[Provided by Hyundai Marine & Fire Insurance]
[Provided by Hyundai Marine & Fire Insurance]

Hyundai Marine & Fire Insurance on Thursday announced the launch of a new product, "Naemomnen (N) Customized Simple Health Insurance," designed to give customers with a history of cancer or brain and heart disease broader coverage based on their individual health status.

Conventional simplified health insurance products have typically assessed cancer and brain/heart disease histories under a single standard. As a result, customers with a cancer history faced higher premiums or restricted coverage limits even when enrolling for brain and heart disease coverage — conditions unrelated to their cancer. Customers with only a brain or heart disease history encountered similar restrictions when seeking cancer coverage.

To address this, Hyundai Marine & Fire Insurance introduced a structure that breaks down disclosure requirements by individual disease and applies separate claim-free periods for each condition. The insurer also reduced the number of required disclosures from six conditions under the previous simplified insurance framework to five — dropping liver cirrhosis and focusing on cancer, angina, acute myocardial infarction, heart valve disease and stroke — lowering the barrier to enrollment.

The product comes in three types based on a customer's medical history: a cancer pre-existing condition type, a brain/heart pre-existing condition type, and a general pre-existing condition type. The five-year claim-free requirement is assessed separately for cancer and for brain and heart disease. For example, a customer who has received cancer treatment within the past five years but has had no brain or heart disease for five or more years can enroll in the cancer pre-existing condition type and receive higher coverage limits for brain and heart conditions. Conversely, customers with a brain or heart disease history can obtain stronger cancer coverage through the brain/heart pre-existing condition type.

"The defining feature of this product is that customers with pre-existing conditions can enroll with higher coverage limits for the disease areas where their health has been maintained," a Hyundai Marine & Fire Insurance official said. "We plan to continue introducing customized products that closely reflect customers' health status and coverage needs."

Meanwhile, Hyundai Marine & Fire Insurance has also aired a new television commercial for its simplified health insurance line, titled "Hyundai Marine & Fire Makes It Simple," aimed at lowering the psychological barrier for customers who have hesitated to purchase insurance because of past medical histories.


psj@heraldcorp.com