Heungkuk Life Launches 'Generous Whole Life Insurance' with Simplified Underwriting for Policyholders

Death insurance benefit increases by 10% annually for 5 years from the accumulation start date

Heungkuk Life announced on the 27th that it has launched a whole life insurance product called 'Simple Enrollment Generous Whole Life Insurance,' which strengthens death benefits and allows individuals with pre-existing conditions to easily enroll.

[Asia Economy Reporter Oh Hyung-gil] Heungkuk Life Insurance announced on the 27th that it has launched a whole life insurance product called 'Simple Enrollment Whole Life Insurance with Generous Benefits,' which strengthens death coverage and allows easy enrollment for those with pre-existing conditions.

With a partial surrender value payment type, even those with hypertension, diabetes, or a history of cancer treatment who were previously unable to enroll can now easily join if they answer no to three questions regarding hospitalization, surgery, or additional examination physician opinions within the last 3 months, hospitalization or surgery within the last 2 years, and cancer diagnosis, hospitalization, or surgery within the last 5 years.

The whole life insurance consists of an increasing benefit type and a basic type. When selecting the increasing benefit type, starting from the increase base date (the contract date 5 years before the end of the premium payment period), the death benefit increases by 10% of the insured amount annually for 5 years.

For example, if you enroll in a product with a coverage amount of 10 million KRW and a 10-year payment period, the death benefit will increase by 1 million KRW annually starting from the 5th year of enrollment, providing a maximum death benefit of 15 million KRW.

After the premium payment period ends, a completion bonus ranging from a minimum of 2% to a maximum of 6% of the total premiums paid for the main contract is accumulated and paid in addition to the death benefit or surrender value.

If diagnosed with cancer, cerebral hemorrhage, or acute myocardial infarction, premium payment exemption is also available. The product includes additional premium payment riders that allow extra premium payments equivalent to the total basic premium of the main contract. Enrollment is available from age 30 up to a maximum of 75, with premium payment periods selectable from 7, 10, 12, 15, or 20 years.

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