Life Insurance underwriters have been challenged to consider introducing insurance covers that enable people to contribute while still active and access medical attention in old age when they retire.
The appeal was made by the Insurance Regulatory Authority of Uganda (IRA) Chief Executive Officer, Alhaj Kaddunabbi Ibrahim Lubega while officiating at the Life Insurance Agents of the year Awards at Mestil Hotel, recently.
the Life Insurance Agents of the year Awards at Mestil Hotel, recently.
“One of the big demands for the elderly is medical attention. Unfortunately, our existing life insurance covers do not have any for this group of the elderly persons. I thus challenge life insurance underwriters to think of an insurance cover that can take care of these people”, Alhaj Kaddunabbi said.
It is important to note that majority of Ugandans who enjoy medical insurance during their work life usually retire with no back up.
The ones willing to purchase insurance tend to do so at a very high cost as insurance firms factor in pre-existing conditions and charge high premiums because of the high risks associated with the elderly.
Alhaj Kaddunabbi noted that life insurance is increasingly gaining traction among Ugandans due to increased appreciation of the value of life insurance as a necessity, especially now that the country is on the path to attaining middle-income status.
Speaking on the sidelines of the awards, Alhaj Kaddunabbi said: “Uganda is becoming a middle income economy and people are concerned about securing their future than ever. Many will find it paramount to have life insurance covers as a way to be sure about this future, which is associated with high costs of living. Insurance is a solution to some of these high costs.”
The Life Agent of the Year awards acknowledge the contributions that Life Insurance Agents make towards growing the insurance industry in Uganda. The awards are organised by the Uganda Insurers Association, an umbrella organisation for all insurance companies in Uganda.