Hanwha Life Insurance launched the 'Cancer Premium Whole Life Insurance' on the 15th, which allows adding death coverage and optional cancer coverage for specific body parts.
[Asia Economy Reporter Oh Hyung-gil] Hanwha Life Insurance launched the 'Cancer Premium Whole Life Insurance' on the 15th, which allows adding death coverage and cancer coverage riders for specific desired body parts.
With death coverage as the base, customers can receive customized cancer coverage through riders segmented into general cancer, minor cancer, similar cancers, and nine types of body part-specific cancers. Unlike before, when body part-specific cancer riders could only be added by mandatorily subscribing to general cancer coverage, these riders can now be freely selected without subscribing to general cancer coverage.
Existing whole life insurance cancer coverage riders are mainly renewal-type, causing premiums to increase with age, but the main cancer coverage riders of this product are all non-renewal type, reducing the burden of premium payments.
Additionally, customers who want to minimize death coverage while maximizing cancer coverage can subscribe to a minimum death coverage (main contract) amount of 2 million KRW and freely design the desired cancer riders. The eligible subscription age is from 15 years old to 71 years old for males and 76 years old for females.
For a 40-year-old, 20-year payment term, surrender value guaranteed type, with a main contract subscription amount of 10 million KRW and cancer coverage riders for thyroid cancer (except initial), respiratory cancer (including lung and larynx), liver and pancreatic cancer, and a maturity age of 100 years, the monthly premium is 42,050 KRW for males and 34,730 KRW for females.
Adding a male reproductive cancer (including prostate cancer) coverage rider with a 100-year maturity and a subscription amount of 10 million KRW increases the monthly premium by 3,900 KRW for males, and adding a breast and female reproductive cancer coverage rider with a 100-year maturity and a subscription amount of 10 million KRW increases the monthly premium by 5,100 KRW for females.
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