Outsurance Life Cover

[kanzen]

So here's my situation which I'd like to get a second opinion on.

I applied for a bond through FNB who then handed my details over to Outsurance for life cover. I found a better rate at Metropolitan and decided to go with them. I also signed the cession of life policy to show proof that I've found an alternative, but now that I want to cancel the Outsurance policy I'm forced to provide that cession even though the bank has accepted my own policy.

Do I need to send the cession of life policy to Outsurance to cancel theirs?

 

[Lupus]

I think you do yes, as they were signed up with that bond

 

[pjp]

As FNB has requested you sign a cession for your policy. This to make sure that if you die, they can recover the balance of your bond form that policy, before any heirs. If you change the insurer, you need to provide proof from the new insurer - to FNB - that you have a cession on that policy. It really is no big problem and your broker should sort this out.
<spam removed>

 

[halfmoonforever]

As FNB has requested you sign a cession for your policy. This to make sure that if you die, they can recover the balance of your bond form that policy, before any heirs. If you change the insurer, you need to provide proof from the new insurer - to FNB - that you have a cession on that policy. It really is no big problem and your broker should sort this out. <spam removed>

Now that you've finished punting your services, please note that the OP already gave FNB the proof, it's Outsurance that wants a copy of the cession now to cancel the life policy.

IMO Outsurance can go to hell, you already proved to the bank you have a new policy, they should just cancel the policy outright, if in doubt, speak to your banker and push this higher up the chain because once the bank has proof of your new policy, the old one can get cancelled and the insurer can't force you to prove you have a new one

 

[kanzen]

Now that you've finished punting your services, please note that the OP already gave FNB the proof, it's Outsurance that wants a copy of the cession now to cancel the life policy.

IMO Outsurance can go to hell, you already proved to the bank you have a new policy, they should just cancel the policy outright, if in doubt, speak to your banker and push this higher up the chain because once the bank has proof of your new policy, the old one can get cancelled and the insurer can't force you to prove you have a new one

Thanks, I get the feeling they're trying very hard to make my life difficult just so that I wouldn't cancel. I'm happy to get the proof for the cession of life policy - then they can't do anything about it.

Outsurance is nothing but a rip...they're charging me double what Metropolitan charges.

 

[halfmoonforever]

Thanks, I get the feeling they're trying very hard to make my life difficult just so that I wouldn't cancel. I'm happy to get the proof for the cession of life policy - then they can't do anything about it.

Outsurance is nothing but a rip...they're charging me double what Metropolitan charges.

they're most likely pressing you for a cession to see how much you're premium is now to try and counter it with their own

 

[kanzen]

Just an update:

I managed to get a cession release form and sent that through to FNB, but they came back saying there's no record of that policy on their system.

The only way to cancel is to get some form of document proving that there's nothing on their system...the guy I'm dealing with at FNB doesn't seem to get it. He ended up sending an email instead of providing a document which isn't sufficient.

 

[PotatoGuardian]

they're most likely pressing you for a cession to see how much you're premium is now to try and counter it with their own

^this. Cancelling with outsurance was one of the worst experiences I've ever had and will never use that company again. They got aggressive on the phone and wouldn't let me go even when I kept saying "I just want to cancel" over and over.

Just to understand, have you actually signed a policy with Outsurance? If not, why not just eff 'em. If you really do need it, Metropolitan should be able to provide you with the docs?

 

[kanzen]

^this. Cancelling with outsurance was one of the worst experiences I've ever had and will never use that company again. They got aggressive on the phone and wouldn't let me go even when I kept saying "I just want to cancel" over and over.

Just to understand, have you actually signed a policy with Outsurance? If not, why not just eff 'em. If you really do need it, Metropolitan should be able to provide you with the docs?

The policy on Outsurance side is ceded because FNB automatically provided them as my insurance for the bond. They now need FNB to say there's no longer a cession on the policy.

I've sent Metropolitan docs to Outsurance, but they say it needs to be released on FNB side - who only have Metropolitan on record.

 

[xrapidx]

Tell them to #%#$#-off - and if they debit you again, have FNB reverse it. If FNB refuse, start looking for a new bank.

 

[PotatoGuardian]

The policy on Outsurance side is ceded because FNB automatically provided them as my insurance for the bond. They now need FNB to say there's no longer a cession on the policy.

I've sent Metropolitan docs to Outsurance, but they say it needs to be released on FNB side - who only have Metropolitan on record.

Complaining on twitter sorted me out. Try that avenue or facebook, FNB usually responds quickly. You don't want a situation where it's a pain and have to fight for stuff.

On the other hand if you are dealing with a specific person and they aren't helpful, ask to speak to a supervisor