[Sponsored Report] Hanwha Life helps support families
The company released the Hanwha Life Education Funds Integrated Variable Life Insurance in April, which aims to lessen the economic burden on children who may struggle to stay in education upon the death of their parents.
Adults between 20 and 62 can take out the insurance on behalf of a child who is 18 years old or younger. Investing a refundable 10 million won ($9,140) is required to take out the contract, while the minimum premium amount is 50,000 won per month.
If parents pass away when the beneficiary is between the ages of 7 and 22, half of the insurable amount will be provided as a death benefit. Additional funds to pay for education will be given on a monthly basis.
The rates that will be provided differ according to age. Elementary school students between the ages of 7 and 12 will receive 2 percent of the insurable amount while students between 13 and 18 will receive 3 percent. University students or beneficiaries between the ages of 19 and 22 will receive 4 percent.
Numerous options can be added to expand the guarantee range for clients. For example, arrangements can be made so that diverse health conditions some children suffer from are also covered by the insurance. Appendicitis, hernia, atopic dermatitis, asthma and some other cases that require hospitalization or medical treatment are covered by the optional guarantee.
Parents can also receive benefits from the life insurance. Chemotherapy and radiotherapy charges can be covered, while treatment costs for critical illnesses such as cancer, heart attacks and strokes can also be provided.
In addition, the coverage from the insurance can be tailored so that children receive financial aid in situations where their parents have not passed away but have been severely injured. If parents are considered to have a certain degree of disability, children can get living expenses from the policy.
Flexibility is another advantage of the product as death benefits can be collected as annuity five years after signing up for the insurance. If the insurance fee has been completely paid for at this point, up to 90 percent of the insured amount can be received on the spot.
The product provides the basic benefits of variable life insurance while also allowing the client to enjoy options that may be offered by other types of insurance.
“Korean parents are well-known to be passionate about education,” said Choi Seong-kyun, head of the product development team at Hanwha Life. “In addition, they need to have adequate insurance plans to support their children in the worst-case.”
“With this product, numerous benefits are offered according to client need, without having to take out contracts for multiple insurance.”