Kakao Pay Insurance Extends Health Insurance Maturity Up to Age 100

On August 27, Kakao Pay Insurance announced that it would extend the maturity of its 'Non-Participating Health Insurance' from the previous age of 80 up to a maximum of 100 years old.

With this revision, customers can now select their policy maturity in five-year increments, from age 60 up to 100. This more flexible term setting allows individuals to design customized coverage based on their health status, lifestyle habits, and financial plans.

Kakao Pay Insurance Health Insurance provides five basic coverages centered on the three major diseases: cancer, cerebrovascular disease, and ischemic heart disease. The coverage includes: cancer diagnosis benefit (excluding minor cancers, with a 90-day waiting period), minor cancer diagnosis benefit, cerebrovascular disease diagnosis benefit, ischemic heart disease diagnosis benefit, and emergency room treatment benefit (for emergencies). Users can choose between the Basic Plan and the Enhanced Plan according to their desired level of coverage. The Basic Plan focuses on providing affordable premiums with coverage for treatment costs, while the Enhanced Plan strengthens coverage to account for long-term treatment and income gaps.

In addition, users can design their own 'Personalized Health Insurance' by adding one or more of eight special rider packages: the Cancer-Focused Package, the Family Brain & Heart Package, the Peace of Mind Surgery Package, the Women's Health Package, the Seasonal Illness Package, the Active Lifestyle Package, the Workplace & Stress Package, and the Drinking & Eating Habits Package. Each package is tailored to various situations that can commonly occur in everyday life, such as cancer surgery, critical illnesses, medical tests, women's diseases, infectious diseases, fractures and burns, stress-related illnesses, and digestive disorders.

Users can exclude unnecessary coverage and add only what they need to calculate a reasonable premium. For example, if a 20-year-old woman enrolls in the Basic Plan (pure protection type) with a maturity of 100 years and a level premium, the monthly premium would be approximately 16,044 won. Even if all eight special rider packages are added, the monthly premium is only 42,980 won. Since the policy is non-renewable, the premium determined at the time of initial enrollment remains the same until maturity, reducing the long-term financial burden.

The enrollment process is also simple. Customers can sign up directly via KakaoTalk without phone consultations or face-to-face solicitation, and the screening is completed by answering just four health questions, such as whether the applicant has been hospitalized or undergone surgery in the past five years.

A representative from Kakao Pay Insurance stated, "This revision reflects user requests and aims to alleviate the burden of medical expenses in old age and address gaps in coverage as life expectancy increases. We will continue to provide a strong safety net through user-centered product innovation."