Samsung Life Launches Whole Life Insurance with Enhanced Death Benefit Linked to Cancer Treatment
Samsung Life Insurance announced on the 17th that it will launch the "Samsung Cancer Treatment Plus Whole Life Insurance (Non-participating, Low Surrender Value Type)."
This product combines the life-long death benefit, which is the core feature of whole life insurance, with cancer treatment coverage. If the insured receives treatment following a cancer diagnosis, a treatment benefit is paid out, and the death benefit is increased by the same amount as the treatment benefit paid. This structure is designed to provide security both during the treatment process and for the family after treatment.
Regardless of whether a treatment benefit is paid, starting from the 10th policy year, the death benefit increases by 10% of the insured amount each year for the next 10 years, strengthening mid- to long-term death protection. After 20 years, up to 200% of the insured amount is guaranteed, with the death benefit further increased by the amount of any treatment benefits paid.
Cancer treatment coverage has also been enhanced. After a cancer diagnosis (excluding thyroid cancer and other skin cancers), if the insured receives direct cancer treatment at a general or tertiary hospital—such as anti-cancer drug therapy (excluding hormone therapy), anti-cancer radiation therapy, cancer surgery, intensive care unit treatment, or specific anti-cancer drug hormone-approved therapy—a treatment benefit is paid for each type of treatment, limited to once per year per treatment.
Additionally, after the premium payment period, the standard enrollment type guarantees a refund rate of 100%, and the simplified enrollment type guarantees 95% or higher. If the death benefit is increased due to receiving a treatment benefit during the policy period, the surrender value also increases, potentially raising the refund rate.
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A Samsung Life Insurance representative stated, "The Samsung Cancer Treatment Plus Whole Life Insurance is a product that combines death coverage, cancer treatment expense coverage, and an increased death benefit after treatment," adding, "It is designed so that customers can prepare both for the treatment expenses they need during cancer treatment and for death coverage for their families."
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