[LISTEN] Why you should be vigilant when paying for funeral policy

A medical doctor discovered recently that she’d been paying for a funeral policy for 20 years, thinking the debit was for a retirement annuity (RA).

Dr Zonke Mlokoti-Fikeni's mother died four years ago and she didn’t claim. During that period she did not get any notifications because she moved from her home shortly after taking out the policy and no-one contacted her.

Liberty has however agreed to pay a R22,000 funeral claim for her mom and premiums of R17,000, retrospectively, but she’s not getting any refunds.

While she will now claim her mother’s funeral benefit, she has paid more than R100,000 since 2000.

She shares her story:

In 1999, my father died and at the time I had started working. After that funeral, January 2000, that is when the policy was signed. I lost track of it and forgot about it totally thereafter.

Dr Zonke Mlokoti-Fikeni, Medical doctor

The reason I thought it was an RA, later on in the years I had taken an RA policy with Liberty. So for me, whatever I was paying Liberty was not for a funeral policy.

Dr Zonke Mlokoti-Fikeni, Medical doctor

Consumer journalist Wendy Knowler says Mlokoti-Fikeni possibly missed it because the company escalates the amount 15% per annum.

You can see how the amount is perhaps not recognised by the person because it is changing quite drastically every year.

Wendy Knowler, Correspondent - Consumer Talk

Mlokoti-Fikeni has advised listeners to be vigilant.

If you're not quite sure what the debit order is for, try and phone the company and make sure that you understand very well what you are paying for.

Dr Zonke Mlokoti-Fikeni, Medical doctor

Knowler says an insurer should send annual notifications to their clients.

My question to the insurer was that given that the postal system has become very unreliable, surely there is an onus on insurer to source email addresses or cellphone numbers from clients. And where is the broker?

Wendy Knowler, Correspondent - Consumer Talk

There is no justification for a company to be relying on a postal service... alone.

Wendy Knowler, Correspondent - Consumer Talk

Click on the link below to hear the full conversation...


This article first appeared on 702 : [LISTEN] Why you should be vigilant when paying for funeral policy


Recommended

by NEWSROOM AI
Read More
Choose your car dealer VERY carefully - consumer journalist Wendy Knowler

Choose your car dealer VERY carefully - consumer journalist Wendy Knowler

Consumer journalist Wendy Knowler says the law is quite clear when it comes to the responsibilities of car dealerships.

How your psychiatric meds may affect your ability to drive

How your psychiatric meds may affect your ability to drive

Occupational therapist Rozanne Groenewald suggests taking a 'fitness to drive' assessment.

Over 50? New report says you're likely to have been a victim of ageism at work

Over 50? New report says you're likely to have been a victim of ageism at work

A new report claims discrimination against workers above a certain age is at an all-time high.

[LISTEN] SA artist Mmakgabo Mapula Helen Sebidi on the importance of hard work

[LISTEN] SA artist Mmakgabo Mapula Helen Sebidi on the importance of hard work

Sebidi is currently working with the next generation of artists through her residency at TUT’s fine arts department.

Considering a postgraduate degree? Here's what the experts say...

Considering a postgraduate degree? Here's what the experts say...

Azania speaks to the Independent Institute of Education's Nola Payne about the benefits of postgrad study in the current climate.

[WATCH] Zoë  Modiga performs jazz classics and her own music

[WATCH] Zoë Modiga performs jazz classics and her own music

The singer/songwriter joins Relfiloe Mpakanyane in studio for this week's Friday Profile and 702 Unplugged.

Popular articles
Surfer comes up with insp-EYE-ring way to ward off sharks - take a look!

Surfer comes up with insp-EYE-ring way to ward off sharks - take a look!

Large eye stickers are being stuck to the bottom of surfboards in order to deter sharks.

'Ramaphosa wants to find ways to force pension fund managers to invest in SOEs'

'Ramaphosa wants to find ways to force pension fund managers to invest in SOEs'

Daily Maverick associate editor at Scorpio Sikonathi Mantshantsha takes a look at the week's financial news.

[WATCH] Here's the purported ANC letter Maimane revealed during Ramaphosa's Q&A

[WATCH] Here's the purported ANC letter Maimane revealed during Ramaphosa's Q&A

The 2014 letter on an ANC letterhead signed by then TG Zweli Mkhize thanks Bosasa's Gavin Watson for a 3 million party donation.

Lion cub worth R50k rescued from house in Cape Town

Lion cub worth R50k rescued from house in Cape Town

The feline was found by detectives at a property in Athlone on Wednesday following a tip-off.

[WATCH] Ndlovu Youth Choir shines once again with latest AGT performance

[WATCH] Ndlovu Youth Choir shines once again with latest AGT performance

The inspiring South African choirU2's Beautiful Day at America's Got Talent quarter-finals.

SA’s richest woman opens up about being a refugee and becoming a billionaire

SA’s richest woman opens up about being a refugee and becoming a billionaire

Magda Wierzycka – Sygnia’s renegade CEO – on her attitude toward money (hopes and fears, successes and failures, etc.).

Mystery solved: Why smelly, blue sewage has been leaking into Cape Town forest

Mystery solved: Why smelly, blue sewage has been leaking into Cape Town forest

The reason for the leakage has been revealed, explains Table Mountain Aerial Cableway MD Wahida Parker.