On the 16th of February 2004, I entered into an agreement with Demerara Mutual Life Assurance Company by signing onto an endowment policy.
This super anticipated endowment policy entitled me to four payments, broken down through five-year periods. I received my first payment in 2009, and my second in 2014.
When I went to collect my third payment in February 2019, I received $42 680, instead of $50 000 which was due to me. No explanation was given for the deduction or incorrect payment. On querying, I was told that my premium was out by four months dating back since 2013 and also late deductions were made when I signed the policy. This explanation is absolute rubbish.
Editor, I wish to put the following questions to the Demerara Mutual Life Insurance Company:
1. Why did I receive full payment in 2009 and 2014 when my premiums were outstanding?
2. Why was I not told about my indebtedness before I went to collect my cheque in February 2019? Prior to February 16, 2019, I went into the company to check on the status of my premiums and was told that everything was ok.
Additionally, my premium is $1 410 monthly. If Demerara Mutual Life is alleging that I owe four months then $5 640 should have been deducted not $7 320 as was done by the company. My question is where is my money? Something is not adding up. I need a document from the said insurance company justifying their claim as against mine. At this point, I wish to alert my fellow policy holders to pay keen attention to their premium history to avoid this distasteful situation.
I need answers immediately from this company for my short payment.
Orelle P. A. Levans