Who is Prime Meridian Insurance?
Prime Meridian is an insurance provider that caters to both long and short term insurance needs. Meridian insurance is part of the Palaeo Financial Services Group, which has been doing business in South Africa since 2002, and is also a member of the Direct Marketing Association of South Africa. According to their website, Prime Meridian operates with full transparency and designs their products to give their clients sound insurance at affordable rates. The company is also referred to as Prime Meridian Direct Insurance. The underwriters of Prime Meridian Insurance (the company that backs them) are RMD Structured Insurance.
Where is Prime Meridian Insurance Located?
Prime Meridian Insurance is located at Prime Meridian House Bryanston, Gate 170, Curzon Road- on the corner of Homestead Avenue and Main Road, Bryanston, JHB. Their mailing address however is Postnet Suite 430, Private Bag X51, Bryanston 2021.
What Services Does Prime Meridian Insurance Offer?
Prime Meridian Insurance South Africa concentrates on three areas of the consumer insurance market: life insurance, car insurance and hospital insurance. In this article, we will focus mainly on the Prime Meridian life insurance policy.
Prime Meridian Life Insurance ("Prime Living Legacy")
The Prime Meridian Life Insurance policies go under the name of “Prime Living Legacy”.
The financial amount of coverage that you will get with a life insurance plan will depend on your monthly premium, however individual and family coverage ranges from R11,000 to R300,000.
Your premiums will be dependent not only on how much coverage you wish to have, but also on whether you want individual or family coverage, on your age and on a few additional factors such as your health. In the case of family coverage, the age of the oldest family member will be taken into account as one of the main factors.
The notable features of Prime Meridian’s life insurance policies (“Living Legacy”) are as follows:
- The policy pays out in a lump sum (meaning one full amount and not in small payments), which means that you can use this to cover immediate expenses including funeral expenses;
- Death coverage is immediate, with no waiting time, whether death occurs through illness or accident;
- Coverage can be had for as low as R2 a day (terms and conditions apply);
- In the case of terminal illness, 75 % of the insured sum will be paid upon receiving a diagnosis;
- Family plans can cover both partners plus up to four children;
- Automatic protection against annual inflation;
- No required medical exams, and you cannot be turned down for a policy,
- All cash benefits paid out due to the Prime Living Legacy policy are tax free.
How are the Customer Reviews for Prime Meridian Insurance?
The review website “hellopeter” shows 107 reviews for Prime Meridian Insurance in the last year, of which the majority are negative. These reports mention claims not being paid out and customer service. Nevertheless, it is important to note that the above reviews refer to all of Prime Meridian's products (including car and hospital insurance), and that most of the complaints were about car insurance. Additionally, 107 reviews is a very low amount compared to the amount of average reviews that the insurance companies receive – therefore, it is difficult to reach an objective conclusion regarding their level of service in this regard.
How User-Friendly is the Prime Meridian Insurance Website?
In terms of finding information quickly and easily, the Prime Meridian website was very user friendly. Unlike many sites offering life insurance quotes, Prime Meridian doesn't overwhelm the user with complicated tables and explanations. We found it fast and simple to find out exactly what a policy would cost us and what our options were. There isn't a lot of irrelevant information on the site, which is both a good and a bad thing. As stated, this means that you're not overwhelmed and can easily find costing, but it also means that there's little in depth coverage of what your policy will actually cover, what any exceptions may be, and other explanations that we'd like to see before making a decision.
Our Conclusions
Prime Meridian offers a simple and easy to understand life insurance plan under the name of Prime Living Legacy and their website is fairly user friendly. As for their level of customer service, it would be unprofessional to reach any conclusions based on the information we currently have. If you have experience with the company, feel free to share in the comments section here below.
As always, we suggest that you get at least 2 life insurance quotes before making your decision. You can do this by simply completing the form on the top right. Also, don't forget to read addiitonal reviews about other insurance companies in South Africa before you decide.
* Disclaimer: We do not represent any of the companies, products and/or services reviewed, published or advertised on this website. Nor are we financial, health or insurance professionals or services provider. If you request a quote or purchase a product/service, it will not necessarily be given by the company reviewed on any specific page. Any decisions you make based on the information presented is at your own discretion and we advise that before doing so, you consult with the relevant professional.
Main Subject: Prime Meridian Insurance
