Critical illness insurance is the combination of health and whole life insurance. In the event that the insured is diagnosed with one of the dread diseases specified in the policy, it pays out some portion of a death benefit – typically 50% or 80% - to help the insured and their dependents pay for the costs of medical treatment, care and recuperation aids or replace any lost income due to the illness. It first came to the market in Korea in 2002 amid the growing awareness of population aging and health care.
Q. What is Cancer Insurance?
Cancer insurance is a type of life insurance designed to provide comprehensive coverage against the risks related to cancer. In the event of the insured’s diagnosis with cancer, a cancer insurance policy pays cash benefits, which come in different varieties – i.e. treatment, hospitalization and surgery costs as well as wellness and death benefits. It serves as an affordable means of dealing with the cancer risk that is often associated with high out-of-pocket medical costs. With the number of people with medical conditions growing due to an increase in average life span and advanced medical technology, specified cancer coverage has become available in the market, such as silver cancer insurance, which is a product dedicated to seniors, and coverage for cancer recurrence. Recently, both renewable and non-renewable cancer policies are available.
Q. What is Long-Term Care Insurance?
Long-term care (LTC) insurance is designed to cover nursing costs for extended illnesses. An LTC policy provides benefits in the form of either annuity or lump-sum cash payment when the insured qualifies for long-term care certification due to injury or illness. The certification can be obtained when the insured is diagnosed with either the inability to perform activities of daily living or dementia.
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