Heungkuk launches insurance product for seniors over 80

[Courtesy of Heungkuk Fire & Marine Insurance]

South Korea’s Heungkuk Fire & Marine Insurance Co. has introduced an insurance policy for seniors aged up to 90.

The company said on Monday it launched the Non-dividend HeungGood Easy 6090 Youth Insurance, which provides coverage for three major illnesses among Koreans (cancer, cerebrovascular diseases, and heart diseases) and elderly diseases.

The product targets customers aged 60 to 90 and has expanded the coverage options that policyholders can choose from.

It particularly includes special provisions that are not typically offered in senior insurance, such as coverage for targeted anti-cancer drug approval treatment expenses, thrombolysis treatment expenses, stent insertion procedures, and urinary stone diagnostic expenses.

Coverage limits have also been increased.

For a 75-year-old policyholder, the limit for cancer radiation drug treatment expenses is set at 10 million won ($7,490), while the limits for cerebrovascular and heart disease diagnostic expenses and surgery expenses are 5 million won and 10 million won, respectively.

These amounts are 5 to 10 times higher than those of existing products. Cataract diagnostic expenses are covered up to 500,000 won.