Younger generations also respond to Hanwha Life's new 'whole life insurance'

*This content was translated by AI.View Original

Interest among younger demographics is rising as traditional whole life insurance products have been enhanced with a "coverage for me" feature tailored to policyholders.

This shift has emerged as the industry has successively launched "lifetime fund-type whole life" policies, which add functionality allowing policyholders to withdraw or receive back their premiums during their lifetime.

An analysis of customer profiles for the "Hanwha Life Whole Life Insurance You Can Use When Needed," recently released by Hanwha Life, revealed that the proportion of younger generations among new policyholders is relatively higher compared to other whole life insurance products.

A review of the age distribution of customers approximately two weeks after launch (October 14 to November 3) showed that the enrollment rate for those in their 20s and 30s was 31%, nearly double the 16th% enrollment rate for this demographic in standard whole life insurance.

In contrast, the enrollment rate for those in their 50s and 60s was 45%, which was relatively lower than the 63rd% enrollment rate for this demographic in standard whole life insurance.

Enrolling at a young age is also economically rational. Among customers of the "Hanwha Life Whole Life Insurance You Can Use When Needed," the average coverage amount for those in their 20s was around 13 million won, with an average monthly premium of approximately 150,000 won. In contrast, while the coverage amount was identical for those in their 60s, the average monthly premium was higher at approximately 210,000 won.

"Recently, the industry has been rapidly launching whole life insurance products that not only provide death benefits but also strengthen functionality for utilizing lifetime funds," said Park Hwa-yong, team leader of the Product Marketing Team at Hanwha Life.

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*This content was translated by AI.View Original