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Q&A: How can I find out about an old policy I don’t have any information about?

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Q&A: How can I find out about an old policy I don’t have any information about?

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Q: Hi Sonwabile, I need your help bhuti. My father passed away 8 years ago, I was 12 when he passed on. I believe he set up an investment or policy in my name before he passed. My Mom doesn’t know the details but was told there is a policy. How can I find out or access the money, I don’t know where to start.

A: Hi Sisi, you will be delighted to learn that there is away to access such information. Many brokerages are required by law to get what is known as a Policy Authorisation Letter or (Broker Authorisation Note – terminology differs from company to company) from clients, whereby a client provides their ID number and signs a letter giving said brokerage the authority to access any information with most financial service providers. The industry has since evolved and it is one of the most prominent tools currently available to use – to get a holistic report of a client’s portfolio. Once the brokerage has been able to identify where the policy is, they can then assist the client in making a withdrawal, as is the case with the reader’s question.

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Sonwabile Mdondolo

Sonwabile is a Regional Wealth Manager at Inkunzi Wealth. He regularly comments about money-related matters on various newspapers, radio and television. Sonwabile runs a popular Facebook Page (Ask Sonwabile) that tackles individual questions about money and wealth.

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