Samsung Life Launches 'Health Asset Non-Renewal Cancer Insurance' with Premiums Fixed Until Age 100
[Asia Economy Reporter Changhwan Lee] Samsung Life Insurance announced on the 13th that it will start selling the 'Samsung Health Asset Non-Renewal Cancer Insurance,' which does not increase premiums after enrollment, from the 14th.
This product is the first non-renewal type insurance launched by Samsung Life Insurance in 16 years.
Non-renewal insurance has a higher initial premium burden compared to renewal insurance, but since the premium does not increase until maturity, it is a product with a lower long-term premium burden.
The main insurance coverage amount is up to 50 million KRW, and it covers up to 50 million KRW upon cancer diagnosis after the cancer coverage start date. However, if diagnosed with stage 2 or higher breast cancer, severe thyroid cancer, uterine cancer, or prostate cancer within one year, only 50% of the amount is paid.
This product is the first in the industry to cover metastatic cancer diagnosis at all stages as a special rider. It features coverage from low-severity lymph node metastasis to high-severity metastasis to other organs.
If the insured suffers a disability of 50% or more during the premium payment period or is diagnosed with cancer after the cancer coverage start date, the premium payment is fully waived to reduce the customer's burden, and coverage is maintained until maturity.
The eligible age for this product is from 15 to 70 years old. The maturity age can be selected between 90 and 100 years.
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A Samsung Life Insurance official said, "Samsung Health Asset Non-Renewal Cancer Insurance has expanded coverage to include metastatic cancer diagnosis, which was not covered before," adding, "Moreover, it is designed to help prepare for a healthy old age through coverage not only for surgery and hospitalization but also for chemotherapy, rehabilitation and pain treatment, and outpatient treatment after cancer diagnosis."
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