[Sponsored Report] Death and major diseases covered all at once
In accordance with the nature of variable insurance, MetLife invests a part of the insurance premium and distributes the investment outcome to policy holders depending on the performance of the funds.
The whole life insurance product is for those aged between 15 and 60. It helps customers prepare for the early loss of their household head at an economically active age by providing a death benefit, and it covers major diseases until death, alleviating the burden of high medical expenses on customers at an old age.
In the case of some diseases or surgeries, customers can receive a prepayment of 50 or 80 percent of the main contract insurance as life care insurance.
Such a prepayment, available to be taken advantage of once, can be used to deal with medical expenses, nursing expenses, living expenses and so on.
Some specific illnesses are eligible for receiving this life care insurance. Six major diseases, including cancer, acute myocardial infarction, cerebral hemorrhage, end stage renal disease, end stage liver disease and end stage lung disease, are on the list.
Four major surgeries such as coronary artery bypass graft, aorta graft surgery, heart valve surgery and five major organ transplantations, as well as severe dementia hindering cognitive abilities, are covered too.
Also protected are patients in a daily living disability state, referring to those who cannot move or walk independently because of a disaster or disease, or who cannot perform everyday activities alone.
Patients with severe burns and corrosions that cover at least 20 percent of their body are also eligible for the insurance.
Those who need focused coverage for major diseases can choose additional special options, through which they can receive 100 percent of the insurance’s main contract amount, or a maximum of 150 million won ($140,104).
Additional insurance can be added to the death benefit and life care insurance depending on the fund management performance.
The scope of coverage can be expanded by adding special options, of which there are more than 10 kinds, including for hospitalization, surgery, specific disease treatment and cancer care. Customers can also choose to switch during the insurance period to pension, whole life and term insurance.
For customers who choose a contract with over 50 million won or more in coverage, distinctive benefits are available. They will also have access to professional medical counseling through MetLife’s health care service and will receive the information needed to make reservations at certain medical institutions and nursing facilities.
MetLife Korea recently acquired an impressive AAA rating from the Insurance Financial Strength Rating (IFSR) by the Korea Investors Service and Nice Investors Service, which establishes whether or not a company and its investment procedures can be trusted.
Competitiveness in insurance products, especially variable insurance, and its structural risk management system were contributing factors to the AAA rating.
Since its release on Sept. 2, MetLife’s variable whole life insurance has been recording favorable sales, with new contract premiums reaching 420 million won. The sales of the product are forecast to rise further, and it’s likely to become a best-seller.