Samsung Life Launches First Simple Insurance Allowing Enrollment Even After Surgery or Hospitalization
Industry First... Increased Coverage and Lower Premiums
Coverage for Severe Pneumonia Diagnosis Due to Legal Infectious Diseases
[Asia Economy Reporter Ki Ha-young] A guaranteed insurance plan that allows enrollment even after surgery or hospitalization is being introduced.
Samsung Life Insurance announced on the 14th that it will launch the industry's first 'S Simple Comprehensive Guarantee Insurance,' which allows enrollment even with a history of surgery or short-term hospitalization outside the eight major critical illnesses. Sales will begin on the 16th.
This product covers various diseases such as cancer, cerebrovascular disease, and cardiovascular disease, and is characterized by allowing enrollment even with a history of surgery or short-term hospitalization outside the eight major critical illnesses.
Existing simple insurance required customers to separately notify the insurer of all surgeries and short-term hospitalizations. The disclosure items included ▲hospitalization, surgery, or additional examination recommendations within the last 3 months ▲hospitalization or surgery history within the last 2 years ▲diagnosis, hospitalization, or surgery for cancer within the last 5 years. Recently, insurers have been significantly increasing simple insurance products with reduced coverage sizes to make it easier for customers to enroll.
Unlike existing simple insurance, this product allows enrollment without disclosure even if there is a history of surgery within the last 2 years or hospitalization of 5 days or less. This coverage is the first of its kind in the industry. However, enrollment is not possible if there is a diagnosis, surgery, or hospitalization for any of the eight major critical illnesses within the last 5 years, or if there is a history of medication for 30 days or more for the same disease within 2 years.
The basic disclosure items before enrollment have also been significantly reduced from 9, which apply to general products, to 3. Premiums are not increased due to high risk, nor are treated areas or diseases excluded from coverage. The three basic disclosure items are ▲recommendations for hospitalization, surgery, or re-examination based on examination or tests within the last 3 months ▲hospitalization of 6 days or more or medication for 30 days or more within 2 years ▲history of diagnosis, surgery, or hospitalization for cancer, cirrhosis, chronic dialysis, Parkinson's disease, Lou Gehrig's disease, angina, myocardial infarction, or stroke within 5 years.
This product covers accidental death under the main insurance and covers major causes of disease-related death such as cancer, cerebrovascular disease, and cardiovascular disease through special contracts. In addition to diseases and surgeries frequently occurring in the elderly, it is the first in the industry to cover pneumonia diagnosis of moderate severity or higher caused by legally designated infectious diseases under simple insurance.
Samsung Life Insurance has lowered premiums compared to its existing simple insurance products while expanding coverage. For example, for customers with mild diseases such as disc problems or polyps, premiums are about 22% lower than existing simple insurance. Coverage is available immediately upon enrollment without exclusions, and pre-existing conditions are also covered. A new accidental fracture surgery rider has been added, providing up to 500,000 KRW per surgery up to three times a year when subscribed.
The maximum coverage amount for cerebrovascular and cardiovascular diseases under existing simple insurance has been expanded from 5 million KRW to 20 million KRW, and the maximum coverage amount for cancer diagnosis has also been increased from 30 million KRW to 50 million KRW.
The enrollment age is from 30 to 80 years old based on the main insurance. The insurance period is renewable every 15 years (some riders 3 or 5 years) up to a maximum age of 100. For the disease-related death coverage rider, coverage is available up to age 85.
A Samsung Life Insurance official said, "The S Simple Comprehensive Guarantee Insurance lowers the barrier to enrollment even with a simple history of hospitalization or surgery in response to the aging society," adding, "It was developed to provide coverage for the three major diseases at a price about 20% lower than existing insurance for patients with pre-existing conditions."
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