I called Outsurance for life insurance. The sales person made the product sound to good to be true (should've known better) saying the premiums only increased at 2, 5% p.a. When she emailed me the policy schedule I noticed that the 2, 5% was only for a period of 5 years, where after it increased to 5% and there after again to 7, 5%. I emailed her directly stating that I wanted to consider the policy before any premiums be deducted. Low and behold I got a notification the next day from my bank that despite my instructions not to, they deducted the premium together with a R 150 'admin' fee! I contacted the sales lady whom told me that 'she was not at work the previous day when I emailed and did not see the email' so that's why they deducted the premium!! I called Outsurance to cancel the policy and demand immediate repayment they deducted. I was told that they will cancel the policy immediately but they are not going to refund the whole amount which they debited as they deducted money to cover me -FOR A WHOLE TWO DAYS they deducted - R250! Beside this, I was informed that I will only receive repayment within 30 DAYS! Unacceptable! Have they ever heard of a cooling off period!!!
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