I have asked the Long Term Insurance Ombudsman to investigate.

Company: Sanlam
Country: South Africa
City: Johannesburg

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