I have two loans with Bayport. In terms of the agreement, you can change your credit life insurer. Bayport use Hollard as underwriter. I contacted Bayport Customer service and informed them that I want to change to Old Mutual who offered me a premium that is 400% less per month. I mailed the new contract (Old Mutual) to Bayport and they responded that the new policy should be equivalent to the Hollard policy, meaning it must include dread disease and retrenchment. With Hollard I did not go for any medical tests, while Old Mutual at least did a basic test before approving the policy. I am a government employee and cannot be retrenched, but can only be dismissed or go to jail for corruption, and in those circumstances, Hollard will not pay any claim. WHY do I then need retrenchment cover?? I would like Bayport to answer on this.
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