~First 20 clients gets 10 per cent off ~
PHILIPSBURG–NAGICO Insurances on Monday launched its Critical Illness Plan, which will pay out a lump sum to insured clients who survive thirty days after being diagnosed for the critical illness under which they are covered.
NAGICO Chief Executive Officer (CEO) Dwayne Elgin and Medical Underwriting Manager Christopher Hunt explained the details of the new insurance plan at a press conference. Elgin said the Critical Illness Plan will give insurers a chance to “purchase a product that gives peace of mind.”
The plan covers 21 critical illness areas, including life-threatening cancer, heart attack, stroke, coronary artery by-pass surgery, kidney failure, “major” organ transplant, deafness, blindness, paralysis, multiple sclerosis, Parkinson’s disease, benign brain tumour, coma, severe burns, Alzheimer’s disease, heart valve replacement, loss of limbs, loss of speech, motor neuron disease, aortic surgery and acquired brain injury.
A client needs to sign up for the policy when he or she is healthy, has no pre-existing critical illness and has had a medical exam in the last year. Anyone from ages 20 to 65 can sign up for the plan, which stops at age 70. Clients can choose their pay-out amount, which can range from US $25,000 to $1 million.
The plan is available for purchase as of today Tuesday, April 5. The first 20 clients to sign up for the plan will benefit from a 10-per-cent discount on their package.
NAGICO decided to introduce the plan to plug a “gap” in the market. The company believes that the policy would be useful for consumers in the St. Maarten market. NAGICO St. Maarten is the first to offer the plan.
Elgin said the Critical Illness plan is an insurance product that will provide a tax-free lump sum benefit on the diagnosis of a covered illness, which is sometimes called a benefit trigger.
He called it “a living benefit.” Critical Illness is a stand-alone health insurance product, so clients do not need to merge it with any existing policies.
Elgin said Critical Illness can solve many of the economic insecurity problems associated with suffering and surviving a critical illness that traditional insurance solutions do not.
It fills the gaps, regardless of how much life, disability or medical insurance a person has. It can also provide the client with cash in a time of physical and financial distress to fill the gaps. It also “gives flexibility and choices” and also “makes life easier” for the family of the insured after the client has suffered and survived a critical illness, as it can be used to pay off a mortgage, pay off debts, modify one’s home, take care of the client’s children and additional medical and living expenses, amongst other things.
It can also provide self-employed professionals and small business owners with critical cash to pay debts and keep their business afloat. The plan can also serve as a “buy and sell” agreement amongst partners and the provision of key persons’ insurance protection.
NAGICO will be holding an open house at its main branch in Philipsburg today, Tuesday, to introduce the package to clients. Quotes will be given on the spot for persons interested in the plan. NAGICO staffers have been trained on the plan and are able to answer questions potential clients have on the new insurance product
Source: The Daily Herald NAGICO launches Critical Illness Plan