Samsung Life Introduces Lifetime Protection Insurance with Enhanced Cancer and Nursing Care Coverage

Strengthening Coverage for Cancer, Severe Long-term Care, and Dementia

Samsung Life Insurance announced on the 15th that it will start selling the 'Samsung Life Protection Insurance,' which strengthens coverage for cancer and caregiving, beginning on the 16th.

The Samsung Life Protection Insurance is a product that provides death coverage as the main insurance and covers cancer or caregiving living expenses. According to the policy terms, if no cancer diagnosis or similar is received during the premium payment period, the 'cancer or cancer caregiving living expenses' service is provided after the payment period ends. Customers can choose between two types: Type 1 (Cancer Coverage Type), which focuses on cancer living expense coverage, and Type 2 (Cancer Caregiving Coverage Type), which covers both cancer and severe caregiving living expenses.

For Type 1 (Cancer Coverage Type), if diagnosed with cancer after completing premium payments according to the policy, up to 65% of the total premiums paid under the main insurance will be paid as cancer living expenses. For Type 2 (Cancer Caregiving Coverage Type), if diagnosed with cancer, severe long-term care condition, or severe dementia, cancer caregiving living expenses of up to 50% of the total premiums paid under the main insurance will be paid. However, for both Types 1 and 2, if diagnosed with prostate cancer or uterine cancer, up to 20% of the total premiums paid under the main insurance will be paid. Type 1 covers only the first confirmed cancer diagnosis, while Type 2 covers only the first confirmed diagnosis among cancer, severe long-term care, or severe dementia.

Additionally, if diagnosed with cancer or similar during the premium payment period after the coverage start date, premium payments will be waived. During the main insurance premium payment period, if diagnosed with cancer 2 as defined in the policy (excluding early-stage breast cancer) after the cancer coverage start date, or if the combined disability payment rate reaches 50% or higher, premium payments will be waived. For Type 2 (Cancer Caregiving Coverage Type), premium payments will also be waived if diagnosed with severe long-term care condition or severe dementia after each coverage start date as specified in the policy.

A Samsung Life Insurance official stated, "Samsung Life Protection Insurance is a product that expands coverage not only for death but also for cancer and caregiving," adding, "It is suitable for customers who want to prepare securely for a long retirement in the aging society."