|
According to the recommendation of the financial authorities, the premium payment exemption applied to the diagnosis of cancer similar to the child insurance will disappear soon. / Graphic = News 1 AD |
#. A housewife in her 30s, who lives in Gwangju, Gyeonggi-do, bought her child insurance for her 3-year-old daughter last year.
She was worried regarding her fragile daughter, so she paid high insurance premiums and signed up for most of the special contracts, including diagnosis of pseudo-cancer. Mr. A, who has been working at the company since the beginning of this year, has become difficult to receive his salary on time.
When I told the insurance company that I was going to cancel because it was difficult to pay the premium, they said that I was exempt from paying the premium and did not have to pay the premium.
From October, cases like Mr. A are expected to disappear.
This is because the financial authorities recommended that non-life insurance companies stop selling the cancer-like payment exemption special offer, and insurance companies decided to delete the cancer-like cancer payment exemption special contract in the child insurance first.
Non-life insurance companies are also considering expanding the range of products that will remove the special contract for exemption from payment of pseudo-cancer in the future.
According to the insurance industry on the 20th, non-life insurers are planning to stop selling children’s insurance-like cancer diagnosis fee exemption from October 1st.
This means that the parents, who are the actual premium payers, will not provide the payment exemption that allowed them to continue their children’s insurance when they are in financial hardship due to a serious illness or disaster.
The biggest advantage of children’s insurance currently sold by non-life insurers is that the premium is lower than that of adult comprehensive insurance, and the coverage and exemption range are wide.
General adult insurance is available only for cancer diagnosis, stroke, and acute myocardial infarction, excluding similar cancers. On the other hand, children’s insurance covers a wide range of benefits, including cancer diagnosis including similar cancers, cerebrovascular disease diagnosis (including stroke), and ischemic heart disease diagnosis (including acute myocardial infarction).
However, the financial authorities have determined that one of the main causes of the overheated competition in pseudo-cancer insurance is the exemption from paying premiums. Accordingly, non-life insurers are expected to remove the payment exemption clause, and from the fourth quarter of this year, the insured will have to pay premiums.
Currently, non-life insurance companies have lowered the amount of insurance for pseudo-cancer by up to 20% of that of general cancer. This is in response to the financial authorities’ recommendation in July that non-life insurers’ competition for similar cancer insurance had exceeded the limit and recommended lowering the subscription amount.
Representative cancers include thyroid cancer, other skin cancers, borderline tumors, and cancer in situ. Although the incidence rate is higher than that of general cancers such as stomach cancer, lung cancer, and colon cancer, it is relatively easy to treat and has a high survival rate.
Usually, the diagnosis cost of pseudo-cancer was regarding 20% of that of general cancer, but recently, non-life insurance companies started to compete and raised the diagnosis cost all at once.
Among life insurers, Hanwha Life, Mirae Asset Life, Tongyang Life, ABL Life, and DB Life have been pointed out by the Financial Supervisory Service.
An official from the financial sector said, “It is interpreted as a measure to protect both insurers and subscribers from damage due to excessive competition.”
owner ⓒ ‘Economic News of People Dreaming of Success’ Money S, unauthorized reproduction and redistribution prohibited
