Momentum agrees to R2.4m payout for Nathan Ganas’ family

In a surprising turn of events, insurance company Momentum performed a U-turn on Tuesday evening and agreed to pay out the life insurance policy of Nathan Ganas.
The 42-year-old father was murdered by hijackers last year. However, Momentum would not cough up the R2.4 million fee, as he’d previously failed to declare a pre-existing medical condition (high blood sugar levels).

Momentum agreed to pay full insurance amount to Ganas family

After painstaking efforts to explain why they could not compensate the Ganas family, a wave of social media anguish and negative media headlines seems to have forced their hand, and they will give their clients the full sum they are entitled to. Here’s what the insurers said in their official statement:
“It is clear from the market reaction over the last two days that under current circumstances, current industry practices suggest we are looking to avoid paying for a claim. We have taken these criticisms to heart and created a solution that will apply to all existing and future customers.”
“We are identifying complainants who were affected in this way and will contact families to arrange payment. This includes Mrs Ganas. However, the importance of full and honest disclosure at the application stage cannot be overemphasised.”

What have Momentum changed in their policy?

Momentum were able to change their stance on the Ganas case due to a major shift in their policy. The company’s top brass have watched on in horror, as the backlash against their business intensified over the past 24 hours. Clearly, those at the top decided enough was enough.
They have created a “death benefit fund” for any clients who lose their life due to an incident of violent crime. This will be limited to R3 million per claimant and disregards all previous medical history.
Any payouts in these scenarios would come directly from Momentum’s own profits, rather than the money paid in by their customers. It exists exclusively for those killed as a victim of severe criminal activity, but it does not get added on to the existing policy – the death benefit will be one lump-sum.

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