Cancer survival rates are rising thanks to advances in medical technology and expanded early screening, but the growing economic burden of long-term treatment is increasing the need for cancer insurance that covers both treatment and living expenses.
According to the financial industry Friday, the National Cancer Registration Statistics released by the Ministry of Health and Welfare and the National Cancer Center showed that the five-year relative survival rate for patients diagnosed with cancer between 2019 and 2023 was 73.7%. This represents a 2 percentage point increase from the previous survey covering 2016 to 2020.
By contrast, the cost burden of cancer treatment is growing year by year. According to the Health Insurance Review and Assessment Service, annual medical expenses for cancer patients rose 37.7% from 7.3765 trillion won in 2019 to 10.1552 trillion won in 2023. As cancer is increasingly recognized not as a short-term illness but as a condition requiring long-term treatment and management after diagnosis, the analysis suggests that the economic burden across the entire treatment process—including income gaps, nursing costs, and living expenses, in addition to treatment costs—is expanding.
In line with this trend, the insurance industry is expanding its coverage by successively introducing products that cover not only cancer diagnosis benefits but also chemotherapy, surgery, metastatic cancer, and living expenses.
AXA General Insurance's "(Non-participating) AXA Cancer Insurance That Protects Me II (Renewable)" is designed to allow policyholders to prepare in stages, from the early diagnosis of cancer through treatment and recovery. For major cancers such as stomach, lung, and colorectal cancer, as well as for similar cancers such as thyroid cancer and other skin cancers, the policy pays a diagnosis benefit of up to 50 million won, once only, based on coverage limits by enrollment age.
With optional riders, cancer surgery, radiation therapy, and drug therapy costs are covered once a year for up to 10 years after diagnosis. A metastatic cancer diagnosis benefit is also paid once, and customers who enroll in the living expenses rider receive up to 1 million won per month for up to five years, helping to ease the burden of living costs during the treatment period.
The maximum enrollment age is 80, and customers with chronic conditions such as diabetes or hypertension can also enroll through simplified underwriting if they meet certain conditions. Diagnosis benefits for age-related diseases such as gout, shingles, Alzheimer's disease, ALS, and Parkinson's disease can also be selected.
"Cancer is a disease that requires long-term management because of the possibility of recurrence and metastasis even after treatment," an AXA General Insurance official said. "We have expanded our coverage so that policyholders can prepare not only for treatment costs but also for living expenses."
Other insurers are also broadening their coverage in response to the prolonged nature of cancer treatment. Hanwha Life offers its online-only "e-Signature Cancer Insurance," which includes a "surgery-focused" plan that intensively covers cancer surgery and a "women's tailored" plan that covers breast and thyroid cancer. It has also created riders covering da Vinci robotic surgery, drug and radiation therapy, and outpatient cancer treatment at general and tertiary hospitals, reflecting demand for the latest cancer treatments.
Shinhan Life's "Shinhan Care Cancer Insurance" has subdivided coverage not only for general cancer diagnosis benefits but also by cancer type, including breast cancer, prostate cancer, and minor cancers. It also offers riders by treatment stage, such as targeted anticancer drug authorized treatment, drug and radiation therapy, direct cancer treatment outpatient care, and tertiary hospital outpatient care, providing broad coverage across the entire process from cancer diagnosis to treatment and recovery.
