First National Bank
FNB Loans don't accept FNB Life Insurance Policy

We have three personal loans with FNB and one personal loan with Nedbank.
We took out a Life Insurance Policy with FNB with death, incapacity and retrenchment benefits (full policy).
Nedbank accepted this FNB Policy and cancelled their own life policy which was connected to the loan.
Policies or customer protection plans only last for the life of the loan which means you waste your money. With a life insurance the policy continues after the loan has been paid and will be paid to a beneficiary.
We approached FNB to cancel the individual policies on the loans and to add them to the FNB Life Insurance Policy.
FNB refuse to accept their own Life Insurance Policy to cover the three loans. I would like to know how this is possible that Nedbank accept your policies but you don't? Is this a money making racket?
Apparently we aren't the only people complaining, a customer has already won his case with the Ombudsman regarding FNB and not accepting their own policies.
As a customer of over 20 years I demand to know why this is!

Company: First National Bank
Country: South Africa
City: Personal Loans

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