Experts Emphasize The Advantages Of Critical Illness Insurance

critical illness critical illness insurance

Insurance industry experts have emphasized that critical illness insurance is a must for Nigerians to protect their health in the nation.

The Coronation Life Assurance Limited organized a webinar session for industry experts with the theme *safeguarding your health: the importance of critical illness insurance.” Wole Famurewa, the anchor for CNBC Africa, served as moderator.

The experts contended that by educating the general public about health insurance, millions of Nigerians may break free from the bonds of debt and dependency, leading to a significant improvement in the nation’s overall health.

Abdul-Rasheed Akolade, Assistant Director of Underwriting and Marketing at Africa Re, characterized health insurance as a crucial facilitator of wealth.

“Critical illness insurance, which covers named diseases like heart attack, stroke, cancer, coronary bypass, major organ transplants, or kidney failure, is a powerful tool for preserving and building wealth,” he said in his explanation. Coverage for critical illnesses is useful in managing extensive, continuous, and costly medical treatments that most individuals cannot pay.”

In a similar vein, permanent health insurance (PHI) is an excellent instrument that guarantees a handicap does not eliminate a person’s income or make them dependent on their employers, friends, or family. In the event of an accident, illness, or other unforeseen circumstance resulting in permanent incapacity, PHI provides for the payment of a predetermined income.


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