Denise Ganas vows to continue fighting Momentum despite premium payout The insurance company has come under fire for declining to pay R2.4 million … A professionally drafted Will that we will keep in safe custody. They contacted me saying they will payout within 48hours, still nothing. Momentum’s about-turn on its tough life insurance policy rules shows just how wrong you can be, even when you are right. Postal: Blue Sky Publications (Pty) Ltd T/A TheSouthAfrican, PO Box 44354, Claremont, 7735, South Africa, United Kingdom– Blue Sky Publications Ltd – Company Registration Number: 04683692. “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. Saturdays from 08:00 to 13:00. Our offices are for administrative purposes only, no visitors will be accepted without an appointment. Momentum life insurance has to be the worst life insurance ever We have been waiting for a payout on my dads life cover for more than 3 months now and they keep asking for documentation that was disclosed to them at the time of taking the policy. On Monday The CEO of Momentum Life, Johann Le Roux, told PowerFM that the company would refund the premiums paid by the Ganas family since the inception of the policy. By ANA Reporter Nov 18, 2018 Johannesburg - Life insurer Momentum on Monday stuck to its guns over a rejected life cover insurance payout to a … ©2020 Momentum Metropolitan Life Limited. DURBAN - Insurer Momentum has agreed to pay out the R2.4 million life policy of Nathan Ganas, who was shot dead during a hijacking at his Shallcross home in March last year. Copyright © Blue Sky Publications Ltd. All Rights Reserved. I full in a form to get my retire policy payout, and this is a month now. However, the importance of full and honest disclosure at the application stage cannot be overemphasised.”. Give your family peace of mind with a When you take out a life insurance policy with us, you give us consent to carry out the below procedures, in accordance with the ASISA Standard on Unclaimed Assets, in our attempt to process the claim. This includes Mrs Ganas. And despite sticking to its guns over the rejected payout, it said it would refund the premiums paid by the Ganas family since the inception of the … Momentum agree to R2.4m payout for Nathan Ganas’ family After facing a massive backlash, Momentum have decided to honour the life insurance policy of a man gunned down by hijackers last year. 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. I had taken a 30year endowment with Momentum with a projected value of R800 000 . 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. Clearly, those at the top decided enough was enough. Momentum has asked a widow to repay R50 000 they paid out to her as an instant cash benefit. “Momentum is in the business of paying claims and we have therefore taken the criticism to heart. Momentum Health Insurance: Health4me Call or Whatsapp 0860 102 903 Business hours are Monday to Friday from 07:30 to 19:00. The payout the policy provides will replace your income and help them stay comfortable and fed Like any life insurance company in South Africa, Myriad life insurance policies cover you against the risk of dying, becoming disabled or critically ill. Momentum has refused to pay a R2.4 million policy payout to Nathan Ganas’s wife Denise, saying he didn’t disclose that he was suffering from diabetes before his death. The 42-year-old father was murdered by hijackers last year. the company took a pounding on social media, with many people expressing disgust at the insurer's stance despite the ombudsman for long-term insurance also finding in Momentum's favour. I' I email them and phone them, they just send emails around, nobody comes back to me about my inquiry. Address: Riverbank House, 1 Putney Bridge Approach, London, SW6 4TJ. Address: Regus Business Centre 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. I complain about the bad service from Momentum life retirement annuity. TheSouthAfrican.com is all about South Africa and the stories that affect South Africans, wherever they are in the world. 729 days ago A Momentum policy provides you with a comprehensive solution to your life insurance needs. It contains important information, and you need to read the whole of this To all potential Momentum endowment investors, be very weary. Momentum Metropolitan Holdings Limited (Momentum Metropolitan) is a South African based financial services group listed on the Johannesburg Stock Exchange in South Africa and on the Namibian Stock Exchange in Namibia. South Africa– Blue Sky Publications (Pty) Ltd T/A TheSouthAfrican Number: 2005/028472/07. Recurring payout benefit claims incomeclaims@momentum.co.za Fax (South Africa) 012 675 3947 Fax (International) +27 12 675 3947 Our business hours are Monday to … In a statement posted on their website on Tuesday, Momentum cited market pressures and announced they had reversed their decision and would be paying the Ganas family the R2.4 million. We have a range of Life Insurance solutions that offer choice and flexibility, and to suit your current life stage. This shows how Momentum puts its clients first. In 2019 alone, the Momentum life insurance division paid out over R4 Billion in claims. An instant cash amount paid to your nominee within one working day after Momentum receives the death claim. This important legal document goes hand in hand with your Policy Schedule. Ganas could not be immediately reached on her cellphone on Tuesday evening. Life insurer rejects R2.4m policy payout for blood sugar non-disclosure News After the story was broken by the Independent On Saturday, the company took a pounding on social media, with many people expressing disgust at the insurer's stance despite the ombudsman for long-term insurance also finding in Momentum's favour. 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. Your life policy with Momentum Insurance is there to safe-guard you against life’s risks and what those risks pose to your loved ones. thesouthafrican.com is a division of Blue Sky Publications Ltd. Reproduction without permission prohibited. The insurer, Momentum, said the claim had been declined because of non-disclosure by Nathan regarding being diagnosed with raised blood sugar levels which may have occurred before he … Momentum were able to change their stance on the Ganas case due to a major shift in their policy. 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). Enter our Festive R500 Advent Calendar competition to stand a chance of winning R500 every day from 1 to 24 December. Momentum Life offers easy and affordable Funeral, Life and Accident Insurance products to New Zealand residents. 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. Ganas was shot and killed in an attempted hijacking. Its refusal to pay out a claim on the basis that its client had lied about an existing medical condition was absolutely correct in terms of the law, but was a … Good day, I have a life policy with Momentum since 2005 until end of March 2020 when the lock down started. Life, disability and critical illness cover options Find the right Life Insurance cover for your specific needs. The Executor’s Fee Benefit - covers 100% of your executor’s fees on estates with a gross value up to R10 million and a 50% discount on the amount over R10 million. Here, we explain the two life insurance options that can make up your Momentum policy. Firstly, Momentum offers … Momentum had refused to pay out the policy, citing the fact that Nathan had high blood sugar levels that he had failed to disclose to the insurer. The insurance giant 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. They have created a “death benefit fund” for any clients who lose their life due to an incident of violent crime. I wrote a review here about momentum them not paying out my pension. We are a proud winner of the Feefo Trusted Service Award for 2017 and 2018. If you have any questions about your existing policy or would like to take out cover, simply contact us by phone 0800 111 679 or email. You won’t be able to provide for them, so you buy a policy. Our range of life insurance solutions is designed to be simple, hassle-free and easy to understand. This will be limited to R3 million per claimant and disregards all previous medical history. STEPHEN CRANSTON: Momentum learns lessons from policy payout disputes The R2.4m death claim following the murder of Nathan Ganas featured at the life insurer's claim statistics briefing BL PREMIUM Life Insurance If you pass away, we help your family to continue living their best life. 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. Momentum Myriad | Life Cover Myriad is Momentum’s market-leading life insurance product, providing life cover to hundreds of thousands of South Africans. JOHANNESBURG – Financial services provider Momentum is facing backlash after it declined to pay R2.4 million to the family of a man who died in a … This will apply to all existing as well as future life cover clients,” said the insurer. The company’s top brass have watched on in horror, as the backlash against their business intensified over the past 24 hours. According to Momentum, the decision was taken to refuse the payout after it was found that the policy holder had not disclosed pre-existing medical issues at the time of signing. We will first try to Contact their client service consultants they know nothing, just saying still in progress. Closed on Sundays and public holidays. Any payouts in these scenarios would come directly from Momentum’s own profits, rather than the money paid in by their customers. Add some festive cheer to your pocket, After painstaking efforts to explain why they could not compensate the Ganas family, Bafana finish the year ranked no better, no worse than 12 months ago, COVID-19 vaccine documentation exposed in cyberattack on European Medicines Agency, Daily Lotto results for Thursday, 10 December 2020, Lions make three changes for crucial Currie Cup clash with Cheetahs, Elon Musk tweets ‘Mars, here we come’ after Starship’s fiery explosion. With a current contribution of R3200, when my policy end in June 2019, my policy payout is only R380 000. Life insurance payout controversy Momentum Group, a subsidiary of MMI Holdings, was the subject of a national controversy in 2018 when it rejected the life insurance claim to the family of Denise Ganas. 1st Floor, Block B, North Park, Black River Park, 2 Fir Street, Observatory, Cape Town, 7925, South Africa Ethekwini municipal buildings stand vacant, at risk of vandalism, © 2020 Independent Online and affiliated companies. All rights reserved, Please visit the official Government information portal for Coronavirus by clicking HERE. The insurer also backtracked on its demand that Denise repay the R50 000 cash benefit which the family used to pay for his funeral. Buying a life insurance policy is like buying a safety net for your family. Customer Support At Momentum Life, we’re committed to providing you with the best service possible. The life insurance policy from Momentum is helping many South Africans reach their life goals. The CEO of Momentum Life, Johann Le Roux, told PowerFM that the company would refund the premiums paid by the Ganas family since the inception of the policy. By Sihle Mlambo Nov 20, 2018 DURBAN - Insurer Momentum has agreed to pay out the R2.4 million life policy of Nathan Ganas, who was shot dead during a … The ordeal involving Ganas also affected other current policy holders, with the insurance company announcing that they would pay a death benefit capped at R3 million, for all victims of violent crimes, regardless of the medical history. About this Policy This insurance Policy is underwritten by Momentum Life Limited. Momentum is part of Momentum Metropolitan Life Limited, an authorised financial services and registered credit provider. 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