Rising Medical Costs, Worries 'Gone' with Children's and Hyo Insurance

In Celebration of Family Month, Interest in Children's and Hyo Insurance Increases
Expansion of Enrollment Age and Coverage Scope

[Asia Economy Reporter Ki Ha-young] In celebration of Family Month, insurance companies are targeting consumers who want to give special gifts to their families. They are continuously launching products for family safety, including filial piety and silver insurance that reduce the burden of retirement living expenses and medical costs, as well as children's insurance that covers various diseases and even prepares education funds. Filial insurance is a great gift for parents, and children's insurance offers the dual benefit of disease coverage and education fund preparation.

◆Filial Insurance That Makes You Not Envious of Having Many Children= According to the industry on the 4th, as the trend of low birthrate and aging becomes normalized, filial insurance for the parent generation is expanding in terms of eligible age and coverage scope. Filial insurance can be subscribed to from ages 61 to 80 and offers coverage up to lifetime. Additionally, 'simplified underwriting insurance' that allows people with pre-existing conditions such as hypertension and diabetes to enroll is also expanding. Simplified underwriting insurance is available if there are no additional test recommendations within 3 months, no hospitalization or surgery history within 2 years, and no cancer diagnosis, hospitalization, or surgery history within 5 years.

Hanwha Life Insurance expanded the subscription age up to 90 and launched the ultra-simple 'HanQ Easy Enrollment Health Insurance' on the 4th, which reduces the simplified underwriting questions to just one. This insurance only checks for 'history of cancer, stroke, angina, or myocardial infarction within the last 5 years.' Kyobo Life Insurance's 'Kyobo Health Insurance Tailored for Me' is a health insurance product that allows elderly or pre-existing condition holders to conveniently enroll through simplified underwriting. It is available for ages 30 to 75 and is a 15-year renewable insurance that provides coverage up to age 100. It broadly covers general cancer as well as breast cancer, prostate cancer, and other minor cancers.

◆Preparing Education Funds Through Insurance= Insurance companies are offering children's insurance products that can be subscribed to from the fetal stage and provide coverage up to age 100 or lifetime. These products allow enrollment from fetal stage to age 20, and depending on the company, coverage is expanded through life stages from adolescence to adulthood. Samsung Life Insurance's 'Our Child Proper Growth Insurance' is a representative example. This insurance is a comprehensive children's insurance that covers children's diseases and injuries after birth and also prepares education funds. It allows the addition of up to 72 different riders to the main insurance to provide optimized coverage according to the child's growth stages.

Reflecting the aging of pregnant women due to the rising average marriage age, the enrollment age for mothers has also been extended up to 47 years. Mirae Asset Life Insurance's 'Great Birth Children's Insurance' has expanded the enrollment age to 47 by strengthening coverage for both children and mothers. In addition to the main contract cancer coverage, it offers more than 20 riders, allowing customized design beyond package coverage. Furthermore, reflecting the increasing trends of child crimes and accidents, products have been launched that cover kidnapping and abduction, school zone traffic accidents, as well as rhinitis and sinusitis caused by yellow dust and fine dust.

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