Samsung Life Insurance Launches 'Simple Cancer Plus Whole Life Insurance' Available to Policyholders with Pre-existing Conditions

Samsung Life announced on the 10th that it will sell the 'Simple Cancer Secure Plus Whole Life Insurance,' which allows enrollment even with a history of illness.

[Asia Economy Reporter Oh Hyung-gil] Samsung Life Insurance announced on the 10th that it will sell the 'Simple Cancer Dundeun Plus Whole Life Insurance,' which allows enrollment even with a past medical history.

The number of items customers must disclose before purchasing the insurance product has been reduced from nine to three, allowing those with pre-existing conditions to enroll if they do not fall under these categories. The disclosure items include 'hospitalization, surgery, or the need for re-examination based on medical examination or tests within the last 3 months,' 'hospitalization or surgery history within the last 2 years,' and 'diagnosis, hospitalization, or surgery history within the last 5 years due to cancer, liver cirrhosis, chronic kidney disease undergoing dialysis, Parkinson's disease, or Lou Gehrig's disease.'

The main insurance covers death up to 300 million KRW, providing necessary funds to the bereaved family. If the insured suffers a disability of 50% or more due to an accident during the premium payment period or is diagnosed with cancer after the cancer coverage start date, the payment of premiums is fully waived.

Additionally, if the insured subscribes to the cancer diagnosis premium refund rider and is diagnosed with cancer, the contract holder will be refunded the agreed premium amount selected within the basic premium of the main insurance.

For customers who have not been diagnosed with cancer, from the end of the premium payment period until age 90, upon the first cancer diagnosis, 3% of the total basic premium of the main insurance (1.2% for breast cancer and uterine cancer) will be paid annually as 'cancer living expenses' for 10 years.

Through the pension advance payment system, the surrender value generated by reducing the death benefit annually after the premium payment period can also be received in the form of a pension. The eligible age for enrollment is from 30 to a maximum of 70 years old, and the premium payment period can be selected from 10, 15, or 20 years.