I recently received an SMS ad from the South African life insurance company 1 Life, offering, “Get R10m of life cover from as little as R120 a month WITHOUT medical exam.” But after applying for this cover, I was offered just R2m of cover at a cost of over R1000/month. Needless to say, I consider that the original ad was extremely misleading. I laid a complaint with the Advertising Standards Authority, and I am happy to say that the complaint has been upheld – 1 Life has been found to be in contravention of the ASA code of conduct. See the full ruling here (pdf).
For me, it’s pretty clear that a company that cannot be trusted to advertise with honesty and accuracy probably also cannot be trusted to pay out when a claim is made. Kudos to the ASA for their quick and efficient ruling.