NH Nonghyup Life has introduced a whole life insurance policy that provides an advance payment upon cancer diagnosis and subsequently replenishes death benefits.
On October 1, NH Nonghyup Life announced the launch of the 'Health Fill NH Cancer Whole Life Insurance (Partial Refund Upon Cancellation, Non-Dividend)' product.
This policy pays 150% of the insured amount as a death benefit upon death. If the insured is diagnosed with general cancer during the policy term, 100% of the insured amount is paid as an advance benefit, which can be used for treatment or living expenses.
Even after receiving the advance payment for cancer diagnosis, the death benefit remains intact. An additional 'Replenishment Death Benefit' pays 100% of the insured amount upon death, allowing for coverage of up to 200% of the maximum insured amount, including the advance payment.
Additional coverage options include benefits for breast cancer, prostate cancer, and minor cancers. Breast cancer and prostate cancer provide 50% of the insured amount, while minor cancers offer 10%.
If a general cancer diagnosis occurs during the premium payment period, future premium payments are waived. Conversely, if no diagnosis is made during the payment period, a 'Health Celebration Bonus' is accumulated, which can be partially or fully withdrawn as needed.
Using the 'Retirement Fund Conversion Option II,' policyholders can convert the refund amount into retirement funds.
The minimum age for standard enrollment is 15, while simplified enrollment starts at 20. Depending on the enrollment conditions, individuals can join up to the age of 70, with premium payment periods available for 10 or 15 years.
Shin Myung-yong, head of product development at NH Nonghyup Life, stated, "This product is designed to provide necessary funds upon cancer diagnosis while ensuring that the death benefit is replenished, maintaining the core function of whole life insurance."
* This article has been translated by AI.
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