(Hwaseong = Newsis) Participants of the ’19th Korean Senior Association Hwaseong City Branch President’s Cup Baduk and Janggi Competition’ held by the Hwaseong City Branch of the Korean Senior Association on the 13th are playing chess. (Photo = provided by Hwaseong City) (email protected)
(Seoul = Newsis) Reporter Nam Jeong-hyeon = As life expectancy increases, the demand for insurance among the elderly is increasing, and the insurance market for people with pre-existing conditions is expanding. The insurance industry is lowering the subscription threshold and strengthening product competitiveness.
According to the Financial Supervisory Service on the 9th, the number of insurance subscriptions for people with pre-existing conditions increased by 67.3% in three years, from 3.61 million in 2021 to 6.04 million last year.
As the demand for insurance from the elderly and those with medical conditions continues to increase, the insurance industry is also competitively introducing various products to meet this demand.
Insurance for the sick is sometimes called ‘simple insurance’ because it simplifies the notification items and screening process, and usually you can sign up by only passing 2-3 questions about recent disease diagnosis, hospitalization, and surgery history.
AXA Insurance recently introduced a new ‘AXA Simple Accident Insurance’ containing specialized injury coverage. You can sign up by simply passing two questions: whether you have received a medical examination or examination from a doctor within the past three months, and whether you have been hospitalized or had surgery due to illness or injury within the past two years.
It covers various risks of injury and liability that may occur in daily life, and is equipped with 44 types of detailed special contracts, including coverage for dislocations, sprains, and overstrain, injured joints (knees and hips), and injured spine surgeries, allowing for personalized design.
In particular, we have prepared special contracts for items with relatively high costs, such as injury MRI and injury CT test support fees (salaries), to reduce the burden of test costs in the event of an accident.
Kyobo Life Insurance launched ‘Kyobo Simple My Plan Health Insurance (non-dividend)’ in June. Following the launch of life-covering health insurance for people with illnesses, the company strengthened its health insurance product lineup for people with illnesses by launching customized comprehensive health insurance.
This product is a simple review insurance that can be subscribed to by answering three questions. By further simplifying the obligation to inform before signing the contract, you can sign up according to your health situation from 0 to 5 years of hospitalization and surgery history.
The main contract covers death until the age of 100, and provides customized coverage optimized for customers through 83 types of special contracts and 3 plan designs. You can receive a wide range of coverage for each treatment journey, from diagnosis of major diseases such as cancer, cerebrovascular disease, and heart disease, to treatment, surgery, hospitalization, outpatient care, and nursing care.
A product has also appeared that allows people with ‘menarche’ to sign up for a cheaper insurance premium than existing products.
KB Insurance’s ‘KB 3.10.10 Wise Simple Health Insurance Plus’ is a product for people who have been diagnosed with chronic diseases such as high blood pressure, hyperlipidemia, and diabetes, but whose symptoms are mild and are managed healthily through medication or treatment. The health level of customers with pre-existing conditions was further refined by adding a 10-year notification question to the existing pre-contract notification obligation for simple health insurance.
People with existing illnesses can sign up for premiums that are up to 14% cheaper than the company’s 3.5.5 simple health insurance.
‘Hanwha Life H10 Health Insurance’, which was launched last month, also has a premium that is about 12% cheaper than the company’s existing health insurance. The notification period for hospitalization and surgery when screening for subscription is also the same as KB Insurance’s products, with the last 10 years.
An insurance industry official said, “Although insurance for people with pre-existing conditions has simplified notification items compared to general insurance, you must accurately answer the questions asked on the application form to reduce problems later.”
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Source: www.newsis.com
