A tailored health insurance product has been introduced for patients who had to pay higher premiums even for coverage of other conditions, simply because they had a history of cancer or brain and heart disease.
Hyundai Marine & Fire Insurance (001450.KS) said on the 9th that it has launched "Naemomen (N) Matchum Ganpyeon Health Insurance," which applies differentiated premium burdens and coverage limits by reflecting medical history for each disease.
Existing simplified insurance products often screened cancer and brain and heart disease history under a single standard. As a result, customers with a history of cancer faced higher premiums or limited coverage caps even when subscribing to cardio-cerebrovascular disease coverage, and conversely, customers with a history of brain and heart disease sometimes suffered disadvantages in cancer coverage.
The core of the new product is screening that distinguishes medical history by disease. It is designed so that customers can subscribe with higher coverage limits than before for conditions without prior history, by separately assessing whether they have been claim-free over the past five years for cancer and for brain and heart disease.
For example, a customer who has a history of cancer treatment within the past five years but has been claim-free from brain and heart disease for more than five years can subscribe with an expanded cardio-cerebrovascular coverage limit. Conversely, a customer who has a history of brain and heart disease but has been claim-free from cancer for more than five years can subscribe with strengthened cancer coverage. Depending on the customer's medical history characteristics, the product is also subdivided into a cancer-patient type, a brain and heart patient type, and a general-patient type.
The barrier to entry has also been lowered. From the six major disease disclosure items of existing simplified insurance, liver cirrhosis was excluded, and screening was centered on five major conditions: cancer, angina, acute myocardial infarction, heart valve disease, and stroke.
"The most significant feature is that it is designed so that even patients with illness can subscribe with higher coverage limits than before for disease areas where their health has been maintained," a Hyundai Marine & Fire Insurance official said. "We plan to continue introducing tailored products that reflect customers' health conditions and coverage needs."
