NH NongHyup Life, 'Simple Two Plus Whole Life Insurance' Available for Policyholders with Pre-existing Conditions

NH Nonghyup Life announced on the 9th that it will newly launch the 'Simple Two Plus NH Whole Life Insurance,' which refunds all paid premiums upon death.

[Asia Economy Reporter Oh Hyung-gil] NH Nonghyup Life announced on the 9th that it will newly launch the 'Simple Two Plus NH Whole Life Insurance,' which refunds all premiums paid upon death.

This whole life insurance refunds both the death benefit and all previously paid main contract premiums, allowing even those with pre-existing conditions to easily subscribe. Individuals with hypertension, diabetes, or a history of cancer treatment who were previously unable to enroll can now subscribe if they have no medical opinions of hospitalization, surgery, or additional tests within the last 3 months, no hospitalization or surgery within the last 2 years, and no cancer diagnosis within the last 5 years among the three disclosure items.

The standard plan guarantees the full insured amount and all previously paid main contract premiums regardless of the time of death. The practical plan refunds 50% of the insured amount along with the already paid main contract premiums if death occurs during the premium payment period, and pays the full insured amount and all paid main contract premiums if death occurs after the premium payment period.

Additionally, if the partial surrender value payment option is selected, only up to 50% of the standard surrender value is refunded upon policy cancellation during the payment period. Although the surrender value is lower during the payment period, premiums are cheaper compared to the standard plan.

It is also possible to design health coverage by selecting from six special riders. Coverage related to diseases such as cancer diagnosis, minor cancer, cerebral hemorrhage, acute myocardial infarction, as well as surgery and hospitalization riders, can be chosen.

The subscription age is from 30 years old up to a maximum of 65 years for men and 67 years for women. The premium payment period can be selected from 5, 7, 10, 15, or 20 years. Based on a 40-year-old, for an insured amount of 50 million KRW, 20-year payment, monthly payment, partial surrender value payment type 1 (practical plan), the premium is 287,500 KRW for men and 237,000 KRW for women.

Hong Jae-eun, CEO of Nonghyup Life, stated, "The biggest feature is that it allows those with pre-existing conditions to easily subscribe after simple disclosure while maintaining the unique functions of whole life insurance," adding, "We will strive further to introduce products that meet customer needs."

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