Thursday, October 18, 2012

Sagicor Launches Jamaica’s Most Comprehensive Critical Illness Plan

Sagicor Life Jamaica recently launched the revised Ultra Lifeline plan, the most complete critical illness plan in Jamaica covering 30 major illnesses with a maximum sum insured of $35 million. Sagicor’s Sagi-Gold Accumulator Plan also launched recently, presenting clients with a viable investment option and insurance coverage up to a maximum of $6 million.

The revised Ultra Lifeline plan now covers medical and living expenses for thirty (30) critical illness conditions – an increase of nine (9) conditions over the twenty-one (21) conditions initially covered. The revised Ultra Lifeline plan now includes 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.

Data from the Statistical Institute of Jamaica indicate that there has been a 30% increase in Jamaica’s health expenses since 2007. Merrick Plummer, Assistant Vice President Individual Life Sales & Distribution at Sagicor is of the viewthat this statistic is directly affected by a current trend which has been confirmed by doctors and the claims department of Sagicor Life Jamaica.

“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’,” explained Plummer.  Plummer reiterated that the addition of nine critical illnesses to the initial 21 illnesses 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. One such case in point is the mere fact that since children are not currently immunized against bacterial meningitis; a child contracting this disease becomes vulnerable to contracting a major illness in adulthood.

Speaking to the individual needs of every Jamaican; Mark Chisholm, Executive Vice President, Individual Life Division at Sagicor outlined the main advantage of the revised Ultra Lifeline.

“It is important to have long term 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 was eager to point out that the Sagi-Gold 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.  Sagicor clients can contact their individual agent or broker for more details.

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