Bangkok Life Insurance, in collaboration with Bangkok Bank, has launched the "Home 1st Extra" insurance product, designed to provide coverage for housing loans. This product aims to reduce risks and instill confidence in family heads, offering long-term protection of up to 30 years with a one-time premium payment. It also includes additional coverage for 44 critical illnesses. In the event of death or total permanent disability, beneficiaries will receive benefits to relieve debt burdens, ensuring that home ownership remains with the family and does not become a burden for loved ones. If a critical illness occurs, the policyholder will receive 40% of the sum insured under the main contract, up to 10 million baht, to cover medical expenses or other needs.

Mr. Chon Soponpanich, the Managing Director and CEO of Bangkok Life Insurance Public Company Limited, revealed the collaboration with Bangkok Bank in launching the "Home 1st Extra" housing loan protection insurance product. He stated that this marks an important step in the partnership between the two organizations to develop life insurance products that meet customer needs. In addition to the "Gain 1st" life insurance product for those looking to save, there is also the previously launched "Home 1st Plus" insurance for life and accident coverage for housing loan customers.

Mr. Chon emphasized that life insurance for housing loan protection is increasingly essential, as homes are a vital part of every family. The "Home 1st Extra" product helps mitigate risks in the event of the borrower’s death and provides additional coverage for critical illnesses. Its key feature is a one-time premium payment that offers protection for up to 30 years, with the option to use a loan to pay the premium. Coverage includes death or total permanent disability based on the reduced sum insured at the time of death or disability, and critical illness coverage of up to 40% of the initial sum insured, covering 44 critical illnesses to alleviate concerns about unexpected severe illnesses and relieve debt burdens on family members.

According to statistics from Bangkok Life Insurance, many deceased policyholders are still in their working years and have recently taken out home loans, leaving them with significant remaining debt. Over 70% of deaths are linked to various critical illnesses, such as cancer and circulatory system diseases, which can lead to strokes and heart disease. There is also an increasing trend of these illnesses among younger individuals and working-age adults. Currently, medical expenses are very high, especially for severe illness patients. For instance, breast cancer treatment through chemotherapy can cost over 400,000 baht, while targeted therapy can range from 1.7 million to 5.8 million baht. Additionally, ongoing care adds to the financial burden while patients may lose income opportunities.

"Home 1st Extra provides coverage for housing loan customers, ensuring that Bangkok Life Insurance will pay off the remaining debt in the event of unexpected incidents such as death or total permanent disability. This guarantees that home ownership remains with the family and provides a lump-sum payment to the insured in case of critical illness. This product is particularly suitable for family heads and those concerned about severe illnesses, especially freelancers without benefits, such as offline and online vendors, IT professionals, and employees in various retail sectors, as well as individuals at risk of severe illnesses, such as those with a family history of serious diseases, nurses, doctors, and public health workers," Mr. Chon added.

"Home 1st Extra" also offers benefits if the loan is fully repaid while coverage remains. Borrowers can choose to cancel the coverage to receive the policy's cash value or continue the coverage to receive benefits in case of critical illness later. If death or total permanent disability occurs, the family will still receive the remaining benefits. Borrowers can also benefit from tax deductions on premiums according to the regulations set by the Revenue Department. Interested individuals can inquire for more details at any Bangkok Bank branch or call Bualuang Phone at 1333, or contact Bangkok Life Insurance Public Company Limited at (66) 0 2777 8888 or visit www.bangkoklife.com.