I took a personal loan through African Bank in October 2013. When i took the loan, I informed the consultant that I had existing life and salary protector policies and that I didn't want the credit life policies. She indicated that I can always cancel the credit life policy, as the refusing to sign the credit life agreement would result in a delay in the loan process. As the loan was urgent, I signed the agreements. I contacted African Bank Insurance now and supplied them with policy documents for my Life and Salary protector policies. They responded and said that the following 2 components are not covered by either of the policies, therefore they cannot cancel the policy.
i. Temporary Disability
ii. Short Time and Compulsory Unpaid Leave
I requested a quote for a policy only covering these two components and was told that I cannot take a policy for these components only. I am paying R513 for cover that I am unlikely to use ever (I do not work for an hourly rate and is unlikely to need the short pay or temporary disability benefit). By the time the loan is paid off, I will have paid in excess of R30000 for the insurance - my loan was only R40 000! no other company requires thi
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