My husband died unexpectedly of a heart attack in June 2012. 18 months prior to his death he registered a bond with SA Home Loans to purchase our home. The Life Insurance was with SA Home Loans life. He received a sales call regarding the insurance on the bond, He was told that if he died within 24 months after the bond being registered of a pre-existing chronic condition, the policy would not pay out. My husband asked "Do you mean a condition like Cancer or HIV? " & the reply was yes. My husband had AF (Irregular heart-beat) and he (nor I) believed that fell into the chronic condition (Cancer & HIV) category. (I have a recording).
When I contacted SA Home Loans after my husband died, I was advised that they would not settle the outstanding bond.
I was devastated. It meant losing my house; I tried for almost a year to receive at least some compensation but to no avail. I'm afraid that words can't express my disgust at the way Insurance Companies strive to avoid paying out claims.
SA Home Loans is financially very stable and is affiliated to Standard Bank as far as I am aware. To them, however, I was just a means to make their financials look better & as a result I lost my home
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