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Old Mutual Critical Illness Plan: Solution To Funding Treatment Of Stroke, Cancer, Others
Recently Old Mutual Life Insurance Nigeria launched a new insurance product tagged, Old Mutual Critical Illness Plan....
Recently Old Mutual Life Insurance Nigeria launched a new insurance product tagged, Old Mutual Critical Illness Plan, into the Nigerian insurance retail space. CHRIS EBONG writes that the product couldn’t have come in a better time than now when critical illnesses are rampant without preparation by the public for funding, if it happens.
Over 800million people worldwide spend more than 10per cent of their household income on healthcare.
In sub-Saharan Africa, it is been support by various governments and private sectors to assist in funding. Critical illness that may be terminal is very expensive and causes poverty and loss of income in many households.
In Nigeria, people have resorted to sourcing for funding online to assist in putting money together for cost of illness.
Friends, associates, churches and mosques have become charity homes for raising funds to attend after an out-of-pocket funding is exhausted. Most times such exercise does not bailout the victim from doldrums.
Critical illnesses ranging from stroke, cancer to major transplants are now rampant hitting people ferociously when they are least expected thereby putting the entire family’s fortune into jeopardy with attendant poverty and loss of income due to expensive nature of treatment associated with such illness.
In a bid to find a financial solution to this critical illness and avoid embarrassment a family may face by going door to door to borrow money from friends to attend to such illness or family losing its heritance due to this unpleasant circumstance, Old Mutual Nigeria Life Insurance Company, in partnership with Roche, a Swiss-based global research pharmaceutical company has developed the Old Mutual Critical Illness Plan as a funding solution and succor to who may want to take advantage of it to finance such health situation when it occurs.
Old Mutual Critical Illness Plan is an insurance product that pays out a lump sum if the insured person is diagnosed with a specific critical illness during the term and given that the requirements under the policy are met.
Heart attack, stroke, cancer, coronary pypass graft, major organ transplant, heart transplant, kidney transplant, liver, bone, marrow and lungs as well as kidney failure, among others.
The product is open for people within the age of 18 to 67 years of age, between three and 15 years and a 100percent lump sum payout. While the minimum entry age is 18 years, maximum age is 67years and ceasing age of 70 years. Policy term: – 3-15 years,
Lump Sum Payment, an optional end of term cash back plus the option to renew at the end of the term. Minimum sum assured N500,000, Maximum N30million
Nobody likes to think about suffering a critical illness, but unfortunately it may happen. Surviving it can have a considerable impact on the family fortune. With just N5,000 monthly premium one can access over N500,000 as lump sum and up to N30million depending on the age and affordability of the client.
Keith Alford, Managing Director of the company said in a bid for Old Mutual contribute to the universal health coverage the company has mulled a critical illness plan to bring a succor to the victims.
“To this end, Old Mutual with 173 years of providing financial solution together with our partners, Roche, a Swiss-based global research pharmaceutical company has developed the Old Mutual Critical Illness Plan. The features of this product provide funding with…of critical illness has been identified. The product is open for people within the age of 18 to 67 years of age, between three and 15 years and lump sum payout will be made between N500,000 and upto N30million according to affordability and circumstance of the client,”he explained.
According to him, Mrs Alero Ladipo, Executive Head, Marketing and Customer Experience, Old Mutual has realised that insurance can play a role not just by having health insurance that can be used on the daily basis for a family but that insurance can play the role when one is hit with serious illness, adding that the life underwriting giant is looking at insurance from a life style point of view.
“Ideally what is insurance? Insurance is managing protection; insurance is managing the risk in your life. I want to let you know a little about Old Mutual. Old Mutual Nigeria we have been in the system for about 173 years. We are across some African countries and Asia as well. We are in China; you can find us in east Africa Bahama.
So, we have quite a corporate and a lot of experience with the oldest market being in South Africa followed by Zimbabwe. Overtime we have ensured that we provide not just life assurance products but also investment and short term products as well. So we are here to partner with individuals not just corporates for things that have to do with their lives on day to day basis. We have a phrase that says ‘Doing Great Things Everyday’ and for us that is to every individual, every corporates, and small business. We are about securing people’s future, we are about ensuring that risk is managed appropriately, we are about ensuring that the future generation does not have to suffer for certain things that happened today. So, for us, life assurance is really about life and that is why we are here.
A good saying goes ‘health is wealth’, it doesn’t matter how much money you have in pocket if you are not healthy, first of all, you cannot enjoy that money and second of all, you will be amazed how that money depleted in finding solutions for good health. So, we are looking at the solution that Old Mutual provides.”
Continuing, she said: “You have worked all your life to provide a certain standard of living for your family and then you are hit with an illness that depletes that, it means you have wasted the whole of your 35 years of your life working for nothing. This illness doesn’t occur to only people who are above 60, younger people these days are also having the same challenges and we also need to prepare for them.”
Dr Ladi Hameed, Country Manager, Roche Products Limited, noted that between 80 and 90 per cent out-of-pocket funding of critical illness as it is obtainable in Nigeria is not sustainable.
He said dipping hands into a family heritance or life savings to fund critical illness is not a pleasant experience, just as he advised Nigerians to embrace the Old Mutual Critical Illness Plan to prepare for it when it comes.
“We are very happy to find like-minded partners in Old Mutual whose work is to develop solutions for critical illness. Our experience in Nigerian market has been that 80, 90 per cent out-of-pocket funding by individuals. Anywhere in the world, it is not sustainable that you have to dip hands into your life savings, into heritance, borrow money from friends, churches and mosques to fund critical illness.
“Today in our health system or health insurance system, we are only covering the basic illness, critical illnesses are here they have come and unfortunately they will be here for long and the only way forward is sustainable and this can only come from an innovative solution such as this. So, I want to join to congratulate Old Mutual for creating this critical illness solution which we think is going to bring some succor to people who would want to take advantage of this solution when it happens.
“Illness all over the world doesn’t tell you when it is going to happen and you can only prepare for it. The only way is to have a plan like this so that it doesn’t disrupt the lives of people you love when illness comes,”Hameed stated.
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