Hanwha Life Introduces Easy Enrollment Health Insurance for Policyholders with Pre-existing Conditions and Seniors

[Asia Economy Reporter Oh Hyung-gil] Hanwha Life announced on the 2nd that it will introduce the 'Easy Enrollment 100-Year Health Insurance,' which allows individuals with pre-existing conditions and elderly people to enroll through a simplified screening process.

The main contract covers accidental death and can be subscribed to in practical, basic, premium, and customizable plan types. If the minimum premium of 30,000 KRW is met, customers can freely set desired riders, making it a 'DIY (do it yourself)' insurance that enables personalized insurance planning. The number of riders has increased from 5 to 35, including cancer, cerebral hemorrhage, acute myocardial infarction, hospitalization, and surgery.

It also covers riders for conditions with rapidly increasing incidence rates such as shingles, gout, cerebrovascular diseases, diabetes (complications), and surgery costs for artificial joints, arthritis, cataracts, and glaucoma. The eligible age range for enrollment has been expanded to include elderly people, increasing the maximum age to 80, allowing seniors to enroll in the era of 100-year lifespans.

The scope of premium waiver has also been expanded. While existing simplified insurance waives premiums upon diagnosis of general cancer, cerebral hemorrhage, or acute myocardial infarction, this product also waives premiums if breast cancer, prostate cancer, or thyroid cancer (excluding early stages) ? which have higher incidence rates ? are diagnosed.

For the practical plan with payment before age 40 (20-year renewable term, up to age 100), with a main contract of 5 million KRW, cancer coverage, minor cancer, minor diseases, cerebral hemorrhage, acute myocardial infarction, surgery, hospitalization, accidental fracture, and cast treatment riders each at 10 million KRW, the monthly premium for males is 34,755 KRW.

Sung Yoon-ho, head of product development at Hanwha Life, said, "This product allows customers to directly select the coverage they want by utilizing riders," adding, "It will be an optimal customized insurance product as individuals with pre-existing conditions and elderly people can directly choose the coverage they desire."

This content was produced with the assistance of AI translation services.