Insurance experts strongly advocate the adoption of critical illness insurance as a paramount priority for Nigerians to safeguard their health within the country. This call was underscored during a webinar hosted by Coronation Life Assurance Limited, where industry professionals convened to discuss the crucial theme, ‘Safeguarding Your Health: The Importance of Critical Illness Insurance.’ The CNBC Africa Anchor, Wole Famurewa, moderated the insightful discussion.
The crux of the experts’ argument lies in the belief that enhancing the understanding of health insurance among ordinary Nigerians could lead to a substantial improvement in the nation’s overall health. The rationale behind this assertion is that millions of Nigerians could liberate themselves from the shackles of dependency and debt by embracing critical illness insurance.
Abdul-Rasheed Akolade, the Assistant Director of Underwriting and Marketing at Africa Re, played a pivotal role in elucidating the significance of health insurance, categorizing critical illness insurance as a key enabler of wealth. Akolade expounded on the potency of critical illness insurance as a formidable tool for both preserving and building wealth. This particular insurance coverage extends its protective umbrella over specific named diseases, including but not limited to heart attacks, strokes, cancer, coronary bypass, major organ transplants, and kidney failure.
Akolade further emphasized the efficacy of critical illness coverage in managing the financial burden associated with extensive, ongoing, and expensive medical treatments—treatments that a significant portion of the population often struggles to afford. In essence, critical illness insurance emerges as a financial safeguard, offering a layer of protection against the potentially ruinous costs associated with severe health conditions.
illness insurance
In the broader spectrum of health insurance, Akolade drew attention to the merits of permanent health insurance (PHI). This insurance variant operates as a fantastic tool, ensuring that disability does not lead to the complete erosion of one’s income or force individuals into a state of dependence on employers, relatives, or friends. PHI, according to Akolade, provides for the payment of an agreed-upon income in the unfortunate event of permanent disability resulting from accidents, ill-health, or sickness.
