[Sponsored Report] Korea Life’s total insurance deal
Korea Life Insurance has once again offered life insurance for the entire family. This time, insurance can be purchased with a monthly payment contract under your name, or your spouse’s or children’s names.
With Korea Life Insurance’s “Smart Variable Universal Life Insurance,” you can receive insurance benefits for seven years and later change the product to a savings-style contract and even change the name of the beneficiary - yourself, your spouse or even your children. After the age of 45, you can turn it into an annuity and use it after retirement as a retirement fund.
The Smart Variable Universal Life Insurance product was introduced in June 2010, and in just nine months sold more than 80,000 contracts.
The initial insurance fee for the first joiners recorded 15 billion won; the product is a big hit among clients.
After the contract change, if the insured person dies in a natural disaster, you will receive 12 times the base insurance fee that you have chosen when changing the contract.
If the cause of death is not disaster, then six times the base insurance fee and the save money is given as insurance.
If the product is utilized as a total insurance, then with just one insurance contract you can cover insurance for your spouse as well as up to two children. Additional special conditions, such as long term disease, actual medical expenses, disaster, hospitalization and surgery can be added so clients can choose the contract benefits that fits their lifestyle.
Actual medical expenses can be reimbursed with up to 90 percent of the cost, and this can reduce your economic burden for medical treatment.
Meanwhile, if you choose the CI guarantee, which covers major disease, surgery and burns, in addition to whole life insurance, then you can receive insurance if you get diagnosed with cancer or have a stroke or heart attack until age 100.
If one of the above happens, you can be exempt from the main contract insurance fee.
If you maintain the insurance for more than 10 years since first opening the contract, you can receive tax exemption benefits for the insurance gains.
And even if you have not included the special conditions when signing the insurance contract, you can add information a month later.
You can also pay additional insurance costs or withdraw money during the contract.
If your fund score is good, you will receive additional insurance benefits through investment profits, and even if the fund score is poor you will receive at least the minimum death benefit.
One Korea Life Insurance executive said: “Just as smartphones are the sensation these days, it is now the ‘smart era’ for insurance as well. This product offers full life insurance and even other functions such as CI insurance, LTC insurance, actual medical-expense insurance, installment savings insurance and pension insurance.”
There are various discount benefits as well.
If you choose to automatic withdrawal for paying the insurance there is a 1 percent discount benefit, and up to 5.0 percent of additional discounts according to the insurance fee. The minimum insurance fee is 100,000 won per month.
If the insurance contract is 100 million won and the contract is for 20 years, a man at the age of 30 will get death-guarantee insurance of 155,000 won and the CI guarantee insurance is 159,000 won.