I took out my first policy with Old Mutual in 1979 - a Retirement Annuity with Death Benefits. On 14 October I received an emailed update statement on the RA that only declared the Death Benefit and made no mention of the RA value payable in 2017. As this is an RA, I expected that I would receive an update on the RA value with the Death Benefit as a secondary line item. I logged a polite protest with Client Services and received an updated value of the RA estimates from Nicole Jacobs six days later!
Now what is really interesting and annoying is that all the correspondence I receive from OM includes a client satisfaction rating request, namely, "Would you recommend Old Mutual to friends and family? Please rate us on scale of 1 - 10".
On every single rating request I have rated OM as "1", i.e. I "would not recommend". This is because, in my opinion, OM has indeed placed its shareholders interests head of it's policy holders. In this regard Nicole Jacobs responded "I have referred your enquiry regarding the feedback section which is completed for investigation and I will provide you with a response when I have received it"... 11 days later no response! QED! My advice "Avoid OM"
0 comments