old Mutual Nigeria Life Assurance Company, a subsidiary Old Mutual Limited, has entered into a partnership with Roche, a global research-driven healthcare and pharmaceutical company to develop an innovative insurance plan for terminal illness, tagged the ‘Old Mutual Critical Illness Plan.’
The insurance company disclosed this during a press briefing in Lagos in commemoration of the 2019 World Health Day, with the theme, “Universal health coverage: Everyone, everywhere.”
It also reiterated its commitment towards the provision of financial protection against critical illness for Nigerians.
During the event, the Managing Director, Old Mutual Nigeria Life Assurance Company, Mr Keith Alford, said that with universal health coverage, everyone could obtain the right kind of medical care they needed and in due time, without suffering financial hardship.
Alford also noted that this financial hardship became heightened in cases of terminal illnesses, due to their sometimes prolonged costly treatment and deadly impact.
“Currently, over 800 million people worldwide spend at least 10 percent 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 government or privately, structured healthcare management initiatives.
“In the case of terminal illness, many sufferers have lost their jobs and their sources 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 utilized 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.