GAN LIFE INSURANCE

Gan is a French Insurer that made a name for itself in the Uk Life Insurance Market in the 1990's. General Portfolio the Life Insurance & Pensions Co was sold to Gan in 1990 for £289m and renamed Gan Life in 1994. General Portfolio Life Insurance was based in Harlow in Essex.

The FSA heavily fined Gan Life and General Portfolio over the years due to various proported mis-selling issues. When Gan closed to new business in 1998, Windsor Life then took over their administration of policies.

Neither Gan Life nor its successor companies is now open to new customers & do not actively market their products beyond their existing customer bases. Windsor Life in 2011 then rebranded as ReAssure Insurance.

 Looking in 2021 to compare old Gan Life Insurance Uk products. 

GAN LIFE INSURANCE  -  OLD PRODUCT REVIEW 2020

Old Gan Life plans may no longer available for new UK protection business; However, you maybe able to amend or adjust your existing insurance policy by contacting either Reassure Life Insurance or Financial Adviser. 

GAN MORTGAGE PROTECTION 

Designed to cover a repayment mortgage on death or terminal illness as it decreases during the plan term.

GAN WHOLE OF LIFE INSURANCE 

A whole of life policy that will always payout whenever death may occur. Premiums maybe reviewable.

GAN LIFE INSURANCE 

Offering family protection if the policy holder dies or is diagnosed with a terminal illness during the term.

GAN CRITICAL ILLNESS 

Helps ease financial worries if you are diagnosed with a critical illness as specified by Gan Life.

GAN INCOME PROTECTION 

Providing security by way of an income if you are off sick or have an accident or disability.

GAN LIFE ENDOWMENT POLICY 

Offering protection if the policy holder dies or is diagnosed with a critical or terminal illness during the mortgage plan term; Designed to provide a lump sum at the end to be used usually toward repayment of an endowment interest only mortgage loan.

Compare Gan Life Cover against other Uk Insurers

GAN LIFE INSURANCE - Frequently Asked Broker Questions

Can you make changes to your Gan life insurance policy ?

In terms of changing your life insurance policy, often you can request some of the following via ReAssure.

• reduce or perhaps extend the period of cover
• decrease or increase the amount of lifecover
• remove indexation option or any specific paid for policy features
• change the collection date of your usual premiums
• remove a life assured from a joint policy
• joint life policy separation, allowing a joint policy to be split into 2 new single policies if a couple divorce, split up or say change a joint mortgage into a sole name. 

The changes could be subject to medical underwriting based on your circumstances at the time & may well affect your premiums.

What if my health or lifestyle changes after I have taken the Gan Life Insurance policy out ?

Life Insurance cover is based on full disclosure at the time you took the policy out ie; being 100% as honest & accurate as possible. So any health or lifestyle changes since usually does not void your existing policy, as it wasn't relevant at that time of initial application. Please check your original T&C's 

How do I make a Death Claim ?

Check firstly if premiums are still being paid or alternatively is the policy perhaps "paid up" meaning no further premiums were needed. 

Then contact the Insurers claims line to inform them. They will provide you with their claim form for completion. You will need to send in a number of documents, most importantly being the death certificate proving the cause of death.

Insurers ( as well as other Providers ) will need the original death certificate, so ideally ask for several certified copies. Enclose your policy document, if you can find it and then send by recorded delivery or registered post to Insurers. 

Once received, the Insurers usually cross check all information before processing and settling a valid claim ie; was the medical & lifestyle information correct at the time of original application

If everything is hopefully in order, the Insurer may pay out a claim & usually in a matter of days or weeks.

Death Claims, Life Insurance Trusts & Life of Another

Who the life insurance maybe actually then paid out to can be more complicated & many people wrongly assume it is a simple process.

If it is a joint life 1'st death policy or if it single life policy owned by another person " life of another"  then it will just be paid to the survivor. 

However, if it is a single life policy it can be more complex. Check if the policy was setup & written into a trust. If so the Insurer will pay the life insurance via the trustees named to the nominated beneficiaries directly. Sometimes there are a named beneficiary & others times a list of potential beneficiaries. The life insurance paid out doesn’t have to be included in the legal documents sent for probate and potentially it won’t be liable for inheritance tax either.

Should I put my GAN Life Insurance policy into Trust ?

If the life insurance wasn’t written into trust, it will be paid to the executors of the deceased’s estate. They will handle the administration, known as probate in N Ireland, England, Wales and confirmation in Scotland. If not, the benefits will fall into your estate if you died prematurely. If you have not made a will this can then cause further complications with the life insurance monies.

Until probate is fully granted, no monies can be paid out to those named in the will. On average, this can take upto 6 months. By not placing the plan into trust may also swell up the total estate values, leading to potentially Inheritance Tax IHT issues

So placing a policy in trust can help to ensure that the policy proceeds go to the correct beneficiaries you decide to nominate at that stage & help avoid possible probate delays & IHT costs. Ask the Insurers if they provide any standard trust form wordings & seek legal advice if unsure.

If I started smoking after taking out my GAN Insurance - Do I need to now tell ReAssure ?

If you had legitimately stopped smoking for over 12 months at that time of original application, you may wish to advise the Insurers you have started smoking again - but this should not affect the original policy terms which should still stand - you were being honest. Also maybe suggest letting your GP know if this is the case. 

Review on:  Gan Life Insurance ~ for more information visit www.reassure.co.uk *

FOR PROTECTION PRODUCTS WE USUALLY OFFER FROM A RANGE OF PROVIDERS
For products with an investment element we will introduce you to an authorised adviser

( * Note: You are now leaving the regulated site of Uk Life Insurance Quotes. Neither ourselves, nor Sesame Ltd, is responsible for the accuracy of the information contained within the linked site.)

GAN Life Insurance Company Review 2020 

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