Old Mutual
Single worst investment made in my life!

I'd advise anyone to go and carefully review your policy. After a call from a call centre agent, concerned about my savings and trying to bump up my installment, I got suspicious. He claimed after saving for six years, I had very little funds available. Further investigation led to me understanding that I signed a document giving them the right to recover outstanding payments from a life insurance policy if unpaid. Only after my savings runs completely dry, they would contact me arrangements. I feel after 6 years of saving and have barely noting to show for it, I'd rather hide my money in a mattress. The policy has been cancelled and the installments still continue. Come Monday I have to spend hours on hold, trying to speak to one of their few agents to try and find out why a cancelled policy is still my hard earned cash. I'm not saving for a house or a car, I'm saving for my children's education. Just to put this in perspective: if I saved 2000, they take 1000, and leave me with a 1000, after cancellation I get paid out 400. I urge everyone to check their account and ensure that they are actually saving!

Company: Old Mutual
Country: South Africa
City: Gauteng

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