[Practical Finance] How About Gifting 'Children's Insurance'?

Comprehensive Coverage for Stroke, Illness, etc... Cancer Products Are Better Purchased Before Age 15

[Asia Economy Reporter Haeyoung Kwon] '24,600 won'. According to a 2018 survey by the public opinion research firm Gallup Korea, this is the average amount of sebaetdon (New Year's money) elementary school students receive during Seollal. Instead of giving sebaetdon immediately as pocket money to buy toys or snacks, how about encouraging children to enroll in savings, insurance, or fund products to provide financial education? This opportunity can also be a good chance for parents to purchase children's insurance policies for their children as a meaningful gift.

According to the financial sector on the 3rd, Hyundai Marine & Fire Insurance's 'Good & Good Children's Comprehensive Insurance Q' comprehensively covers risks throughout a child's life cycle, including critical illnesses requiring high medical expenses (such as multiple pediatric cancers, four major disabilities, benign brain tumors), child liability, vision correction, rhinitis, and atopy. An advantage is that it eliminates coverage gaps when enrolling during the fetal stage. It covers injury surgeries due to congenital malformations, hospitalization due to congenital brain diseases, and emergency room visit fees, preventing coverage gaps caused by congenital abnormalities.

Meritz Fire & Marine Insurance's 'Naemam (Mom)-like Children's Insurance' is also noteworthy. It covers injuries, disease-related sequelae, daily hospitalization allowance, surgery costs, and diagnosis fees. It features child-specific coverage such as respiratory diseases, severe atopy, attention deficit hyperactivity disorder (ADHD), and central precocious puberty, as well as dental coverage including treatment costs for deciduous and permanent teeth preservation. Another advantage is the additional operation of a non-surrender value type that does not impose premium burdens.

Additionally, DB Insurance offers 'I Love Health Insurance,' which supports coverage for major injuries, diseases, and dental care. It provides coverage for cerebrovascular and ischemic heart disease diagnoses up to age 100 and covers disease-related sequelae starting from 3% or more.

There are also points to carefully consider when selecting children's insurance products.

First is the maturity setting. Children's insurance is broadly divided into 30-year maturity products and 100-year maturity products. The 30-year maturity product covers until the child becomes financially independent and has lower premiums compared to the 100-year maturity product. Upon reaching the maturity age of 30, it is possible to enroll in a new adult insurance policy or convert the contract to a 100-year maturity plan. However, depending on the child's health status at maturity, new contract enrollment or contract conversion may not be possible.

It is also important to check for premium discount services. Some children's insurance products offer additional services such as health and childcare consultations, hospital guidance and reservation assistance, and screening guidance, so it is advantageous to identify these in advance. Furthermore, regarding cancer-related coverage, some products have an exemption period after age 15, so if the product applies, it is better to enroll before age 15.