Question posted in the Insurance Law category relating to Western Cape
Question value: R 0.00
Hello, I am a beneficiary to a life insurance policy in South Africa. I am a South African national, but currently live in Canada. My husband has a bank account in South Africa, but I am currently not on the account as I haven't been back to do it in person. The insurance company is refusing to deposit the money into his account with my authorisation and I do not want it deposited into a Canadian bank as I need to pay bills in South Africa and the exchange fees are very high. There is also another beneficiary, the executor of the estate, who could receive the funds. I am at a stalemate with the insurance company. Can they legally require me to have a bank account in my name to be able to receive the payout? Thank you!
Answer to the Question
I see that you haven't made a payment for the question, but I'm going to assist you a little. If you want to ask a follow-up question, please make the required payment.
I assume that the company is willing to make the payment to you into your Canadian bank account? But you just don't want them to.
There is no reason why the company should not act on your original written instructions to effect payment into your husband's South African bank account.
Perhaps what is needed to break the stalemate is for a lawyer to write a letter to the company demanding that they comply with your instructions and make the payment into your husband's South African bank account, alternatively into the lawyer's trust banking account.
Please remember this is a dialog if you have follow-up questions please make the required payment, then use the REPLY button and ask your further question. I would like to continue assisting you, but I need to concentrate on people who make payments for their questions.