Hanwha's insurance attracting senior citizens

Comprehensive Insurance for senior citizens launched by Hanwha Life Insurance offers diverse special coverage for those suffering from geriatric illnesses. / Courtesy of Hanwha Life Insurance

By Yoon Ja-young

Amid the rapid aging of society, senior citizens are having trouble choosing the right insurance policies tailored for them.

The “Comprehensive Insurance for Seniors,” launched by Hanwha Life Insurance, has strengthened protection against diseases senior citizens are vulnerable to, such as dementia, cerebral hemorrhage and acute myocardial infarction. The policy has been expanded to include older citizens -- those aged between 40 and 78 can subscribe, compared with most whole-life insurance policies here that reject subscribers who are over 65.

Senior citizens especially find it attractive as it provides diverse special coverage against geriatric illnesses that increasingly occur as one gets older. Those who have subscribed to a special contract for dementia, for instance, will be provided 3 million won a year for five to 10 years once they are diagnosed with grave dementia, to make up for their loss of income. Those who have subscribed to special contracts for cerebral hemorrhage or acute myocardial infarction, meanwhile, will get 10 million won on diagnosis.

The insurance product also offers special contracts for serious disabilities, as senior citizens have a higher risk of becoming disabled following disease or accident. If a subscriber is seriously disabled, he or she will get compensation every month for 10 years. They can also choose special contracts covering medical costs or diagnosis of cancer.

While offering diverse special coverage, the “Comprehensive Insurance for Seniors” has lowered insurance premiums by minimizing the main policy that covers death. The monthly insurance premium starts from 20,000 won, minimizing the burden on senior citizens who are often without regular income.

The insurance also has introduced a funeral service to help the family when the subscriber dies.

“There have been some insurance products on the market aiming at senior citizens, such as cancer insurance, but there was no whole-life insurance that senior citizens aged over 70 can subscribe to,” said Choi Seong-gyun, a manager in charge of product development at Hanwha. “I believe this product will be the optimal option for senior citizens.”