[Sponsored Report] Another first: Kyobo Life unveils family plan

Kyobo’s new family life insurance product provides lifetime coverage for married couples with up to three children all on one plan.

Kyobo Life Insurance continues to make waves in the industry, launching a new product on Feb. 9 that allows entire families to receive coverage under just one plan.

The Kyobo Family Love Whole Life Insurance plan provides coverage for married couples and up to three children per family in the event of death.

The new program streamlines the process of obtaining insurance for an entire family, as only one member needs to actually sign up for the plan.

Additionally, customers can add spouses or children if their personal or economic situations change. The policy is flexible as well, allowing users to modify the type of coverage they receive over time.

Under the plan, a beneficiary whose spouse dies receives insurance payments for the actual death as well as payments tied to the difference between accumulated insurance fees at the current interest rate - 4.7 percent as of February - and the expected rate of 3.75 percent.

The insurance covers most categories that families deem important, from serious diseases and disaster medical expenses to hospitalization and other medical costs. The plan includes 35 special conditions - 17 for those who take out the policy, 13 for their spouses and five for their children.

Aside from the convenience factor, the new plan helps families cut costs, too.

“We designed the product to cover the various risks that a family goes through in its life cycle,” a Kyobo Life Insurance executive said. “The cost of the plan is also more economical than if family members signed up for different insurance products.”

There are also several versions of the plan.

If a 35-year-old man signs up for a 100 million won ($86,805) family life insurance plan under a 20-year contract, monthly costs would run 186,100 won under one version of the program and 134,300 won under the other.

Anyone between the ages of 15 and 65 can sign up for the new family life insurance plan.