DB Life Insurance announced on the 12th that it has launched the new product "(Non-dividend) Baeknyeon Friend 700 Cancer Treatment+ Whole Life Insurance," which allows customers to prepare both death coverage and cancer treatment funds at the same time.
This new product primarily provides death coverage and, in the event of a cancer diagnosis, offers a waiver of premiums and lifetime coverage for major cancer treatment expenses, depending on the subscription type. Through the mandatory rider "700 Cancer Treatment Whole Life Rider I," it covers major cancer treatment items at general hospitals, such as cancer surgery, anti-cancer drug therapy, and anti-cancer radiation therapy, up to 30 million won per year for each item, limited to once per year. It also covers heavy ion radiotherapy for cancer up to 30 million won for the first session, limited to one time.
The product is structured so that the death benefit gradually increases in stages according to a graded increase rate up to the 20th policy year after subscription, and in the event of death, the increased death benefit is paid. In addition, at the 7th policy year after subscription, 100% of the total premiums already paid are provided as a surrender value, and it can be converted into an interest rate-linked whole life insurance policy, which is another key feature.
This product is designed so that customers with pre-existing conditions can also enroll through the 3-2-5 simplified underwriting process. Customers are eligible to enroll if, within the past 3 months, they have had no confirmed diagnosis of disease, no suspected findings, no hospitalization, no surgery, and no recommendation for additional tests; if, within the past 2 years, they have no history of hospitalization or surgery due to disease or accident; and if, within the past 5 years, they have no history of hospitalization or surgery due to a cancer diagnosis.
DB Life Insurance stated, "This new product strengthens the benefits of coverage for treatment costs and premium waiver upon a cancer diagnosis, thereby enhancing long-term stability of protection," adding, "We aimed to improve both the effectiveness and practicality of coverage by reflecting the needs of customers who want to prepare for death coverage and cancer treatment coverage at the same time."
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