Home News BREAKING NEWS: #Momentum agrees to pay out life policy

BREAKING NEWS: #Momentum agrees to pay out life policy

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Insurance giant bows to public pressure and pays out widow.

Nathan Ganas was killed in a hail of bullets trying to protect his wife, Denise, during a hijacking in the driveway of their Shallcross home. Picture: Supplied

DURBAN – LIFE Insurer Momentum has agreed to pay out the R2.4m policy of Nathan Ganas, who was shot dead during a hijacking at his Shallcross home in March last year.

The insurance giants had initially demanded that Denise Ganas, Nathan’s wife, pay back a R50 000 cash benefit that had been paid to the family after the man was fatally shot dead.

Following public pressure after the story was broken by the Independent On Saturday, many aired the discontent at the insurer as they initially agreed to pay back the premiums after social media pressure.

Momentum had refused to pay out the premium citing Nathan had high blood sugar levels that he had failed to disclose to the insurer.

On Tuesday on a statement on their website, Momentum cited market pressures and announced they had reversed their decision and would be paying the Ganas family the R2.4m.

Denise Ganas could not be immediately reached on her cellphone on Tuesday evening.

But the ordeal over Ganas has effects for other current policy holders as the insurance company announced that they would pay a death benefit capped at R3m, for all victims of violent crimes, regardless of the medical history.

“It is clear from market reaction over the last two days that under certain circumstances, current industry practice creates the impression that insurers are looking for reasons not to pay a claim.

“Momentum is in the business of paying claims and we have therefore taken the criticism to heart. We have created a solution that will pay an amount equal to the death benefit (limited to a maximum of R3 million) in the case of violent crime, regardless of previous medical history. This will apply to all existing as well as future life cover clients,” said the insurer.