Kyobo Life Insurance has launched Kyobo Refill Health Whole Life Insurance (non-participating), a product that restores coverage limits for treatment of four major illnesses - cancer, brain disease, heart disease and dementia - every 20 years.
The product features a dedicated treatment-cost account called Health Account. Within a limit set at 10 times the principal contract amount, the account covers treatment costs related to cancer, brain disease, heart disease and dementia. Cancer and brain and heart conditions are covered once a year for each covered item, while dementia coverage repeats according to the number of times treatment drugs are administered.
Twenty years after enrolment, the portion of the Health Account limit that has been used is restored to the level set at the time of enrolment. For a policyholder with a principal contract of 100 million won who sets a maximum limit of 1 billion won, for example, the limit is refilled back to 1 billion won after 20 years even if treatment payouts have reduced it.
Based on a principal contract amount of KRW100 million, the policy provides annual coverage for major cancer treatment costs (KRW30 million once a year for general cancer, other skin cancers and thyroid cancer), approved CAR-T anticancer drug treatment costs (KRW50 million once a year), and major treatment costs for brain and heart circulatory diseases as well as blood clot removal and dissolution treatment (KRW20 million once a year for each). Approved targeted dementia treatment is covered up to KRW25 million.
Death benefits have also been strengthened. Through a death benefit increase bonus that raises the death benefit by 10% of the enrolment amount each year depending on the payment period, policyholders can receive up to 160% of the enrolment amount. In the case of accidental death, 10% of the remaining Health Account limit is paid in addition to the general death benefit. Surviving family members can receive the benefit as a lump sum or in monthly or annual installments.
"As survival rates for serious illnesses rise with advances in medical technology, the financial burden of repeated treatment and long-term care is growing," adding, "This will be a lifelong customized health whole life insurance product that firmly covers treatment costs while the customer is alive and then helps support the surviving family afterward," a Kyobo Life official said, reported Seoul Economic Daily.