As the cost of treating life-threatening illnesses continues to rise, critical illness insurance has come as a very important tool for protecting both health and financial future. Experts at Coronation Life Insurance emphasise that insurance is not just about reacting to crisis, it is about preparing for it. MODESTUS ANAESORONYE reports on how critical illness insurance will help reshape the future of healthcare protection for Nigerians.
There’s no denying that a terminal illness diagnosis delivers a devastating emotional blow, often signalling the end of life. However, from a long-term financial perspective, a critical illness can prove even more ruinous. Unlike terminal illnesses, which often progress rapidly, critical illnesses frequently span many years or even decades. This prolonged duration places an immense burden not only on the patient’s physical and emotional well-being, but also on their finances.
Critical illness often involves costly medications, specialised treatments, and frequent hospital visits. More than that, these conditions can impair or entirely eliminate a person’s ability to work, cutting off the very income needed to afford this long-term care. In many instances, the patient is also the primary breadwinner, compounding the financial hardship for the entire family.
The adage, “A healthy person has a thousand wishes, but a sick person has only one,” powerfully illustrates how illness shifts one’s priorities. Unfortunately, the true value of health often becomes clear only after it is lost.
What is a critical illness?
A critical illness is a serious health condition that causes severe dysfunction of vital organs and may lead to prolonged disability or death if untreated. These include conditions such as heart attacks, cancer, organ failure, stroke, or the loss of limbs. Many of these illnesses can be managed or even cured with aggressive and continuous treatment, but the cost of such care is usually beyond the reach of most Nigerian families.
Why critical illness insurance matters
Critical illness insurance offers a vital financial lifeline. It helps ordinary Nigerians access lifesaving treatments that might otherwise be financially impossible. This insurance doesn’t just cover medical expenses, it also acts as a buffer against lost income when the patient can no longer work.
Think of it as both a healthcare enabler and a financial safety net. In practical terms, critical illness insurance helps in three key ways:
Financial Protection for Treatment: It covers the steep and sustained cost of medical care, including hospital stays, medications, surgeries, and rehabilitation.
Early detection and prevention: Many critical illness policies offer routine screenings and diagnostic tests for major conditions, enabling early detection. This early intervention can either prevent an illness from becoming critical or make treatment more effective and affordable.
Income replacement: For families relying on a single income, the loss of earning power due to illness can be catastrophic. Critical illness insurance helps bridge this gap by providing a monthly payout when the insured can no longer work due to their condition.
Read also: Why Millennials and Gen Z Need Critical Illness Insurance
The long-term financial toll
Unlike terminal illnesses, which often result in a life insurance payout to support surviving family members, critical illnesses offer no such comfort unless a specific policy has been taken out. The financial impact is ongoing and often indefinite, draining savings, forcing asset liquidation, and pushing families into long-term debt. In this context, not having critical illness insurance can lead to a slow financial collapse, especially when the sufferer is the family’s financial backbone.
Simple, accessible, and essential
Just like auto, life, or property insurance, critical illness cover is straightforward to purchase and manage. Yet its importance is often underestimated until it is too late. The cost of coverage is modest when compared to the financial devastation and emotional trauma it can help prevent. For families, the peace of mind it provides is invaluable.
Public health and economic impact
Widespread adoption of critical illness insurance across Nigeria could be transformative. By enabling early diagnosis and reducing the number of untreated or poorly managed conditions, it would help save countless lives each year. Moreover, it would ease the pressure on the already overburdened national healthcare system, as fewer illnesses would advance to the critical stage requiring intensive and costly care.
While terminal illness takes life, critical illness can take away the means to live it. Financially, emotionally, and socially, its impact can ripple through generations. But with proper planning, individuals and families can protect themselves. Critical illness insurance is not just a policy, it is a proactive step toward resilience, dignity, and long-term well-being.
