[Global Finance Awards] Kyobo Life enhances insurance coverage for cancer, long-term care

Kyobo Life Insurance's new Cancer and Whole Life Care Insurance plan (Kyobo Life Insurance)

Kyobo Life Insurance, one of Korea’s leading life insurers, has launched a new life insurance plan that combines the benefits of whole life insurance with added lifetime protection for cancer and long-term care.

The “Kyobo Cancer and Whole Life Care Insurance” provides financial support for policyholders diagnosed with cancer or requiring long-term care. During the premium payment period, the plan guarantees a full refund of premiums paid under the main contract, while waiving future payments. Death coverage remains unaffected, ensuring continued financial security for beneficiaries.

According to Kyobo Life, the product is designed to address the challenges of an aging population and rising health care costs by offering features aimed at long-term stability.

“This product was designed to offer balanced protection that supports our customers through all stages of life,” a Kyobo Life official said. “By combining health coverage with financial benefits, we aim to provide security and stability for families.”

After the premium payment period, the policy also provides a “death benefit bonus” equal to 50 percent of the total premiums paid under the main contract, further enhancing financial support for beneficiaries.

To broaden coverage, the insurer offers optional riders for conditions such as ischemic heart disease and cerebrovascular diseases, as well as advanced cancer treatments and recurrent diagnoses. Policyholders can also choose a reduced surrender value option, which lowers premiums during the payment period.

Kyobo Life added that the policy allows flexible payout options, enabling beneficiaries to receive death benefits in installments. Policyholders can also convert up to 90 percent of the death benefit into periodic payouts over a maximum of 20 years, creating a steady income stream for living expenses or education.

The plan is available to individuals aged 15 to 72, with premium payment terms ranging from five to 30 years. Policies with a base coverage of at least 50 million won ($35,700) include access to Kyobo’s health care services, offering health management and disease-specific care.