Only 1 Underwriting Question
AIA Life announced on Feb. 16 that its new ‘(non-par) AIA Super-Simplified Cancer Insurance (renewal type)’ has sold more than 8,000 policies since its launch in January.
Customers can enjoy a more convenient customer journey for the policy as they only need to answer one underwriting question. Customers who faced difficulty purchasing insurance products at other companies because of their age or chronic conditions, are showing great interest in this product as the issue-age was extended to 80, and substandard customers can receive protection after answering only one underwriting question.
Customers can attach riders to receive coverage for the top three most prevalent diseases in Korea: cancer, acute myocardial infarction, and cerebral hemorrhage. As recent studies suggest that cold weather and fine dust can cause or exacerbate cardio-cerebrovascular diseases, customers can add riders to their ‘(Non-par) AIA Super-Simplified Cancer Insurance (renewal type)’ to receive protection for such diseases.
The base policy offers diagnosis benefit of up to 30 million won if the insured is diagnosed with general cancer as well as specific cancers (breast, colorectal, prostate cancer), other skin cancer, thyroid cancer, carcinoma in situ, and borderline tumors. Customers can also receive up to 30 million won if diagnosed with acute myocardial infarction and cerebral hemorrhage and can also receive diagnosis benefit for ischemic heart diseases, cerebrovascular diseases, and cerebral infarction through riders. For cerebral infarction, customers can receive up to 10 million won if they purchase the ‘non-par AIA Super-Simplified cerebral infraction rider (renewal type)’.
“This product is very popular among customers who were rejected for a standard policy because of their hospitalization and surgical history, as they can easily purchase the policy after answering only one underwriting question,” said Jekal KeunChang, head of DM Sales Team at AIA Life. “AIA will continue to develop such customer-centric products that help us fulfill our purpose of helping more people live ‘healthier, longer, and better lives.”
‘(Non-par) AIA Super-Simplified Cancer Insurance (renewal type)’ is a pure protection product with no maturity benefits and a wide issue age ranging from 30 to 80 years old. The policy term is 10 years, which can be renewed until the insured is 100 years old. The monthly premium will come to a total of 30,770 won for a 40-year-old woman who purchased a base policy with the maximum sum-assured, included other riders, and will pay monthly premium for the duration of the policy term.