"What If I Develop Dementia? What About My Grandchild's College?" Insurance Emerges as a Popular Holiday Gift

[Financial News] Insurance is becoming part of the gift lists people consider every holiday. For parents, it can help prepare for medical expenses, dementia and caregiving needs. For grandchildren, it can provide coverage for illnesses during childhood as well as tuition and funds for independent living after they become adults. Insurers have also been segmenting their product offerings, from health insurance tailored to older customers' medical histories and health conditions to children's insurance covering risks at different stages of growth.
According to the insurance industry on the 24th, health insurance products have recently been introduced for parents, with underwriting methods and premiums varying according to their medical histories and health conditions.
Kyobo Life Insurance's 'Kyobo K-Matchum Health Insurance' applies standard and simplified underwriting differently depending on the coverage. Even customers with a history of hypertension treatment can apply through standard underwriting for cancer coverage and simplified underwriting for cerebrovascular and heart disease coverage.
Samsung Life Insurance's 'Samsung Family Representative Health Insurance Plus+' pays benefits based on the actual number of treatments when an optional rider for combined cancer treatment is added. For a policy with KRW 100 million in coverage, it pays KRW 20 million per treatment and covers up to five treatments a year.
PGMIC's 'NaeSalEn (3N) Customized Simplified Health Insurance' applies different premiums across 35 enrollment types according to hospitalization and surgery history. Policyholders who maintain their health after enrollment can switch to a type with lower premiums.
When choosing insurance for elderly parents, it is necessary to consider the costs that arise after a dementia diagnosis as well.
Dementia and caregiving insurance has recently been expanding beyond diagnosis benefits to cover testing and medication, long-term care, home-care benefits and caregiver expenses. As dementia treatments become more diverse, optional riders covering specific drug treatments are also emerging.
Hanwha Life Insurance's 'H Dementia and Caregiving Insurance' pays a combined home-care benefit when two or more types of home-care benefits are used. It also covers welfare equipment and Leqembi treatment costs through optional riders.
Kyobo Life Insurance's 'Kyobo The Ansim Dementia and Caregiving Insurance' covers everything from dementia testing, diagnosis and medication to long-term care and caregiving. Optional riders also cover CT, MRI and PET testing costs, as well as targeted dementia drug treatment.
KB Insurance's 'KB Golden Life Care Caregiving Insurance' provides optional-rider coverage for dementia testing and medication, as well as rehabilitation and psychotherapy costs. It has also extended the renewal period for its daily caregiver-support benefit to up to 20 years.
Children's insurance for grandchildren is drawing attention for products that cover illnesses and accidents during childhood while also providing funds that can be used for tuition or independent living.
Kyobo Life Insurance's 'Kyobo Grandchild Love Health Insurance' can be purchased from the fetal stage through age 15 and provides coverage through age 30. Optional riders cover childhood cancer, cerebral hemorrhage, influenza, hand-foot-and-mouth disease, precocious puberty and ADHD. Between ages 20 and 25, policyholders can receive Grandchild Love funds up to five times.
PGMIC's 'Good & Good Comprehensive Children's Insurance Q' offers optional-rider coverage ranging from low birth weight and congenital diseases to illnesses and injuries during infancy and early childhood, accidents during adolescence and major diseases in adulthood.
KB Insurance's 'KB Precious Child Insurance Plus' can be configured with optional riders covering cancer, cerebrovascular and heart disease, illnesses and injuries, severe tic disorder, precocious puberty, mental disorders during childhood and adolescence, and conditions related to smart devices.
An insurance industry official said, "Before purchasing a new policy, it is important to first review the coverage provided by existing policies and fill in any gaps," adding, "Premiums, coverage, and the conditions for exclusions and reduced benefits should all be compared together."
[email protected] Hong Ye-ji Reporter