Samsung arms to launch long-term care insurance products

Samsung Life Insurance Co. and Samsung Fire & Marine Insurance Co. are launching new long-term care insurance products, leveraging their strengths under a common brand as Samsung’s financial arms.

[Courtesy of Samsung Life Insurance Co.]

Starting Thursday, Samsung Life will offer a comprehensive long-term care insurance policy while Samsung Fire & Marine will introduce a long-term care and health insurance plan. This is the first time the two companies have simultaneously launched products in the same category under a shared brand theme.

“As we enter a super-aged society, the need for long-term care and the costs associated with it are on the rise,” the companies said, explaining the rationale for their complementary products.

Samsung Life’s new policy addresses gaps in coverage for long-term care hospital admissions and family caregiving. It provides long-term care diagnosis benefits for those classified as grade 1 or 2, and pays 100 percent of the insured amount as death benefits if the insured passes away before a long-term care diagnosis.

Notably, it is the first in the industry to cover family caregiving. The policy eliminates the 120-day hospital stay limit and the 180-day waiting period, enhancing coverage for continuous hospital stays of more than one day.

[Courtesy of Samsung Fire & Marine Insurance Co.]

Samsung Fire & Marine’s product extends coverage if the insured maintains a healthy lifespan. If no cancer, stroke, acute myocardial infarction, or long-term care diagnosis (grade 1 to 2) occurs by age 85, the policy extends to age 100 without additional premiums. It also includes three options for visiting care services, ensuring professional care at home after the patient is discharged from hospital.

Meanwhile, Kyobo Life Insurance Co. also launched a new product on Wednesday that combines life and education insurance. This policy provides lifelong death coverage while preparing education funds for children. After the premium payment period, part of the death benefit can be converted into funds to cover children’s university tuition.