Prudential Life Launches Simplified Underwriting Dollar Protection Insurance for Pre-existing Conditions and Seniors

Prudential Life launched the 'Non-dividend Simple Dollar Lifetime Protection Insurance' on the 1st, which allows individuals with pre-existing conditions and elderly people to easily enroll through simplified underwriting and receive coverage in dollars.

[Asia Economy Reporter Oh Hyung-gil] Prudential Life Insurance launched the 'Non-dividend Simple Dollar Lifetime Protection Insurance' on the 1st, which allows individuals with pre-existing conditions and elderly people to easily enroll through simplified underwriting and receive coverage in dollars.

When calculating premiums using dollars, the policy accumulates at an annual compound interest rate of 3.1%. Additionally, individuals with chronic diseases such as cancer, hypertension, and diabetes, who typically find it difficult to enroll in whole life insurance, as well as elderly applicants, can subscribe to this product.

If applicants do not meet the '3·2·5 conditions'?which check for hospitalization, surgery, or additional examination recommendations within the last 3 months; hospitalization or surgery due to illness or accident within the last 2 years; or cancer diagnosis, hospitalization, or surgery within the last 5 years?they can enroll through simplified underwriting.

Through advance payment of retirement income, 5% of the insured amount can be received as retirement income over 10 years. Also, by utilizing special riders, the entire or partial surrender value can be converted into an annuity according to the life cycle.

The eligible age for enrollment is from 30 up to a maximum of 71 years old (70 years old for men). For example, if a 50-year-old sets the insured amount at $100,000 (20-year payment period), the monthly premium is $296 for women and $343 for men. The minimum subscription amount is $50,000, and the premium payment period can be selected in 5-year increments up to age 80.

Yoo Shin-ok, Partner in charge of products at Prudential Life Insurance, said, "Dollar whole life insurance is gaining great popularity, so we lowered the threshold to allow more customers to enroll in the product," adding, "We will develop various insurance products to help customers live healthy and happy retirement lives amid the aging trend."

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