Beyond numbers: The human story of critical illness insurance

In the ever-unpredictable journey of life, financial planning isn’t just about securing wealth—it’s about safeguarding your future against the unexpected.

Individual life insurance, particularly Critical Illness coverage, is a testament to this protection.

In this article, we explore the transformative power of Critical Illness insurance through the story of Alex, a young professional whose life took an unexpected turn.

This journey highlights how a proactive approach to financial planning can provide not only security but also hope and resilience in the face of life’s greatest challenges.

Let’s tell you a story.

Meet Alex, a driven professional with dreams as expansive as the open sky. Life was on track, with a promising career and a bright future ahead. But at 30, Alex received a diagnosis that no one anticipated—a critical illness that would demand not just immense emotional strength, but substantial financial resources as well.

The diagnosis was a wake-up call, transforming what once seemed distant into an urgent reality.

Suddenly, the future was uncertain, and the financial burden threatened to derail not just Alex’s ambitions but also the security of loved ones.

At the heart of this story is the realisation that life can change in an instant.

The financial impact of Alex’s diagnosis was immediate and overwhelming—medical bills alone amounted to ₦12 million.

This included the cost of surgery, ongoing chemotherapy sessions, and specialist consultations. Also, Alex faced an estimated ₦5 million in lost income due to the inability to work during treatment.

With a total financial burden nearing ₦17 million, the situation seemed dire. But amid this turmoil, Alex remembered a decision made years earlier—a decision to invest in a Critical Illness insurance policy with Coronation Life Assurance. This choice, initially made with little thought, became a lifeline in a time of crisis.

A Lifeline in Policy Terms 

Critical Illness insurance, which had once seemed like a routine part of financial planning, suddenly took on a new meaning.

The policy Alex had secured offered a sum assured of ₦20 million, with an annual premium of ₦450,000. Over the years, Alex had diligently paid a total of ₦1.35 million in premiums.

Upon diagnosis, the policy immediately kicked in, providing a lump sum of ₦20 million. This payout was not only sufficient to cover the medical expenses and lost income but also left Alex with a surplus to address any future health-related costs.

Financial Resilience

Thanks to the foresight in securing Critical Illness coverage, Alex was able to cover the ₦12 million in medical expenses and the ₦5 million in lost income without dipping into savings or taking on debt.

This comprehensive coverage didn’t just alleviate immediate financial strain—it provided peace of mind, allowing Alex prioritise health and recovery.

The remaining ₦3 million from the insurance payout offered an additional buffer for ongoing treatments, rehabilitation, or unforeseen expenses.

In a world where financial insecurity often compounds the stress of illness, the policy offered by Coronation Life Assurance gave him hope.

Beyond the Numbers

As Alex emerged from this challenging period, it became clear that the true value of the Critical Illness policy wasn’t just in the numbers—it was in the protection of a future once threatened by uncertainty.

Alex’s story is a powerful reminder that financial planning isn’t just about money—it’s about ensuring that, even in the face of life’s most difficult moments, you have the resources to rebuild and move forward.

The decision to invest ₦450,000 annually in a Critical Illness policy resulted in a payout that safeguarded Alex’s health, career, and financial stability.

Bottomline: 

Alex’s journey with Critical Illness insurance is more than just a story of financial security—it’s a narrative of resilience, hope, and the power of foresight.

At Coronation Insurance, we believe in transforming lives by providing solutions that not only protect against the unexpected but also empower you to face the future with confidence.

In the unpredictable journey of life, Critical Illness insurance is not just a policy—it’s a promise of support and a testament to the strength of the human spirit. Let Alex’s story inspire you to take that crucial step in safeguarding your own future and the futures of those you cherish.

For more information or to get started, visit our website: www.coronation.ng. You can also reach us by phone at  02-012774500 | 02-012774566 | 02-012774577, or send an email to info@coronationinsurance.com.ng.

Note: This article was written by Ibironke Ajiboye