Samsung Life Launches 'Cancer Variable Universal Life Insurance' Enhancing Cancer Coverage and Utilizing Life Planning

Samsung Life announced that starting from the 20th, it will strengthen cancer coverage and offer the "Cancer Life Planning Variable Universal Whole Life Insurance," which allows the use of life planning funds.

[Asia Economy Reporter Oh Hyung-gil] Samsung Life Insurance announced that starting from the 20th, it will sell the 'Cancer Life Planning Variable Universal Whole Life Insurance,' which strengthens cancer coverage and allows the use of life planning funds.

This insurance is Samsung Life Insurance's first whole life insurance to waive premium payments if diagnosed with cancer during the payment period. Previously, premium payments were only waived when the combined disability rate was 50%.

Additionally, a payback rider has been added, allowing policyholders to receive back the amount of premiums paid if diagnosed with cancer. If the insured is diagnosed with cancer after the cancer coverage start date, they can receive 100% of the basic premium of the main insurance once for the first time.

If diagnosed with cancer for the first time after the payment period, the insured can receive 3% of the total basic premium of the main insurance annually as 'cancer living expenses' for 10 years.

For example, if a customer who paid 50 million KRW as the basic premium of the main insurance is diagnosed with cancer after completing premium payments, they will receive 1.5 million KRW (3% of 50 million KRW) annually for 10 years, totaling 15 million KRW.

The life planning fund function can also be utilized. Ninety percent of the main insurance amount is reduced annually by a certain ratio from the start age, and the surrender value generated at this time is paid. The life planning fund calculated with the expected reserve accumulated at the guaranteed interest rate is guaranteed as a minimum.

The eligible age for subscribing to the cancer variable whole life insurance is from 15 to 75 years old, and the payment period can be selected from 5 to 20 years.

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