Why Millennials and Gen Z Need Critical Illness Insurance

Youthfulness is exhilarating. For many, it is a beautiful and defining season full of highs and lows, tenacious hard work, and life lessons that are meant to ensure a future of ease. But life is full of adversities that even young people are not immune to.

Critical illnesses such as vital organ failure, cancer, stroke, paralysis is generally perceived to only affect the elderly. However, there has been a surge in the number of young adults diagnosed with these critical illnesses over the past 6 years in Nigeria.

At a recent webinar titled “Young and Healthy? Why Millennials and Gen Z Should Care About Critical Illness Insurance”, Coronation Insurance discussed in-depth several reasons young adults age 18 – 40 need to seriously consider getting Critical Illness Insurance.

Medical Doctor and Co-Founder of My Medicare, Dr. Chukuwuka Obodo delivered an insightful keynote address that highlighted what critical illness insurance is, how it differs from the typical health insurance policy, and it’s benefits to young people.

“Although we are seeing more young people in Nigeria adopt fitness as a way of life, many of them still live a sedentary life due to the nature of their jobs, have high stress levels, and may even indulge in bad lifestyle habits. Going to the gym frequently is not a guarantee against critical illness.”

The webinar’s panelists; Nwakwue Emeka Charles, Emmanuel Kayode, and Esther Adekunle, also contributed valuably to the conversation.
Esther Adekunle, Financial and Strategic Partnership Manager spoke richly about how young people utilize their active years in building their wealth and the need for them to protect it with insurance products such critical illness insurance.

“Unlike regular health insurance where funds are paid to the hospital for treatment, critical illness policyholders receive their payout directly so they can use it for treatment and other related expenses that arise. This way, they don’t lose all they have worked for.”

Studies have shown that critical illness has a dire impact on the finances of young people, particularly through black tax in situations where the afflicted individual is a family member or loved one.

With health care inflation on a rise in Nigeria, the millennial and gen z demographic place a higher premium on financial security and concentrate more on investments and savings as a result.

Ultimately, young Nigerians must be intentional about hedging their risk against life’s curveballs with critical illness insurance, lightening their load and guaranteeing access to the support needed in those times.

Watch the full webinar on critical illness insurance by Coronation Insurance to learn more here.

If you have any questions, please don’t hesitate to contact us at 02-012774500 | 02-012774566 | 02-012774577 or send an email to [email protected].