By Cynthia Alo

Old Mutual Life Assurance Company has introduced a critical illness cover to facilitate quick response to high health issues that have claimed many lives due to lack of funds and quick medical care services.

The company made the introduction in commemoration of this year’s World Health Day geared towards universal health coverage.

The company had partnered Roche Pharmaceutical, a global research-driven health care pharmaceutical and Hygeia Health Maintenance Organization, the pioneers of health insurance in Nigeria, to drive the new plan.

Speaking at the launch in Lagos, Managing Director of the company, Mr Keith Alfrod stated that the new product will help people plan ahead of any critical health issue rather than resort to social media begging which has become the order of the day.

According to him, the critical illness plan covers terminal illness that results in transplants or coma, cancer, stroke, heart diseases among others.

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He said:  “Currently, over 800 million people worldwide spend at least 10 per cent of their household budgets to pay for health care. In Sub-Saharan countries like Nigeria, medical expenses are often made through out-of-pocket payments with little coming from the government or privately structured healthcare management initiatives. In the case of terminal illness, many sufferers have lost their jobs and their source of income significantly affected. Families have been driven into poverty in a bid to raise money for the treatment of loved ones. Unfortunately, insurance which ideally serves as financial protection has not been fully utilised by Nigerians.

“There is a need for us to plan with insurance policies specially designed to provide protection from the financial burdens of terminal illnesses. It is to this end that, we entered into a partnership with Roche to develop this innovative insurance plan to protect Nigerians from the financial implications of a terminal illness. As we commemorate World Health Day, we call on Nigerians to choose life and take up insurance as a protection against the financial burden of terminal illnesses that usually invade lives unannounced.”