Sagicor adds nine critical illnesses to insurance plan
SAGICOR Life Jamaica has added nine conditions to its Ultra Lifeline critical illness plan.
The revised Ultra Lifeline plan now covers medical and living expenses for 30 major illness conditions, the company said. It has a maximum sum insured of $35 million.
Coverage for Aplastic Anemia, Bacterial Meningitis, Fulminant Viral Hepatitis, Muscular Dystrophy, Occupational HIV Infection, Primary Pulmonary Arterial Hypertension, Progressive Supranuclear Palsy, Severe Crohn’s Disease and Traumatic Brain Injury are included in the new Ultra Lifeline plan.
Citing data from the Statistical Institute of Jamaica which indicates that there has been a 30 per cent increase in Jamaica’s health expenses since 2007, Merrick Plummer, Sagicor’s assistant vicepresident of individual life sales, noted that the age at which people are getting certain critical illnesses has changed.
“Younger people are affected by what is typically referred to as ‘old people disease’,” said Plummer. He said that the addition of nine critical illnesses to the initial 21 illnesses on the Ultra Lifeline plan is based on an increased awareness of these illnesses and their effect on the population.
He further explained that the proactive nature of the company will provide excellent coverage for its clients today and in years to come. For example, he said since children are not currently immunised against bacterial meningitis, a child contracting this disease becomes vulnerable to contracting a major illness in adulthood.
Mark Chisholm, executive vice-president of Sagicor’s Individual Life Division, outlined the main advantage of the revised Ultra Lifeline.
“It is important to have longterm investment in your portfolio; it is also important for people to live long and have a healthy life. The response to that is Ultra Lifeline with 30 critical illness conditions,” said Chisholm.
Plummer added that Sagicor’s Sagi-Gold Accumulator Plan, also launched recently, presented clients with a viable investment option and insurance coverage up to a maximum of $6 million. He said the plan provides competitive returns, which usually exceeds the return on a comparable investment in government bonds due to the compounding effect of the former and the link to equities and segregated funds which traditionally offer better returns.
“They (Sagi-Gold and revised Ultra Lifeline) are backed by our investment in stocks, real estate and fixed income. What this means is that our plans are well supported by strong investments,” Plummer explained.
Current policy-holders of the Ultra Lifeline plan will receive an automatic upgrade to the revised Ultra Lifeline, the company said.