Growth & Jobs | Purchasing critical illness insurance was the smartest decision I ever made – Cancer warrior

A LIFE insurance policy is an ideal financial product to have as part of one’s financial plan.

It can provide loved ones with a financial safety net in case of death or in the event of a major illness.

In 2021, Omar Hanson recognised the benefits of life insurance after the critical illness plan he purchased helped to protect him and his family from major financial ruin.

“I decided to get life insurance to ease the burden on my family and friends in case anything happened to me,” said Hanson. “I did not want to be at a point where I had to be depending on the goodwill of others. So I got insurance because I thought it was a good way to plan for the future financially,” he said.

For the 38-year-old, this was an important step in his financial planning because of the expenses associated with treating major illnesses. As life would have it, he was later diagnosed with synovial sarcoma, an uncommon and aggressive cancer that can form in soft tissues such as muscles, fat, joint linings and ligaments.

“Later in 2021, I started feeling some discomfort in my hands and I could not move them easily. I went to the doctor and based on the symptoms I was having, he recommended that I do a biopsy. When the results came back, it was revealed that I had synovial sarcoma, which is cancer of the soft tissues in my right hand,” he added.

The father of two said the illness has affected his ability to earn a living.

UNABLE TO WORK

“I operate a truck and since the illness, I have been unable to work because between the discomfort and the treatment, I am unable to use my hands as I would want,” he said.

Hanson is grateful he has life insurance because it has allowed him to cover his medical expenses and provide for his family although he has been unable to work.

“I am grateful that I had that conversation with the JN Life agent in 2021 and decided to purchase the JN Life Aide policy,” he revealed. “After I was diagnosed, I reached out to the agent who noted that between the time I had purchased the policy and the diagnosis, I was past the probation period and so I was able to claim.”

“The treatment for cancer is expensive. It costs millions to treat because there is medication, surgery, aftercare and even loss of income. However, based on the policy I had, the claim was enough to cover my treatment and provide me with funds to provide for my family while I have been unable to work,” he added.

Hanson is also grateful that the JN Life Aide comes with a recurrence benefit which means if he is diagnosed by another critical illness, he is still able to claim on the policy as long as his premiums are being paid.

“The recurrence benefit gave me peace of mind because I know if I am diagnosed again, I won’t have to worry about how I am going to cover my medical expenses or survive,” he stated.

Othneil Blagrove, senior manager, sales and marketing, JN Life Insurance, explained that having a life insurance policy comes with many long-term financial advantages.

“One of the purposes of the investment component of an insurance policy is to build financial resilience and is an ideal long-term savings for retirement income. They are designed to offer financial safeguards against the death of the policyholder, but it may also work as a good investment plan, which helps persons to meet several life goals,” he explained.

“While we in the financial industry encourage persons to take out policies with investments, we also advise them to purchase critical illness plans because they can be used to pay for treatments in the event that you are diagnosed with illnesses, such as cancer. We are pleased that we were able to assist Mr Hanson in finding away during his difficult period, and we continue to encourage more Jamaicans to purchase critical illness plans for life’s unfortunate events, which can have an adverse economic impact on families,” he said.

Hanson is also urging more Jamaicans to include life insurance in their financial planning.

“This was the best decision I have ever made especially since life is unpredictable. If I didn’t have the critical illness insurance I would have had to depend on others to survive and pay my medical bills. However, because I included insurance in my financial plans, I was able to cover my medical expenses. Therefore, I encourage people to invest in life insurance as part of their financial wellness,” the Clarendon native urged.