'Guaranteed Even After 2-3 Cancer Recurrences' MetLife Life Insurance Launches 360 Cancer Insurance

[Asia Economy Reporter Ki Ha-young] MetLife Life Insurance announced on the 14th that it will launch the ‘(Non-Participating) 360 Cancer Insurance (Renewable)’ which expands coverage not only for common cancers but also for the three major specific cancers and minor cancers, providing comprehensive protection against cancer.

This insurance significantly expands the coverage scope. It pays up to 100 million KRW upon diagnosis of common cancer, and for the three major specific cancers (breast cancer, male and female reproductive organ-related cancers, colorectal mucosal cancer) and minor cancers, which previously had insufficient coverage due to low diagnosis fees despite high incidence rates, it pays up to 50 million KRW and 30 million KRW respectively. Additionally, a premium waiver benefit is provided upon diagnosis of the three major specific cancers.

The coverage for high-cost cancers, which was limited to bone cancer, brain cancer, leukemia, etc., has been expanded to include the top 10 high-cost cancers such as esophageal cancer, liver cancer, gallbladder cancer, bile duct cancer, pancreatic cancer, tracheal cancer, bronchial and lung cancer, with additional payments up to 100 million KRW. If there is a cancer with a high incidence rate due to family history or lifestyle, up to 30 million KRW can be paid through the site-specific selective cancer diagnosis rider (4 types).

The coverage for re-diagnosed cancer, which is paid upon recurrence or metastasis of cancer, has also been expanded to include common cancers as well as thyroid cancer and other skin cancers classified as the three major specific cancers and minor cancers, providing repeated coverage every two years at the industry's highest level.

Furthermore, up to 50 million KRW is paid for targeted anticancer drug therapy, a next-generation advanced anticancer treatment method that minimizes side effects of chemotherapy. Previously, targeted anticancer therapy, which is not covered by the National Health Insurance under existing cancer insurance, was difficult to receive sufficiently, but with this product launch, more reliable coverage can be secured.

In particular, the health care service provided when subscribing to a main contract insurance amount of 50 million KRW or more has added a targeted anticancer drug therapy intensive management service. This service offers psychological counseling, dietary counseling, health counseling tailored to customer needs during targeted anticancer drug treatment, discounts on purchasing cancer wigs, and nurse hospital accompaniment services during targeted anticancer drug therapy.

Along with the industry's highest level of coverage, as cancer survival rates increase, it also provides up to 1.5 million KRW per month in living expenses after treatment to help alleviate the economic burden of income loss.

Song Young-rok, CEO of MetLife Life Insurance, said, “Considering the increasing average lifespan and the high cost of cancer treatment, customer demand for cancer insurance that reliably covers the beginning and end of cancer protection is growing,” adding, “This 360 Cancer Insurance will provide higher customer value with industry-leading cancer diagnosis fees as well as seamless coverage including targeted anticancer therapy and health care services.”