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Call for caution as anger against Old Mutual swells

todayMarch 11, 2024 620

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As anger continues to swell on social media over how insurance company, Old Mutual, has been treating its customers, a wealth and investment expert says people need to get advice on which policies to take out.

The remark comes off the back of the recent fallout between a client and Old Mutual.

In a series of posts, Sebabatso Molefi accused the insurance company of defying a court order and refusing to pay her mother’s pension fund worth R3 million.

In response, many other customers also took to social media to share their jaw dropping experiences with the institution.

#OldMutualMustFall is also trending as some South Africans consider their options and threaten to cancel policies with the insurance company.

Speaking to Y, CEO of Inkunzi Wealth Group, Owen Nkomo, however, cautioned the public to read the fine print when seeking to transfer their policies.

He says while the risks may be prevalent with many other insurance companies, the option to shift policies does exist.

 

 

Nkomo says people need to seek professional advice on which policies would be suitable and also which companies to go for.

He says most of these companies sometimes want to pay out as little as they possibly can.

Nkomo says clients can refer the matter to the Insurance Ombudsman if they believe they have been wrongfully denied of their claims.

Following the backlash and the company trending the whole weekend, its market share price dropped.

The company allegedly also sent out a internal memo to employees to refrain from commenting on the matter.

The company also took to X, to say they are dealing with the matter.

Many South Africans have been sharing their stories about Old Mutual which they also say they were treated unfairly by the company.

 

 

 

 

 

 

Written by: Nonhlanhla Harris

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