Insurers rush to introduce products tailor-made for diverse age groups

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Insurance companies are rushing to introduce tailor-made medical insurance packages for customers in a wider range of age groups ― from newborns to preschool children, teenagers, salaried workers in their 20s to 40s and retirees aged 60 or older.

According to industry sources, Friday, the sales strategies aim to better accommodate changing lifestyles and growing lifespan in an era of population aging and shrinking.

KB Insurance has developed a product for those aged 35 or younger, while DB Insurance has a similar product for those aged between 7 and 35.

Samsung Fire & Marine Insurance lowered the starting age of subscription, from 20 to 16, on packages offering low premium rates for newcomers seeking self-reliance in paying medical expenses. The maximum age cap for the subscription eligibility remains at 40.

Meritz Insurance also recently introduced a similar insurance for those aged 16 to 40.

To help those aged 20 to 40 counter fatal illnesses from an early age, Hyundai Marine & Fire Insurance sells a product covering expenses for cancer, brain damage and heart attack.

Samsung Fire was the first in the industry to introduce insurance exclusively for pregnant women and their unborn babies. The product, according to the company, is noteworthy for being open to those who have diabetes, high blood pressure and other demanding health conditions during pregnancy and birth.

The coverage for unborn babies will be effective until they reach 30 years of age.

In response to the growing number of senior citizens, Hyundai Marine developed an insurance package offering lower premium rates for those aged 60 to 90, most of whom are retired. With additional payments, the subscribers are eligible to receive nursing care if they develop Alzheimer’s disease.