Old Mutual Life Launches New Insurance Policy
Old Mutual Nigeria Life Insurance Company has launched into Nigerian insurance market a new insurance policy for financial protection against critical illness.
The life insurance underwriting specialist, said the policy, tagged ‘Old Mutual Critical illness plan,’ represents its commitment towards the provision of financial protection against critical illness for Nigerians.
Speaking at a press briefing in commemoration of this year’s World Health Day, with the theme “Universal health coverage: Everyone, Everywhere,” the insurer’s Managing Director, Mr Keith Alford, said the company was in partnership with Roche, a global research-driven healthcare and pharmaceutical company to develop the innovative insurance plan for terminal illness for Nigerians.
He urged Nigerians to embrace the Critical Illness Insurance Coverage to cater for their hospital expenses when suffering critical illness.
According to him, access to quality healthcare, is one of the most important factors for living a life of quality and one of the most critical human needs in the world today.
Quoting the World Health Organisation (WHO) survey that says access to healthcare is often times the lowest in SubSaharan Africa where residents have to pay out of their pocket for medical expense, he added that the average spending on health per person in Nigeria was valued at N78,000 of which N57,000 was out-of-pocket and a paltry N12,000 coming from government assisted healthcare management initiatives.
He noted that the current economic downturn and the resultant reduction in purchasing power have combined to make access to quality healthcare rare for Nigerians, noting that 90.2 per cent of Nigerians cannot afford to pay for medications for their ailments.
“What this means is that, for the average Nigerian, an unexpected health challenge can cause major financial disruption leaving one with healthcare bills they often cannot afford.
“This problem can be further worsened if the ailment diagnosed is a critical illness, which globally involves very costly medicare, due to the extensive examinations, rare medications and prolonged complicated treatment process,” Alford said.
According to him, critical illnesses include; stroke, cancer, heart attack, coronary artery disease, hepatitis, chronic liver disease, chronic lung disease, kidney failure, among others, adding that despite these shocking reports and the fearsome outlook for critical illness in Nigeria, in terms of severe financial exposures, these can be proactively mitigated through the financial protection which insurance policies provide specifically for critical illnesses.
“We understand that close to 90 per cent of Nigerians lack Health Insurance, leaving nine out of every 10 Nigerians completely exposed to the huge and harsh financial impact of contracting any critical illness. We know that critical illnesses such as Cancer, Heart Attack, Stroke, Kidney, and Liver diseases are eternally lurking in the corners and can spring up without warning.”
Against this backdrop, the Old Mutual Life Insurance boss, said the desire of his company was for any patient who has any of the critical illnesses to concentrate his or her will power to full and speedy recovery rather than double the grief with the financial burden for the expensive.