Search results

Thursday, 20 November 2014

The Benefits of Having a Critical Illness Insurance Cover

The incidence of Nigerians having serious terminal illnesses like cancer or heart attack has been on the increase in recent years. These illnesses are no longer deemed ‘old age’ illnesses as they are now affecting younger individuals.

In today’s world, the odds of surviving a critical illness are great thanks to the advances in medicine. The question is will your finances survive?

The treatment of these illnesses can be very expensive and there is also the financial burden this illness may put on a family, especially if the breadwinner is the one affected by the illness.

Critical Illness insurance is designed to ease the financial pressures that may be created by severe or terminal illnesses. You pay a premium and the insurance company will cover the treatment if you become seriously ill or totally disabled as a result of illness.

In the Nigerian market, Critical Illness insurance is typically purchased as an extension to a life insurance policy. The concept behind this is to make adequate finances available to the afflicted policyholder for treatment should a critical illness occur rather than wait until after the demise of the individual before the full sum assured is paid to the dependants.

1.0. Critical Illnesses Insured on this Policy
The range of diseases covered under this policy differs from one insurance company to another. However, most insurance companies that offer Critical Illness insurance will provide cover for the following illnesses:
•    Cancer
•    Heart attack
•    Stroke
•    Paralysis
•    Kidney failure
•    Coma.

Definition of Terminal Illnesses
1.1. Cancer
A cancer is a malignant tumour or growth caused when cells multiply uncontrollably, destroying healthy tissue. The term ‘malignant tumour’ includes leukaemia, carcinomas, lymphomas and sarcomas. Cancer can affect very many different parts of the body with varying levels of effects; examples of known cancers are that of the blood, skin, muscles and internal body organs.

Symptoms of cancer will vary depending on what part of the body is afflicted. Some general signs and symptoms associated with cancer include:
•    Fatigue;
•    Weight changes, including unintended loss or gain;
•    Skin changes, sores that won’t heal, or changes to existing moles;
•    Changes in bowel or bladder habits;
•    Persistent cough;
•    Difficulty swallowing;
•    Persistent indigestion or discomfort after eating;
•    Persistent unexplained muscle or joint pain.

Treatment for cancer will depend on the type and the body part affected and includes various options, such as surgery, chemotherapy and radiotherapy.

1.2. Heart Attack
This is the death of the heart muscle due to the loss of blood supply. The loss of blood supply is usually caused by a complete blockage of a coronary artery (one of the arteries that supplies blood to the heart muscle). Atherosclerosis is the major cause of this blockage and may result from high cholesterol levels.

A heart attack can occur any time — at work or play, while you’re resting, or while you’re in motion. Some heart attacks strike suddenly, but many people who experience a heart attack have warning signs and symptoms hours, days or weeks in advance. These symptoms include:
•    Chest pain which increases over several days;
•    Pain extending from your chest to your shoulder, down your arm and probably up your jaw;
•    Heartburn;
•    Excessive sweating;
•    Dizziness;
•    Fainting spells;
•    Unexplained fatigue;
•    Nausea and vomiting;
•    An impending sense of doom.

Low dose aspirin is usually prescribed by doctors to persons who are at risk of having a heart attack. Aspirin thins out the blood, helping to reduce the pressure in the heart, thus reducing the risk of blockage.

Treatment for a heart attack varies depending on the situation from medication to invasive surgical procedures, which may be from as much as full open heart surgery.

1.3. Stroke
A stroke occurs when the blood flow to your brain is interrupted, depriving the brain of oxygen and nutrients. This may result from a blockage or rupture of a blood vessel in the brain resulting in:
  •  A loss of consciousness;
  • A partial loss of movement;
  • Or a loss of speech;
  • Or permanent neurological (brain) damage.
The technical name for a stroke is a Cerebrovascular accident (CVA). Causes of a stroke include hypertension, diabetes and brain tumours or aneurysms.
Symptoms of a stroke are:
•    Difficulty in talking, slurred speech;
•    Difficulty in walking;
•    Severe headaches;
•    Paralysis to a part of the face or half of the body;
•    Blurred vision.

Treatment is usually with medication and sometimes surgery may be necessary as well. Sign up for a critical illness cover here

No comments:

Post a Comment