SEOUL, KOREA – Hanwha Life Insurance launched “Love & Hanwha Universal CI Integration Insurance” which offers death benefits and covers critical illnesses such as cancer, myocardial infarction and cerebral apoplexy without any changes in premiums on November 12.
One major strength of this new insurance policy is to increase insurance money for checking clinical illnesses for those who are 60 years of age or older as they are more vulunerable to such diseases.
Even though “Love & Hanwha Universal CI Integration Insurance” is whole life insurance, it allows bereaved families to receive insurance money monthly after dividing them into smaller sums. The basic type pays full insurance money in a lump sum as it is fixed in insurance contract documents like regular whole life insurance.
On the other hand, the income guarantee type pays 1% to 2% of the insurance money to help the family of an insured person make a living in the case that the insured person dies or severely disabled.
“Love & Plus CI Guarantee Special Contract” expands the coverage of critical illnesses such as cancer, myocardial infarction and cerebral apoplexy. So the special contract pays insurance money when critical illnesses occur to the insured person before he or she gets 60 years old. But he or she will get paid money for checking critical illnesses every three years beginning in 60 years of age. People are more vulnerable to critical diseases when they are 60 years old or older. For example, when a customer buys a 10 million special contract, he or she will be paid 10 million won when a clinical illness occurs before he or she becomes 60 years old. If the illness occurs after, he or she will get paid 10 million won and some more money per three years.
The best point of “Love & Plus CI Guarantee Special Contract” is that a customer can enjoy its guarantee without a change in the insurance premium until 100 years of age. Unless a critical illness occur until 100 years of age, the customer can get the whole amount of the premium for the special contract. So this insurance is quite suitable for people who consider buying guarantee type insurance for an era of aging.
“’Love & Hanwha Universal CI Integration Insurance’ is rational integrated insurance that combines whole life insurance policy and critical insurance,” said Ku Do-kyo, leader of the Marketing Planning Team at Hanwha Life Insurance.
“Its good point is to guarantee the coverage of critical illnesses until 100 years of age and to increase money for checking critical illnesses when the insured person is 60 years old or older.
It is possible for customers to change Love & Hanwha Universal CI Integration Insurance into a pension when they become more than 45 years old. A good point is that since this insurance uses the experience life table at the time of buying an insurance policy, the insured person can receive pensions to the utmost amount even if average life spans extend.
Moreover, customers can receive pensions in their whole lives when they select the whole life pension type. If customers die young, their bereaved families took remaining money as it guarantees until 100 years of age.
Another characteristic is to make payment periods flexible. Usually, maximum payment periods for guarantee-type insurance are usually 20 years. But “Love & Hanwha Universal CI Integration Insurance” enables customers to pay insurance premiums for five to 20 years until they become 60 or 80 years old. Customers who pay insurance premiums until they become 80 years old can pay insurance premiums about 20% less than those who pay insurance premiums for 20 years.
The minimum membership standard type sets its insurance money at 10 million won and its monthly insurance premium at 50,000 won while the income guarantee type, 20 million won and 70,000 won. The feasible age span is 15 to 54 years. If a 30-year-old man buys this product (Type 1 and 1%) to pay insurance premiums until 80 years of age with the main insurance money at 50 million won, the Love and Plus CI Guarantee Special Agreement at 10 million won and an additional CI guarantee contract at 10 million won, his monthly premium will stand at 87,430won.
