UAP insurance is set to cover Chronic illness in a new insurance cover targeted at easing its customer’s treatment burden.
The new cover will see the insurance firm pay out Sh20 million to subscribing members for treatment locally or abroad.
According to the group CEO Peter Mwangi, the new package will cover, among others, cancer, heart-related diseases and transplants where necessary.
UAP Old Mutual Group managing director of Life Assurance Jerim Otieno added that diagnosis should not spell disaster for patients at those critical time.
‘’It is money when you need it the most because it cushions the recipient from financial strain at a time they are most likely unable to do productive work’’ he said.
Adding that they have an age limit of 55 years but since most corporates have their age of retirement at 60 the group policy is at that age.
Coming at the backdrop of reports by advisory firm PWC which indicated that insurance premiums across Africa are set to go up by up to 3 per cent in 2018 due to the growing middle class with an increased disposable income.
Kenyan Wallstreet had also reported that Life insurance remains higher in most African countries Kenya included at 41 per cent to no life insurance at only 20 per cent as of 2016.
According to Kenyan Network of Cancer Organizations, Cancer is the 3rd highest cause of morbidity in Kenya [7% of deaths per year], after infectious diseases and cardiovascular diseases. Its estimated that 39,000 new cases of Cancer each year in Kenya with more than 27,000 deaths per year