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Youthfulness is exhilarating. For many, it is a beautiful and defining season full of highs and lows, tenacious hard work, and invaluable life lessons designed to pave the way for a future of ease. However, life is full of adversities, and young people are not immune.
Recent studies indicate a concerning rise in critical illnesses among young Nigerians, challenging the perception that such conditions primarily affect the elderly. For instance, stroke, once considered rare among younger populations, has become increasingly prevalent. A study conducted in northwestern Nigeria between 2008 and 2010 found that 71 patients aged 18 to 40 were admitted for stroke, with hypertension identified as the most common risk factor.
Furthermore, cardiovascular diseases are now affecting younger demographics.
In an interview published by BusinessDay, Dr. Folasade Alli, Medical Director of Lagos Executive Cardiovascular Clinic, said individuals aged 28 to 30 are increasingly diagnosed with cardiovascular conditions, a shift from the previous average onset age of 40. This trend is attributed to lifestyle factors such as poor diet, stress, and lack of physical activity.
At a recent webinar titled “Young and Healthy? Why Millennials and Gen Z Should Care About Critical Illness Insurance”, Coronation Insurance explored in-depth why young adults aged 18 to 40 should seriously consider getting Critical Illness Insurance.
Medical doctor and Co-Founder of My Medicare, Dr. Chukwuka Obodo, delivered an insightful keynote address highlighting what critical illness insurance is, how it differs from traditional health insurance policies, and its benefits for young people.
“Although we are seeing more young people in Nigeria embrace fitness as a lifestyle, many still lead sedentary lives due to the nature of their jobs, experience high stress levels, and may even indulge in unhealthy habits. Going to the gym frequently is not a guarantee against critical illness,” he noted.
The webinar’s panelists, Nwakwue Emeka Charles, Emmanuel Kayode, and Esther Adekunle, also made valuable contributions to the discussion.
Esther Adekunle, Financial and Strategic Partnership Manager, emphasized the importance of young people using their active years to build wealth and the need to protect it with insurance products such as critical illness insurance.
“Unlike regular health insurance, where funds are paid directly to hospitals for treatment, critical illness policyholders receive payouts themselves, allowing them to cover treatment and other related expenses. This way, they don’t lose all they have worked for,” she explained.
Studies have shown that critical illness can have a devastating financial impact on young people, particularly due to black tax, the financial burden placed on individuals when a family member or loved one falls ill.With healthcare costs rising in Nigeria,
Millennials and Gen Z are placing greater importance on financial security, prioritizing investments and savings.Ultimately, young Nigerians must be intentional about mitigating life’s uncertainties with critical illness insurance—lightening their financial burden and ensuring access to the support they need during challenging times.
Watch the full webinar on critical illness insurance by Coronation Insurance to learn more here. https://youtu.be/lzmI5NMX89M?si=3fldqvpG-cFUERav
To know more about Critical Illness Insurance, contact Coronation Life Assurance Limited on Tel: 020-1-2774500, 020-1-2774566, 020-1-2774577, or email contactcentre@coronationinsurance.com.ng
