Saturday, August 13, 2022
Saturday, August 13, 2022
Home Business Faulu launches  insurance cover to cushion patients diagnosed with critical illness

Faulu launches  insurance cover to cushion patients diagnosed with critical illness

by Milcah Lukhanyu
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Faulu Microfinance bank has launched a critical illness insurance cover under its bancassurance portfolio aimed at reducing financial burden in the event that one is diagnosed with Critical illness.

Critical illness insurance provides the policyholder with additional cover for big medical emergencies like cancer, organ transplant, heart attacks, or even stroke. In the event of such health emergencies, critical illness insurance provide protection from financial ruin as managing and treating these illnesses can outstrip a family’s medical insurance policy quickly.

“Even with excellent medical insurance, just one critical illness can be a tremendous financial burden. This cover allows one to seek treatment at their facility of choice locally or internationally,” said Apollo Njoroge, Faulu Bank Managing Director.It also enables users to manage the lifestyle changes, which may be required on diagnosis including the need for a nurse at home or wheelchair.”

The new cover will sell for a monthly premium of Sh1,000 and is available for Kenyans aged between 18 to 55.Customers will then be entitled to a payout of between Sh500,000 sum insured up to Sh15 million upon diagnosis of cancer, heart attack, motor neuro, stroke, paraplegia or dementia, among others.

Other conditions to be covered include coma, open-heart surgery, multiple sclerosis, a major organ transplant, Parkinsonism, aortic surgery, renal kidney failure, muscle dystrophy, accidental brain damage, and connective tissue disease such as Rheumatoid Arthritis. Terminally ill patients, or those in need of specialised treatment, can use the funds to cater to the medical expenses that accrue.

“These illnesses require extensive medical care and treatment; their costs can outstrip a family’s medical insurance policy quickly. If you do not have an emergency fund, you’ll have an even harder time paying those bills out of pocket,” said Mr Njoroge.

The cover includes transportation expenses, such as getting to and from treatment centres, retrofitting vehicles to carry scooters or wheelchairs, and installing lifts in homes for critically ill patients who cannot use the staircases.

This cover has also been bundled into Faulu retail loan proposition on optional basis .After subscription, the amount of premium a user pays will depend on age and the amount of the sum assured. The premiums are payable in a flexible way; monthly, quarterly, semi-annually or annually and they can be purchased digitally or physically at any of the branches countrywide.

With the new product,Faulu will compete with companies like Britam Plc and Prudential Plc in mitigating the financial burden that families face when medical expenses related to critical illnesses occur and incur more than average medical costs which traditional health insurance are unable to facilitate.

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