According to a recent survey in the United Kingdom, an estimated three million former smokers were overpaying on their life insurance premiums in that country alone. This amounted to a total overpayment on premiums of GBP 316 million, or to put things into perspective, almost R5 billion.
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Metropolitan Life Insurance
Metropolitan Life Insurance is one of the largest insurance-based financial services providers in South Africa with its target market as the lower and middle-income markets. The company has in the recent past merged with Momentum to form what is now known as MMI Holdings.
Life Insurance
Life Insurance is one of the most popular and best ways in which people in South Africa plan for their financial future. In terms of a life insurance policy, the person being insured is required to pay a premium for a specific period of time or for his entire lifetime and in return, the insurance company undertakes to pay a certain amount of money in accordance with the conditions set out in the policy document.