Business · Companies · 3 hrs ago
Tongyang Life launches policy waiving premiums after certain diagnoses
South Korea's Tongyang Life has launched a new life insurance policy that combines death benefits with health coverage.
During its 10-year premium-payment period, a cancer or certain serious diagnosis can end future premium payments.
The qualifying conditions are cancer, brain hemorrhage or acute myocardial infarction, a type of heart attack.
If policyholders finish paying without qualifying for a waiver, the policy covers key treatments for cancer and certain circulatory diseases until age 100.
This treatment coverage is for an amount matching the policy's main insured amount, up to 100 million won, and stays in place if the main policy is converted to an annuity or the insured person is changed.
The death benefit rises to as much as 200% of the insured amount through annual increases over five years, starting after the first five years.
The policy can also be converted to a universal life policy or an annuity.
Tongyang Life has launched a whole-life insurance policy that waives future premiums after certain diagnoses.
The waiver applies if the policyholder is diagnosed with cancer, cerebral hemorrhage or acute myocardial infarction during the 10-year premium-payment period.
Customers who complete payments without qualifying for a waiver receive coverage for key cancer or selected circulatory-disease treatments until age 100.
The treatment benefit amount matches the main policy’s sum insured, up to 100 million won.
The death benefit increases after the fifth year of coverage, reaching up to 200% of the insured amount.
- Who
- Tongyang Life.
- What
- It launched a whole-life insurance policy with premium waivers after certain diagnoses and treatment coverage after premiums are fully paid.
- When
- November 3, 2026.
- Where
- Not stated.
- Why
- Not stated.
This story does not have two clearly opposing sides.
This story does not have a timeline yet.
- Premium-payment period
- 10 years
- Qualifying diagnoses
- Cancer, cerebral hemorrhage or acute myocardial infarction
- Treatment coverage
- Until age 100
- Maximum treatment benefit amount
- 100 million won
- Death benefit increase
- Reaches up to 200% of the insured amount after the fifth year