Old Mutual highlights need for insurance coverage of critical illness

 

It was learnt that in sub-Saharan countries like Nigeria, medical expenses are often made through out-of-pocket...

payments with little coming from the government or private healthcare management initiatives.

Over 800 million people worldwide spend at least 10 per cent of their household budgets on health care, experts have said.

It was learnt that in sub-Saharan countries like Nigeria, medical expenses are often made through out-of-pocket payments with little coming from the government or private healthcare management initiatives.

In the case of terminal illness, many sufferers have lost their jobs and their source of income significantly affected. Based on this, families have been driven into poverty in a bid to raise money for the treatment of loved ones.

It is against this backdrop that Old Mutual Nigeria Life Assurance Company reiterated the need for Nigerians to plan with insurance policies specially designed to provide protection from the financial burdens of terminal illnesses.

Old Mutual Managing Director Mr. Keith Alford called on Nigerians to choose life and take up insurance as a protection against the financial burden of terminal illnesses.

He spoke during a media parley in Lagos in commemoration of the World Health Day, themed “Universal health coverage: Everyone, Everywhere”.

He stated that the firm, a subsidiary of Pan-African insurance giant and one of the member of the leading global financial services group, Old Mutual, celebrated the World Health Day with a commitment to insurance coverage of critical illness.

He announced Old Mutual’s partnership with Roche, a global research-driven healthcare and pharmaceutical firm to develop an innovative insurance plan for terminal illness, tagged the “Old Mutual Critical Illness Plan.

He disclosed that the underwriting firm also entered into a deal with Hygeia HMO to help them expand its services and coverage.

Highlighting the importance of healthcare coverage, he stated that with the Universal Health Coverage, everyone could obtain the right  medical care they needed and in due time, without suffering financial hardship.

He noted that the financial hardship becomes heightened in terminal illnesses, due to their prolonged costly treatment and deadly impact.

Roche Products Limited Country Manager Dr. Ladi Hameed said Roche will deplore its over eight years’ experience on handling of critical illness in the partnership, adding that the initiative will help in early diagnosis and support.

He noted that with the product, individuals who, suffer critical illness, would no longer seek financial help from the public.

Old Mutual Retail Mass Market Head Kayode Odetola noted that the product provides an optional 10 per cent cash back, plus the option to renew at the end of the term.

He identified features the product to include a minimum entry age of 18; maximum entry age of 67; ceasing age of 70; and policy term of three to 15. The maximum sum assured is N30 million and minimum sum assured is over N500,000.

Old Mutual highlights need for insurance coverage of critical illness