Cancer Insurance Rate Hike of 5~10%
The Korean Insurance Development Institute announced that from next month, cancer insurance rates will increase up to 10%, and term and whole life insurance rates will be up to 15%.
According to the KIDI, this policy will apply to new insurance applicants from December, and will be extended to all life insurance policies. An insurance expert said that it is a good way for those who wish to apply for general insurance and pension insurance to do so before the policy takes effect.
With regard to the new rates, cancer insurance and illness insurance will rise from over 5% to less than 10%. If a pensioner keeps his/her current condition, 5% ~ 13% of the receiving pension fee will be discounted.
Due to consecutive medical developments, Korea is moving forward to an aging society, while the cost of therapy and hospitalization is constantly going up. The average life expectancy of Korean males reached 76.4 years and females 84.4 years. Rates of hospitalization and cancer have also increased more than before.
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 / 입력시간: 2005. 11.28. 09:14
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