HF releases a JTYK-Silver Cancer Insurance product
- Date 2015-03-27
- Views 678
HF releases a JTYK-Silver Cancer Insurance product
- Dongbu Life offers a discount of up to 16.5% on the premium -
- Existing JTYK subscribers eligible for the discount -
Senior citizens who have signed up for the JooTaekYeonKeum (JTYK) reverse mortgage program may enjoy
a 16.5% discount on their insurance.
Korea Housing Finance Corporation (HF, CEO Kim Jae-Chun) said on the 27th that it held a partnership agreement
ceremony with Dongbu Life on the same day, announcing that it will unveil "Love JTYK-Silver Cancer Insurance"
on the 30th, which will offer JTYK* subscribers a discount of up to 16.5% on the premium. <Image to be inserted>
* JooTaekYeonKeum (JTYK) is a state-guaranteed reverse mortgage loan in which senior citizens 60 years of age
or above provide their owned home as collateral and receive living expenses for their post-retirement life in the
form of monthly pension benefits either for the rest of their life or for a certain period of time.
The insurance product guarantees up to 10 million won in compensation when the policy holder is diagnosed
with cancers requiring expensive treatments (leukemia, brain cancer, and bone cancer) or any of the three major
cancers (liver cancer, stomach cancer, and lung cancer). JTYK subscribers 61 to 80 years of age (including
existing subscribers) can receive a 10% discount on their premium at the time of their policy purchase.
The product must be renewed every 10 years until the age of 100 years old.
In addition to the 10% discount on the premium, they can receive ▲ another 5% discount if they do not
have high blood pressure or diabetes, and ▲ another 1.5% discount can be offered when their son or
daughter signs the insurance policy for them.
An HF official said, “With the release of "Love JTYK-Silver Cancer Insurance," senior borrowers can receive
a discount on their insurance premiums, helping them lead a more stable life."
[Image description]
HF Director Baek Soo-Yeol (left) and Dongbu Life CEO Lee Tae-Un posed for a photo on the 27th after
signing the partnership agreement for a JTYK-related cancer insurance product at the headquarters
of the insurer located in Teheran-ro, Seoul.
