Facing the challenges of CRITICAL ILLNESS
INTRODUCTION What is insurance? In life, we are all faced with threats which, if they occurred, would result in financial loss Insurance is the process of protecting against economic impact of financial loss It is based on transferring the risk of loss to someone else (the insurer) Subject to the terms of the contract, it pays the insured (or the beneficiary) in the event of a covered loss.
INTRODUCTION Why do you need insurance? To protect against financial risks/loss Injury, illness, death, loss of property and loss of income To ensure that you do not outlive your resources Improvements in medical care and public health increase life expectancy - and the cost of living To pay for long-term care With longer lives, we will more often need professional nursing care.
INTRODUCTION Main Types of Insurance Life and Annuities Premature death and retirement Health and Critical Illness Illness, injury Disability Income Loss of income through disability Long-term Care In the event of illness or injury which requires institutional or in home care Property Loss or damage to property.
INTRODUCTION Some issues in insurance What do I need the plan for? How much does the plan cost? What is covered by my plan? What is NOT covered by my plan? What can I afford? Will my legitimate claims be paid - fairly and promptly? How stable, reliable and efficient is my insurance company?
What is a Critical Illness? A Critical Illness is an affliction that: seriously affects your life and the lives of those close to you causes some degree of physical discomfort or incapacity has a major impact on the lifestyle of persons who survive the illness can create physiological, psychological and financial distress and suffering.
Did you know that... Noncommunicable diseases (NCDs) take an enormous toll in lives and health Over 60% of deaths globally are now due to NCDs mainly heart disease, stroke, cancer and lung diseases The World Health Report (1999) warns that NCDs are likely to account for an increasing share of disease burden, particularly in developing countries.
Did you know that in the Caribbean... 125,000 new cancer cases are reported annually 75,000 suffer heart attacks each year Multiple Sclerosis is the most common neurological disease among young adults 30,000 persons currently suffer from paralysis of 2 or more limbs.
Did you know that in the Caribbean... 1 in 4 persons will contract heart disease 1 in 4 persons will suffer kidney disease 1 in 20 persons may have a stroke before age 70 1 in 3 persons will develop some life threatening cancer.
Do you know that... Cancer is the leading cause of death in females under age 65.
Do you know that... 3 out of 10 healthy male adults will have a critical illness before age 65.
Do you know... the five year survival rate is increasing for most common life threatening cancers Melanoma 81% Breast 74% Bladder 72% Prostrate 62% Colon 54% Oral 54% Kidney 51% Lymphoma 50% Leukemia 37% Lung 14%
Major causes of Death (1900) Pneumonia - 12% T.B. - 11% Enteritis - 8% Stroke - 6% Heart Disease - 6% Nephritis - 5% Accidents - 5% Infancy - 4% Cancer - 4% Senility - 3%
Major causes of Death (1999) Heart Disease - 49.5% Cancer - 28% Stroke - 9% Accidents - 7% Chronic Pulmonary - 5% Pneumonia/Influenza - 3% Diabetes - 3% Chronic Liver/Cirrhosis - 2% Suicide - 2%
Life Expectancy Years 90 80 70 60 50 40 30 20 10 0 1900 1999 Male Female
Critical Illness Meeting the Challenge ISSUES AND IMPACTS Life expectancy at birth has risen to approximately 74 for men and 79 for women BUT: Our life expectancy in full health is expected to be 62 and 65 respectively AND Our populations are aging Many of us will need in-home or institutional care for some part of our lives The resources that we will require during our longer lives will continue to increase.
Critical Illness Meeting the Challenge ISSUES AND IMPACTS Recovery from critical illness is often lengthy and expensive In most cases, it becomes a condition with which you live for the rest of your life 70 percent of these expenses are not covered by medical plans (such as emotional counseling, special equipment, special diets, and loss of income) Critical Illness can irreversibly alter your life and the lives of those close to you.
Critical Illness Meeting the Challenge If you survived a heart attack or stroke, but could not continue to work, how would the people you care about cope? Who would pay the mortgage or the rent? Would you be able to provide for your children s education? Could you afford health care and rehabilitation? WHAT IF? Would there be financial stress in addition to the emotional trauma?.
Critical Illness Meeting the Challenge How would you take care of yourself or your family in event of a serious illness, particularly if treatment was expensive and you were unable to work?
Critical Illness Insurance Meeting the Challenge With an insurance policy that: covers major critical illnesses provides a lump sum of money on diagnosis and survival of a critical illness refunds the premium paid in the event of death before age 70 pays the benefit irrespective of any other insurance you may have. Call your Advisor for specific details and terms
Covered Illnesses include: Alzheimer s Blindness Coronary Artery Bypass Heart valve & Structural surgery Cancer Coma Deafness Benign Brain Tumour Motor Neuron Disease Heart Attack Loss of Limbs Loss of Speech Multiple Sclerosis Major Organ transplant Paralysis Renal (Kidney) Failure Major Burns Stroke Parkinson s Disease Call your Advisor for specific details, terms and definitions
How does the Sagicor s Critical Illness Plan work? Coverage is available to persons aged 20-60 years Currently in good health 30 day waiting period Must notify insurer within 3 months of diagnosis Coverage terminates at age 70 Premiums refunded on death, if no prior claim is made Survival for a minimum of 30 days after diagnosis longer for some illnesses. Call your Advisor for specific details and terms
Persons do not qualify if there is a history of: Chronic Hepatitis Angioplasty Parkinson's Lupus Sickle Cell disease Any of the covered critical Illness HIV/AIDS and related illnesses Angina Cystic Fibrosis Alcohol Abuse - 2yrs Drug Abuse - 3yrs Insulin dependent diabetes. Call your Advisor for specific details and terms
Sagicor s Critical Illness Plan Meeting the Challenge Sagicor s Plan gives survivors the ability to choose: To get overseas medical care To pay for the indirect costs of living with critical illness To pay off the mortgage or other debts To work - or not To take the trip they always wanted To spend the money however they wish. Call your Advisor for specific details and terms
Sagicor s Critical Illness Plan Meeting the Challenge Sagicor s Plan is about quality of life, peace of mind and dignity for all of us all of which have a cost. Call your Advisor for specific details and terms
Sagicor s Critical Illness Plan Meeting the Challenge We all hope we can go through life without encountering any major health problems. BUT the future is not certain! Anyone can fall victim - AT ANY TIME. Call your Advisor for specific details and terms
Sagicor s Critical Illness Plan Meeting the Challenge If you KNEW that you would be diagnosed with any of the covered Critical Illnesses in the next few months, would you buy this insurance? Call your Advisor for specific details and terms
Sagicor s Critical Illness Plan Meeting the Challenge HOW do you know that you won t be - given that most of these critical illnesses occur randomly? Call your Advisor for specific details and terms
Sagicor s Critical Illness Plan Meeting the Challenge While doctors will do their best for your physical well-being, your financial well-being is something only YOU can look after! Call your Advisor for specific details and terms
Sagicor s Critical Illness Plan Meeting the Challenge CALL YOUR SAGICOR ADVISOR TO FIND OUT MORE Call your Advisor for specific details and terms