A model displays an ad for the 4th generation lifetime insurance products just put on the market by Kyobo Life Insurance Co.

Chairman Shin Chang-jae of Kyobo Life Insurance Co.

Kyobo Life is set to introduce new products, including a 4th generation lifetime insurance product. The moves will demonstrate that the life insurer is stepping up its marketing campaign in the competitive life insurance market.

The company plans to add the low-dissolution structure to the health guarantees function to the 4th generation lifetime insurance product, which will be put on the market soon, officials of the company said.

Kyobo Life has introduced the lifetime insurance product, which is a health plus 4th generation life insurance, on the market Oct. 14. The new product has the benefits of guarantees for the care of various diseases, in addition to the payment of insurance money at the time of death.

A benefit of the lifetime insurance product is that policy holders can get the payment of the insurance money upon death when GI and LTC develop, and can use the payment for various purposes, such as hospital bills and other expenses, the officials explained.

The new product guarantees coverage for the treatment of various serious diseases, such as heart diseases, cancer and brain diseases, among others.

If a special clause is added, the new lifetime insurance product can cover such critical diseases as light and medium-degree dementia, Lou Gherig’s, Parkinson’s and rheumatism, among others, that afflict senior citizens. It also guarantees payment for hospitalization expenses.

Kyobo Life Insurance Co. has been offering a new lifetime insurance policy for sufferers of dementia, gradually reducing the premiums and preparing for a guarantee for the treatment of the disease.

What’s special about the insurance policy is that it guarantees lifetime care, including coverage for death and treatment at a low insurance premium.

This is the first time that a large life insurer has put on the market such a life insurance policy for sufferers of dementia.

At the time of diagnosis for the disease, the policyholder should get 100 percent of the insurance money and later, at the time of death, receive an additional 20 percent of the signing premium.

This particular life insurance policy is available for those between the age of 15 to 75 years, and policies contracted for more than 100 million won can get a discount on the premium worth as much as 3 percent.

The life insurer provides medical care for policyholders for medical expenses connected with Alzheimer’s including medical checkups for Alzheimer’s, medical consultations for treatment of Alzheimer’s, and psychological treatment for family of the patient.

The insurance policy allows the holder to use all of the insurance money for daily living expenses for 20 years after retirement, minus around 10 percent for funeral expenses. For insurance policies worth more than 100 million won, policyholders are entitled to the “Kyobo Healthcare Service.”

The average insurance premium for the policy, and the policyholders 40 years old or more, are payable for 20 years at 50 percent, or 243,000 won per month, for the Standard A type, and 30 percent for Standard 2 type of 228,000 won.

“Kyobo Life was able to overcome numerous challenges and grow into one of Korea's best insurers thanks to our 5 million customers and our stakeholders who have loved and supported us, and we are always grateful for the support,” the company stated.

Established in 1958, Kyobo Life has paved the way for life insurance over the past 50 years and became the top quality service provider in the insurance industry.

A view of the Kyobo Life Insurance building in Gwanghwamun, downtown Seoul.(Photos: Kyobo Life)