Hyundai Marine & Fire Insurance Launches 'New Continuous Cancer Insurance' Covering Anticancer Drug Treatment Without Restrictions

[Asia Economy Reporter Changhwan Lee] Hyundai Marine & Fire Insurance announced on the 8th that it has launched the ‘New Continuous Cancer Insurance,’ which focuses on covering various treatment costs after a cancer diagnosis.

This new product is the first in the industry to provide unlimited repeated compensation for chemotherapy treatment costs and is an advanced cancer insurance that allows patients and their families to predict optimal treatment and cancer occurrence possibilities through genetic testing.

While most existing chemotherapy treatment cost coverages provide one-time compensation, this new product introduces a ‘continuous payment’ coverage that pays for each chemotherapy drug treatment per inpatient/outpatient visit. This enables cancer patients to focus on chemotherapy without financial burden during long-term treatment.

By adopting a personalized precision medical system, a coverage that provides ‘Next Generation Sequencing (NGS) testing’ to customers and their families has also been newly established.

Through the test, customers can identify the optimal chemotherapy drugs to improve treatment efficiency, and families can predict the likelihood of future cancer occurrence due to family history.

The ‘Family NGS Genetic Panel Test’ program offers higher-level results through partnerships with healthcare specialists, and a dedicated genetic counseling call center has been established to address questions about the test and customers’ lifestyles.

Additionally, the company emphasized that it has reflected all the latest trends in cancer insurance by newly adding coverage for the ultra-expensive treatment ‘CAR-T chemotherapy drug authorized treatment’ and continuously covered similar cancers (other skin/thyroid cancers).

The ‘New Continuous Cancer Insurance’ is available for subscription from age 0 to 70, with options for a maximum 30-year renewable term and a maximum term up to age 100. The premium for a 40-year-old male under the renewable plan is about 40,000 KRW, and for a 50-year-old, about 90,000 KRW.

Yoon Kyungwon, head of Hyundai Marine & Fire Insurance’s Long-term Products Part 1, said, “This new product was developed not only to help optimize cancer treatment by incorporating the latest medical technology but also considering customers’ families. We will continue to provide various products and services reflecting the latest trends.”