[Sponsored Report] Hanwha Life rolls out new product for seniors
Relatively low-cost compared to other whole life insurances, this product covers an extensive range of senior illnesses including dementia, cerebral hemorrhage and acute myocardial infarction.
Another distinctive feature is that the company allows anyone between the ages of 40 and 78 to apply for the product. Whole life insurance policies usually limit the maximum age to 65 years, so this product offers extended opportunities for seniors to enroll.
The newly released product offers special options that support illnesses that become increasingly common as people get older.
For those who choose the special option for dementia, the company pays the beneficiary 3 million won ($2,500) annually for five to 10 years starting from the initial diagnosis. The options for cerebral hemorrhage and acute myocardial infarction guarantee 10 million won following the diagnosis.
Considering seniors are at a higher risk of suffering from disabilities following illnesses or accidents, Hanwha Life included income protection insurance in the event of total disablement. With this option, clients diagnosed with a handicap level of 80 percent or more will receive 1 percent of the amount insured under the special offer for 10 years.
The main contract of this policy, of which the lowest monthly premium is 20,000 won, was made as simple as possible to make things easier for senior clients.
There are two options for the contract: basic and memorial. Like other whole life insurances, the former gives a death benefit equivalent to the amount insured. The memorial option, however, provides an additional 10 percent of the amount insured annually for two years after death.
“Although insurance policies for seniors have existed in the past, whole life insurance open to people 70 years and older was rare in the market,” Choi Sung-kyun, head of the products development team, said.
“We expect our new policy to be a good opportunity for seniors who seek ways to leave more assets for their families at a reasonable cost.”
BY SONG KYOUNG-SON [firstname.lastname@example.org]