[Sponsored Report] MetLife Korea unveils newest annuity product
The Golden Care Annuity program compensates for 14 diseases, surgeries and circumstances: six major diseases (cancer, cerebral hemorrhage, acute myocardial infarction, late-stage renal failure, late-stage liver failure and late-stage lung disease), four major surgeries (coronary artery bypass, aorta artificial blood vessel transfer, heart valve surgery and transplants for five major organs) and circumstances including severe burns, Alzheimer’s complications, the disruption of usual activity and total disablement.
If the client is diagnosed with one of these before pension age, the company will pay the basic premium for the remaining payment term starting from the confirmed diagnosis. This system, called the Premium Waiver Rider, helps diagnosed holders attain their target pension reserve and also permits interim payment in case of medical emergency.
Those who reach the pension age without any disease are given the option of selecting the Double Care Annuity, which guarantees double the basic pension for 10 years if the client is later diagnosed with any of the above illnesses.
The product includes the Health Care Gold Service, which supports the pension holder’s physical condition through specialized healthcare programs. In particular, the Walking Reward feature, a part of the service package, is a new compensation program introduced for the first time in the insurance industry.
This service provides certain benefits based on how much a client exercises, as measured by a smartphone application or wearable device, which helps to encourage an active lifestyle. Compensation is given for different milestones: taking 50,000 steps within seven days, 240,000 steps within 30 days and 1,800,000 steps within 180 days. Instead of receiving gifts, clients can also choose to donate to non-profit organizations.
The annuity payment will be decided by applying the annual interest rate to the reserved amount. The minimum annual compound interest rate is 2 percent for the first 10 years and 1 percent afterwards.
Furthermore, the Health Care Gold Service offers other healthcare-related help, such as making appointments at major hospitals, reservation service for medical checkups, real-time medical consultations from specialized physicians, connections to caregivers and nursing homes, discounts on funeral service and the provision of health information.
Registration is possible for clients between the ages of 15 and 60. The offered options for annuity payment are double care annuity, lifelong annuity, inheritance annuity and fixed annuity.
“The newly introduced Golden Care Annuity takes into account not only our clients’ financial conditions but also their health by providing specialized healthcare programs,” said Damien Green, CEO of MetLife Korea.
“Our goal is to support our clients in preparing for a healthy and happy retirement.”