Momentum announced that it is ready to start implementing minimum values to qualifying policies in terms of the Minimum Standards Agreement by 01 December 2006, as agreed at the Life Offices Association (LOA) board meeting held yesterday, (22 November 2006).
Said Nicolaas Kruger, Head of Group Business: "Momentum fully supports the main objectives and minimum values encapsulated in the statement of intent. We believe the implementation of the Statement of Intent is an important step to improve consumer confidence in the insurance industry."
The enhancements to be honoured are in line with the minimum standards agreed upon in a Statement of Intent agreed by the LOA and National Treasury in December 2005.
Kruger continues: "We recognise the benefit of improving value when early termination is unavoidable, however we want to encourage policyholders to continue with their policies till maturity to maximise value for money. We believe that long-term savings are integral to prosperous financial planning."