HAVE WE WAITED LONG ENOUGH?

I’m asking if I may get help from somewhere. My issue is that my mum insured her mum at her bank and their waiting period is 5 months. Mum opened the policy on the 13th February, 2023 and they started to debit the money on the 26th March. Her mother passed away on the 27th July and they refused to do a claim saying she was not qualifying.

Is it possible?

Unfortunately it is. Firstly, I’m very sorry for your loss. Whenever you take out an insurance policy, it’s critically important that you read and completely understand the terms and conditions. Anyone who has seen an insurance policy will know that the T&CS can be very long, very complicated and difficult to understand. However, it’s the job of the insurance company or the broker or agent that sold it, to explain the things that really matter. One of the most important things that matters is the waiting period that most policies have. Whether it’s a life insurance policy, a vehicle policy, a funeral plan or a medical aid, it’s incredibly important to completely understand the waiting period before you can claim.

I contacted the bank and they told me that the “policy commencement period is valid 30 days after the 1st payment and in this case the first payment was deducted on 26th March, therefore the 1st month of the policy is effective from the 26th April, counting 5 months, therefore by July the policy waiting period had not lapsed”.

Unfortunately, according to the small print in the policy, your grandmother passed away only 4 months after the commencement date so they don’t need to pay anything. I’m sorry I don’t have better news.