I reviewed the policy document and sent her the email as follows;
 
“Please note that this is NOT true life cover. So they will only pay if you die in an accident because that is what non-natural means. If you die from an illness, they will NOT pay”.
 
When she received my email, she phoned the bank and they confirmed that yes they will pay if she dies in an accident or is shot or stabbed, but they will NOT pay if she dies from natural causes. She was not pleased with this because the truth is, she does not know how she is going to die. She has since cancelled the policy.  
 
So please help your parents and other loved ones and double check that indeed they have life cover. 

Her daughter is my customer and as is usually the case, the asked me to help her mom with her own financial planning and to help her draft her Will. Her mother needs time to recover from the shock of the bad news before we carry on. The daughter told me, “ as sad as it is, I am happy that we found out now. It would have been worse if we only found out when we were claiming one day”. She went on to inform me that her mother is very upset at the moment so we will wait until she lets us know what she wants to do next.

Summary of her Policy Document

This document is important as it contains all the information you need to know about the Life Cover: Non-Natural
insurance that you have bought through Standard Bank. The details will also be valuable if you have to submit a
claim. Please make sure that you are aware of all the details in this document relating to the insurance that you
have taken with Standard Bank.

Life Cover: Non-Natural
Underwritten by : Liberty Group Limited (“Liberty”)
Payout : R1,000,000.00
Start date : When the first payment is made
Monthly payment : R296.00

If you die, we will pay: R1,000,000.00 to XXX [daughter’s name]