Growth & Jobs | Affordable critical illness plan can assist with treating chronic illnesses

Othneil Blagrove, senior manager, sales and marketing at JN Life, wants more Jamaicans to consider having a critical illness insurance to help with protection from the high cost of treating illnesses such as cancer, noting that there are affordable plans available to assist in the process.

Blagrove noted that while more persons were purchasing critical illness insurance policies, many persons were still hesitant because they believe it is costly. However, he advised that persons could start with a minimum monthly payment and increase their premiums as their incomes rise.

“Many people think life insurance premiums are costly. However, there are inexpensive policies available which offer coverage for an individual or family. I would urge Jamaicans to invest in a critical illness insurance policy that can protect them and their family from financial difficulties, should a medical emergency arise,” he said.

Blagrove explained that the high cost of treatment associated with caring for persons with critical illnesses has impacted many families negatively, leaving many in debt. He added that the need for families to invest in a critical illness insurance policy should be given priority, because of the impact it can have on families.

“A World Bank study done a few years ago stated that in the average Jamaican household, if there is a member of the family diagnosed with a non-communicable disease, they are likely to spend a third of their disposable income on treating that ailment over time,” he noted.

“When you examine the cost of healthcare locally, a serious illness that requires surgery can set back a family millions of dollars. Also, if the family member who is ill passes on, the surviving members may be left to foot the outstanding bills. These costs have placed many families in difficulty, even long after their loved one has passed,” said Blagrove.

He added that many families have savings set aside for emergencies. However, this may not be adequate to treat a critical illness.

“Many persons may say they have savings for such eventuality, but the money set aside is sometimes not enough. There are cases where families who have saved a good amount of money have seen the funds reduced significantly because of a critical illness diagnosis and the funds it took to treat it. As such, a critical illness insurance policy can provide the cushion needed to undergo treatment,” he added.

The JN Life Insurance senior manager added that with data from the Ministry of Health and Wellness revealing that one in three Jamaicans is hypertensive; one in eight is diabetic; and one-third of the population will be diagnosed with a chronic illness, such as prostate cancer or breast cancer, more persons need to plan for illnesses.

“One of the things we can do as individuals, and families as well, is to maintain a healthy lifestyle by watching our diets, managing stress, exercising and getting regular check-ups. In addition, ensure you speak to a financial adviser about the right critical illness plan for you. Remember, prevention is the best cure, so we encourage Jamaicans to take their health seriously and plan for these difficult times,” he advised.