Faulu Microfinance Bank has introduced a critical illness insurance cover under its bancassurance business aimed at providing additional coverage for first time diagnosis of the listed conditions.
The new solution is aimed at mitigating extreme financial burdens that Kenyans incur when medical expenses related to critical illnesses occur and incur more than average medical costs, and traditional health insurance falls short.
“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 as well as enables users to manage the lifestyle changes that may be required on diagnosis which include the need for a nurse at home or wheelchair,” said Faulu Bank Managing Director, Apollo Njoroge said.
Already available for subscription, the new cover is set to sell from as low as Ksh.500,000 to Ksh.10,000,000. Any Kenya aged 18 -55 is eligible to sign up for it.
Among the illnesses to be covered include Cancer, Heart Attack, Coma, Open heart surgery, Multiple Sclerosis, Motor Neuro, Stroke, Paraplegia, Dementia, Major organ Transplant, Parkinsonism, Aortic surgery, Renal Kidney failure, Muscle Dystrophy, Accidental brain damage, and Connective tissue disease such as Rheumatoid Arthritis.
Unlike traditional covers, Faulu’s critical illness cover is able to pay for critical medical services that might otherwise be unavailable.
Other advantages include its ability to pay for treatments not covered by a traditional policy, and its ability to pay for daily living expenses, enabling the critically ill to focus their time and energy on getting well instead of working to pay their bills.
“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 Njoroge.
Other available services under the cover include 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 can no longer navigate staircases.
This cover has also been uniquely bundled into Faulu retail loan proposition on optional basis to enrich the loan offering and offer a competitive edge.
Upon subscription, the amount of premium one pays will depend on age and the amount of the sum assured. Besides, the premiums are payable in a flexible way; monthly, quarterly, semi-annually or annually. The covers can be purchased digitally or physically at any of our branches countrywide.
Faulu Microfinance Bank, a member of the Old Mutual Group is one of Kenya’s fastest growing banks with a network of over 55 outlets and over 1000 employees.