Hanwha Life Insurance Launches 'Whole Life Insurance for When You Need It'

*This content was translated by AI.View Original

Hanwha Life Insurance has launched the 'Hanwha Life Insurance Whole Life Insurance for When You Need It,' a product that allows policyholders to receive death benefits when coverage is needed, or to withdraw the full amount of premiums paid as lifetime funds in installments during the lifetime fund withdrawal period.

The product is designed to meet changing coverage needs according to different life stages.

According to Statistics Korea, the average age at first marriage has risen from 28.4 years for men and 25.4 years for women in 1995 to 33.9 years for men and 31.6 years for women in 2024. In particular, the age of responsibility as a household head has increased from 58.8 to 69.9 years. This leads to the conclusion that a household head must work until the age of 70.

Considering these life-stage-specific funding needs, Hanwha Life Insurance designed the product so that death benefits increase over time after enrollment during the ages of 40 to 60, when death coverage is most needed.

The maximum age for enrollment is 65 years for both standard and simplified enrollment (for those with pre-existing conditions), and policyholders can choose between a 10-year or 12-year payment period.

A Hanwha Life Insurance official, in a phone interview with this outlet, said, "This product strengthens customer choice by recognizing that coverage needs vary at each life stage. It provides robust death coverage when needed and allows customers to utilize the lifetime fund withdrawal conversion feature when lifetime funds are required."

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*This content was translated by AI.View Original