Heungkuk Life Insurance announced on the 1st the launch of its 'Heungkuk Life Insurance Living Expense Providing Whole Life Insurance,' which provides a monthly living expense upon cancer diagnosis.
This product is a whole life insurance designed to prepare for long-term treatment and income gaps after a cancer diagnosis, featuring a monthly payment of 500,000 won for up to 10 years. Notably, policyholders can choose between 'concentrated living expense' and 'enhanced death benefit' based on their coverage preferences.
'Concentrated living expense' is structured to focus on living expense coverage after a cancer diagnosis, reducing the death benefit. It pays 500,000 won monthly for a maximum of 10 years, with the first 36 payments guaranteed. In the case of death without a cancer diagnosis, a death benefit of 40 million won is paid.
'Enhanced death benefit' maintains the same living expense payment structure while expanding the death benefit protection. Similarly, it pays 500,000 won monthly for a maximum of 10 years, with the first 60 payments guaranteed. If death occurs without a cancer diagnosis, 100 million won is paid.
In both types, if living expenses are received due to a cancer diagnosis, the death benefit is reduced to 50% of the insured amount. For example, if a policyholder of the 'enhanced death benefit' with an insured amount of 100 million won receives living expenses of 60 million won (500,000 won per month for 120 months) after a cancer diagnosis, the insurance payout upon death will be 50 million won.
A representative from Heungkuk Life Insurance noted, 'There is a steady increase in demand for living guarantee insurance that practically takes responsibility for life after a cancer diagnosis,' and said, 'We will continue to expand products that can fill the coverage gaps our customers need.'