Local insurer launches new critical illness cover

(CNS): Local insurance firm Sagicor Life has launched a new critical illness plan called Ultra Lifeline. The first of its kind in the Caymanian market the new plan provides up to CI$500,000 in coverage for 21 conditions. The details of Ultra Lifeline were revealed at a recent Chamber of Commerce ‘Business After Hours’ event, hosted by Sagicor when pesident & CEO of Sagicor Mike Fraser, said the plan as more valuable today as the population is living longer andas a result critical illnesses is on the rise.

“The ability to provide for those emergencies that require extensive and expensive medical care is really a great security blanket, not just for those directly affected, but also for family members and other dependents," he added.

Sagicor’s Ultra Lifeline Plan is an equity-linked insurance plan, available to anyone from age 20 up to 60 years old. It provides a lump sum payment on first diagnosis of any of the Lifeline conditions, including Kidney failure, Benign Brain Tumor, Coronary Artery Bypass Surgery, Parkinson’s disease and Alzheimer’s disease. It also provides a death benefit.

Sagicor’s Assistant Vice President of Individual Lines, Olivine Barnes, explained that the equity component of the plan facilitates investment in addition to health coverage. "The wonderful thing about this plan is that it’s the only one of its kind that offers a maximum coverage of CI$500,000, a guaranteed interest investment, as well as an optional equity-based investment," she said.