Insurers expand children's coverage as policy support fuels race for long-term customers

Insurers are expanding children’s coverage as they race to lock in long-term customers, buoyed by government efforts to tackle low birthrates and ease the cost of child rearing, industry officials said Thursday. In a market for people aged under 15 worth around 9.4 trillion won ($6.18 billion) per year, new products are evolving quickly. Some have introduced coverage that increases over time, while others extend protection beyond childhood, spanning from the prenatal stage through adulthood. The scope of coverage is also broadening. Once centered on cancer and critical illness payouts, policies are increasingly designed around a wider spectrum of risks, including mental health care, counseling and even school violence. Last month, Tongyang Life rolled out a policy where benefits grow with time. After 20 years, when the policyholder reaches adulthood, the payout can double. A 50 million won cancer benefit at signup, for instance, would rise to 100 million won. “Underage policyholders are a key long-term customer base. These policies tend to stay in force as they grow up and can later