Rising Medical Costs... How About Gifting Children's and Filial Piety Insurance in Family Month (Comprehensive)

Increased Interest in Children's and Health Insurance for Family Month
Expansion of Enrollment Age and Coverage Scope

[Asia Economy Reporter Ki Ha-young] Office worker Jeong Moon-su (40) prepared a special gift for Parents' Day this year by signing up for a filial piety insurance plan. Concerned that increasing medical expenses might become a burden for his children, he chose to enroll in the insurance out of consideration for his parents. Jeong said, "Last year, I bought my parents a set of clothes each, but with their 70th birthdays approaching this year, I wanted to give them a meaningful gift," adding, "It’s a win-win since it covers a comfortable retirement life and healthcare."

In celebration of Family Month, insurance companies are targeting consumers who want to give special gifts to their families. They are releasing a series of products aimed at 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 illnesses and even prepares education funds. Filial piety insurance is a great gift for parents, and children's insurance offers dual benefits by covering illnesses and preparing for tuition fees.

◆Filial Piety Insurance That Makes Ten Children Unnecessary= According to industry sources on the 4th, as low birth rates and aging populations become the norm, the age of eligibility and coverage scope for filial piety insurance for the parent generation are expanding. Filial piety insurance can be purchased from ages 61 to 80 and offers coverage up to lifetime. Additionally, 'simplified underwriting insurance' plans that allow people with pre-existing conditions such as hypertension and diabetes to enroll are also expanding. Simplified underwriting insurance is available if there are no additional examination requirements within 3 months, no hospitalization or surgery history within 2 years, and no cancer diagnosis, hospitalization, or surgery within 5 years.

Hanwha Life expanded the enrollment 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 a history of cancer, stroke, angina, or myocardial infarction within the past 5 years. Kyobo Life's 'Kyobo Health Insurance Tailored for Me' is a health insurance plan 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 plan that provides coverage up to age 100. It offers broad coverage for general cancers as well as breast cancer, prostate cancer, and other minor cancers.

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

Reflecting the increasing average marriage age and the aging of pregnant women, the enrollment age for mothers has been extended up to 47 years. Mirae Asset Life's 'Great Birth Children's Insurance' strengthens coverage for both the child and the mother, expanding the enrollment age to 47. Beyond the main contract for cancer coverage, it offers over 20 riders, allowing customized plans beyond package coverage. Additionally, products have been released that reflect the rising trends in child crime and accidents, covering not only kidnapping and abduction, and school zone traffic accidents but also rhinitis and sinusitis caused by yellow dust and fine dust.

An industry official said, "Interest in children's insurance and filial piety insurance is increasing in celebration of Family Month," and advised, "When enrolling in insurance for the elderly, it is recommended to use the designated proxy claim system to resolve uncertainties regarding insurance benefit claims."

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