I was one of the lucky ones who checked my mother bank account and found that she had being paying for a funeral plan for the last 6 years which would in the event of her dying pay out R5000/R7000. She had already payed R12 500 by the end of this year! It went up by 10% every year!
She only gets R2200 a month pension and a forward sales person sold her her plan which she obviously cant afford. As they said to her "its peace of mind for your family"... actually its a rip off for the poor and elderly.
I am canceling this plan today and she will sadly loose her R12000. At her age, 73, to have to go through the stress of these sales people and figuring out finances I can see how easy these companies like clientele are making a fortune out of the less fortunate.
What if she continued paying for another 6 years, it would have being over R30000 that Clientele would have pocketed!
She never queried the high payment because you have to call a JHB number
If you have an elderly parent please check that they to are not caught up in this.
We have opened her a saving account that she can have access to her saved money and actually have some benefit other than handing it over the pit.
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