We contacted Old Mutual for an update on our policies at the beginning of May this year and they referred one of their consultants to us. She said our policies were outdated and she would convert them to Greenlight and Max Investment policies and during the change-over we would not have to pay premiums. Five months later our policies were still not converted. We now each had 2 old policies as well as Greenlight and Max Investment policies. Our old policies were eventually made paid up due to "arrear instalments". We went to see the consultant's superior who referred the matter to their actuary department. The outcome was that they would cancel the new policies, refund the premiums to us and re-instate the old policies without us having to pay arrears - Old Mutual would bring them up to date and calculate interest lost as this was Old Mutuals fault. This would take 2 days after signing the consents. Once this had been done they would look at something better for us. We signed the consents to do this on 30th October 2013. We are now being told that each step of the process has a waiting period and that they are not going to refund the premiums. It has now been 7 months!
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