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Business News of Monday, 20 November 2023


Experts highlight benefits of critical illness insurance

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Professionals in the insurance sector have stressed the need for Nigerians to adopt critical illness insurance as a priority to safeguard their health in the country.

The industry experts gathered at a webinar discussion with the theme, ‘safeguarding your health: the importance of critical illness insurance’ and hosted by the Coronation Life Assurance Limited. It was moderated by the CNBC Africa Anchor, Wole Famurewa.

The experts argued that if ordinary Nigerians understood just a few things about health insurance, the country could substantially improve in general health, as millions of Nigerians would free themselves from the shackles of dependency and debt.

Assistant Director of Underwriting and Marketing at Africa Re, Abdul-Rasheed Akolade, described health insurance as a key enabler of wealth.

He explained: “Critical illness insurance is a powerful tool for preserving and building wealth covering named diseases, such as heart attack, stroke, cancer, coronary bypass, major organ transplants or kidney failure. Critical illness coverage is effective in managing large, ongoing and expensive treatments that most people struggle to afford.

“Similarly, permanent health insurance (PHI) is a fantastic tool that ensures disability does not wipe out one’s income or render people dependent on their employers, relatives or friends. PHI makes provision for the payment of an agreed income in the event of permanent disability through accident, ill-health or sickness.”