MAILBOX: Insurers who did wrong have no shame, despite changes in the law. Please help.

MAILBOX: Insurers who did wrong have no shame, despite changes in the law. Please help.

A retiree says opaque ‘legacy’ insurance products destroyed her annuity and now push her husband’s cover towards R10k/month. Ombud rulings failed—any way out?
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Every now and then, an email lands in my inbox that stops me cold. Jenny Dugmore’s story is a heartbreaking reminder of the "legacy" products that continue to haunt so many South African retirees—financial instruments sold decades ago with fine print that only reveals its teeth when you are most vulnerable. From the destruction of her retirement annuity during the Fedsure/Investec era to a life insurance policy where premiums have skyrocketed from R30 to nearly R10,000 a month, Jenny feels trapped by a system she believes was designed to bleed her dry. She has tried the Ombudsman twice, to no avail. I know the BizNews tribe includes some of the sharpest, most ethical financial minds in the country. I am appealing to you today: Is there a way out for Jenny? Is there a regulatory angle or a restructuring option she has missed? If you have the expertise to guide her where the official channels have failed, please get in touch. Let’s see if we can help her find some justice. - Alec Hogg

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