MORRIS Zondo from Lufhereng, Soweto wants to know why his beneficiaries will not receive any benefits from his Liberty Life policy when he dies and if the policy makes provision for a funeral payment.
WHAT I DID
I contacted Liberty Life to advise on the type of policy Morris has taken out.
Liberty Life said the policy is a compulsory escalating life annuity that pays him a monthly amount. It does not have beneficiary details, so it will cease on the customer’s death. Nor does it have a funeral benefit. The agent called the customer to explain and Morrissaid that he understood the terms of his policy and was satisfied with the explanation.