Momentum Life a South African Insurance Company says that based on the outrage following the insurance company’s rejection of a R2.4m payout, it is clear that the public is not as informed about policy payouts as they would have hoped.Momentum’s rejection of a life insurance payout due to the non-disclosure of a pre-existing health condition by policy holder, Nathan Ganas, has sparked anger on social media and widespread debate about the guidelines governing insurance companies’ right to reject or approve claims. On Twitter and Facebook, policy holders have threatened to cancel their insurance with Momentum if the decision is not reversed.
Ganas died from gunshot wounds in March 2017 when he was hijacked in his driveway. But the insurance firm refused to pay his R2.4m policy claim after it was discovered that he suffered from high blood sugar levels. Momentum said its decision to reject the claim has also been confirmed by the Ombudsmen for Long-Term Insurance.
“We recognise that although we are doing the right thing, it is apparent that the public at large are not as informed as we hoped. As an industry, we need to elevate the importance of full disclosure.” Question: If he did not die from High Blood Sugar Levels but a bullet through his body what is the problem with paying out, no wonder many people don’t trust the Insurance companies
– News 24 (Plus Google Inserts)