Up to Double the Living Expense Benefit
for Cancer or Long-Term Care
with the Living Expense Refund Rider
Samsung Life Insurance announced on January 23 that it will begin selling the "Samsung Double Coverage Insurance" (non-participating, with guaranteed cost charges) from January 24, significantly strengthening coverage for cancer and long-term care.
The product not only provides death benefits, but also covers living expenses in the event of a "confirmed cancer diagnosis or long-term care (severe long-term care or severe dementia) status" as defined in the policy. If certain conditions set by the company are met, policyholders can utilize the "Death Benefit Pension Advance Conversion" system, which automatically reduces the death benefit and allows it to be used as retirement living expenses.
The Double Coverage Insurance is a product that provides death benefits and coverage for cancer or long-term care through the main policy. Customers can choose between Type 1 (Cancer Coverage Type), which focuses on cancer coverage, and Type 2 (Cancer and Long-Term Care Coverage Type), which provides coverage for cancer as well as long-term care needs such as severe long-term care status (grades 1-2) or severe dementia (CDR scale of 3 or higher).
For Type 1, if a cancer diagnosis is confirmed within the premium payment period after the cancer coverage start date, premium payments are waived. For Type 2, if cancer or a long-term care event occurs within the premium payment period after the coverage start date specified in the policy, premium payments are also waived. In addition, for both Type 1 and Type 2, if a disability of 50% or more occurs, premium payments are waived.
Regarding death benefits, for each product type, if the insured dies after a confirmed cancer diagnosis (Type 1) or after the occurrence of cancer or long-term care needs (Type 2) following the coverage start date, the death benefit is paid at twice the insured amount.
If the policyholder adds the "Double Coverage Insurance Premium Living Expense Refund Rider" to the main policy, they can receive up to twice the total premiums paid for the main policy as a benefit if cancer or long-term care occurs after the coverage start date.
The Double Coverage Insurance provides a "Double Coverage Living Expense Service" through the main policy. For Type 1, after the premium payment period, if a cancer diagnosis (excluding uterine and prostate cancer) that qualifies for living expense payment is confirmed, up to 100% of the premiums paid for the main policy are paid as a cancer living expense benefit, one time only. For Type 2, after the premium payment period, if cancer or long-term care needs that qualify for living expense payment occur, up to 100% of the premiums paid for the main policy are paid as a cancer and long-term care living expense benefit, one time only.
If the policyholder adds the "Double Coverage Insurance Premium Living Expense Refund Rider" to the main policy, for Type 1, if a cancer diagnosis is confirmed within the premium payment period after the cancer coverage start date, a benefit equal to 100% of the premiums paid for the main policy is paid, one time only. For Type 2, if cancer or long-term care needs occur within the premium payment period after each coverage start date, a benefit equal to 100% of the premiums paid for the main policy is paid, one time only. If cancer or long-term care needs occur after the premium payment period, 50% of the total premiums paid for the main policy are paid, and if the policyholder survives for 10 years, an additional 5% of the total premiums paid for the main policy is paid each year as a living expense.
In addition, Samsung Life Insurance has launched the "Samsung Simple Double Coverage Insurance," which allows individuals with pre-existing conditions to enroll. Even if the applicant has diabetes or high blood pressure, they can enroll as long as they do not fall under any of the three simple health declaration items.
The Double Coverage Insurance is available to individuals aged 15 to 75. The premium payment period can be selected from 5, 7, 15, 20, or 30 years.
A Samsung Life Insurance representative stated, "Double Coverage Insurance is a product that strengthens coverage up to double, not only for death but also for cancer and long-term care," and added, "We will continue to strive to develop insurance products that go beyond traditional insurance."
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