Kyobo Life Insurance Launches "Kyobo K-Custom Health Insurance"... "Changing the Paradigm for Pre-existing Condition Insurance"

Introduction of Industry's First Composite Underwriting Structure Combining General and Simplified Underwriting

"Comprehensive Coverage for Diagnosis, Treatment, Surgery, and Hospitalization of the Three Major Diseases: Cancer, Cerebrovascular, and Heart Diseases"

Kyobo Life Insurance announced on the 15th that it has launched the "Kyobo K-Custom Health Insurance," which allows customers to design reasonable insurance premiums based on their health status.

This product is the industry’s first composite underwriting insurance that combines general and simplified underwriting in one policy. Its distinguishing feature is the significant reduction of customers’ financial burden by eliminating unnecessary premium surcharges.

The new insurance addresses the structural limitations of existing insurance products for those with pre-existing conditions, which required both the main contract and all riders to be underwritten solely by simplified requirements. As a result, customers had to pay uniformly increased premiums for coverage areas unrelated to their own conditions.

The new product guarantees death coverage up to age 100 through the main contract (general underwriting), and offers a sophisticated structure of 42 core riders (42 general underwriting types, 42 simplified underwriting types) focusing on the three major diseases—cancer, cerebrovascular disease, and heart disease—covering everything from diagnosis to treatment, surgery, and hospitalization.

The biggest advantage is that customers can simultaneously design each rider with either general or simplified underwriting tailored to their individual health conditions. Even if a customer has chronic illnesses such as hypertension or diabetes, they may enroll in riders unrelated to such disease histories, such as cancer coverage, under general underwriting.

For example, a 40-year-old man taking hypertension medication can apply for the cancer diagnosis rider through general underwriting and the cerebrovascular and heart disease diagnosis rider through simplified underwriting. Compared to the existing simplified underwriting insurance, this approach can reduce the premium for the cancer diagnosis rider by approximately 16.2 percent.

In addition, riders that were previously difficult to enroll in due to medical history or age can now be accessed through simplified underwriting, allowing customers to secure essential coverage without gaps caused by exclusions.

For cancer coverage, the policy provides comprehensive protection—including cancer diagnosis and major cancer treatments—as well as various riders such as anti-cancer radiation and drug therapy, advanced particle therapy, radiotherapy, and targeted drug therapy, ensuring seamless coverage from diagnosis benefits to the latest cancer treatment techniques.

Furthermore, the policy strengthens coverage for cerebrovascular and ischemic heart disease diagnosis, major circulatory disease treatments, and special coverage for severe disease patients through a range of riders, enhancing diagnosis and treatment benefits for brain and heart conditions.

Riders covering disease- and accident-related surgeries, hospitalizations, and surgeries for lifestyle-related diseases help alleviate the financial burden of frequent surgeries and hospital stays in daily life.

Additionally, by adopting a no-cash-value refund structure, the insurance lowers premium burdens, and if the policyholder becomes disabled with a payment rate of 50 percent or more during the premium payment period, all main contract premiums are fully waived, thus reinforcing the safety net for subscribers.

A Kyobo Life Insurance representative stated, "In response to the increasing demand from customers with pre-existing conditions and the elderly due to demographic changes, we have introduced the industry’s first composite underwriting insurance." The representative added, "We expect this will set a new standard for health insurance for those with pre-existing conditions, allowing customers to design the necessary coverage in a reasonable and customized way without unnecessary surcharges."

The product is available for customers aged 15 to 76. The insurance period lasts until age 100, and the premium payment period can be chosen from 10, 15, 20, 25, or 30 years. For those who enroll with a monthly premium of 50,000 won or more, the "Kyobo New Healthcare Service Health Special Type (R) II" is provided, offering benefits such as management for the three major diseases, hospital and medical staff information and reservations, accompaniment by a professional nurse, and caregiver support.

This content was produced with the assistance of AI translation services.