Seoul-based insurer comes up with out-of-the-box products
TongYang Life Insurance secures exclusive rights to sell its new-concept riders, which cover sudden sensorineural hearing loss and sleep apnea, from the Korea Life Insurance Association.
The Seoul-based insurer announced on June 24 that it will be able to exclusively use the riders for the next three months.
Policyholders will get insurance money when they are diagnosed with sudden sensorineural hearing loss and go through surgeries for sleep apnea.
“We decided to grant exclusive rights to the two riders because no other insurance companies have ever come up with such products,” an official of the association said.
Established in 1950, the non-profit association has promoted the common benefits of its member companies. Currently, 22 life insurers have full membership.
Sudden sensorineural hearing loss, otherwise known as sudden deafness, refers to an unexplained, rapid hearing loss all at once or during a few days.
The symptom, which mostly affects only one ear, is attributable to problems with the sensory organs of the inner ear.
Sleep apnea is a sleep disorder in which patients’ breathing repeatedly stops and starts. As a result, they tend to feel tired even after a full night’s sleep.
The most common form is obstructive sleep apnea, which has something to do with the relaxation of throat muscles.
“The number of patients suffering from the two illnesses is going up, and the life insurance association recognized our efforts to cover them,” a TongYang official said.
“We will continue to put forth efforts to develop new coverages and innovative services to meet the customer needs down the road.”
TongYang started the business in 1989 with an initial capital of 6 billion won. Over the past three decades, the company has grown into one of the representative life insurers in South Korea, with an asset size of more than 30 trillion won.
CEO Jian Rong Luo is presently heading the financial outfit.