[Becoming an Insurance Insider] The Era of 2 Million Cancer Survivors... What to Check First in Cancer Insurance

7 out of 10 Cancer Patients Survive for 'More than 5 Years'

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[Asia Economy Reporter Oh Hyung-gil] The number of newly diagnosed cancer patients each year reaches 240,000. Among all cancer survivors, 1.16 million have been diagnosed with cancer and survived for more than five years, meaning 7 out of 10 cancer patients survive beyond five years.

As cancer survival rates increase, interest in cancer insurance is also growing. What should you definitely check before subscribing to cancer insurance?

On the 14th, the Mirae Asset Investment and Pension Center published a report titled '4 Things to Check When Choosing Cancer Insurance,' which lists the conditions to verify before subscribing to cancer insurance as ▲waiting period reduction ▲subscription period ▲re-diagnosis insurance benefits ▲premium discounts.

The report explains, "Cancer insurance generally has a waiting period of one or two years," adding, "Recently, there is a trend to reduce or eliminate the waiting period, but many cancer insurance policies still have a waiting period, and if a cancer diagnosis is confirmed during the waiting period, only 50% of the insured amount is paid."

It further explains that if you subscribe to cancer insurance without a waiting period for cancer diagnosis benefits, you can receive 100% of the insured amount if diagnosed with cancer after the cancer coverage start date.

It also advises confirming whether the main contract of the cancer insurance provides lifelong coverage.

(Source: Mirae Asset Investment and Pension Center)

Check Whether the Main Contract Provides Lifelong Coverage

The report states, "Most cancer insurance policies are term insurance with maturity ages set at 80, 90, or 100 years," and explains, "Some policies allow subscription for lifelong coverage, and considering the increasing trend of elderly cancer patients, the longer the insurance period, the better."

You should check whether the cancer insurance allows subscription to continuous (re-diagnosis) cancer diagnosis riders and continuous (re-diagnosis) carcinoma in situ diagnosis riders, which reset the exemption period for re-diagnosed cancer occurring after the initial cancer diagnosis, enabling continuous coverage.

The report notes, "Depending on the cancer insurance, premium discounts may be available for subscribers who meet specific conditions such as non-smokers, recipients of cervical cancer preventive vaccines, and women with multiple childbirths," adding, "The premium discount for women with multiple childbirths is a system based on the characteristic that childbirth affects the secretion of female hormones, which are risk factors for ovarian and breast cancer, and applies to women who have given birth to two or more children."

Meanwhile, according to the National Cancer Registry statistics, the number of newly diagnosed cancer patients in 2018 reached 243,837, an increase of 3.5% (8,290 people) compared to the previous year. Men accounted for 128,757 and women 115,080.

Additionally, the number of cancer survivors in Korea increased from about 1.87 million to 2,005,520. This means that 1 in 25 people in the total population is a cancer survivor. Among cancer survivors, 1.16 million have survived more than five years after diagnosis, meaning 7 out of 10 cancer patients survive beyond five years.

For Korean men, the probability of developing cancer if they live to the life expectancy of 80 years is 39.8%, and for women living to the life expectancy of 86 years, the probability is 34.2%.

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