Asked 40s Why They Buy Insurance... "Experience with Illness or Accident"

Samsung Life Insurance Life Finance Research Institute Study on Insurance Consumption Characteristics of Married Households in Their 40s

Proportion of Insurance Subscriptions Within One Year Among Married People in Their 40s (Source: Samsung Life Insurance)

[Asia Economy Reporter Oh Hyung-gil] The main reason why people in their 40s in South Korea purchase insurance is due to 'personal or surrounding experiences of illness and accidents.' They mainly subscribed to health insurance such as cancer, injury, and indemnity insurance, and actively purchased whole life insurance as well.

According to the report "Study on Insurance Consumption Characteristics of Married Households in Their 40s" released on the 25th by Samsung Life Insurance Life Finance Research Institute, 39.5% (multiple responses allowed) of married people in their 40s cited 'personal or surrounding experiences of illness and accidents' as their reason for purchasing insurance. This was followed by concerns about old age (33.3%) and recommendations from agents or financial company employees (24.9%).

In contrast, people in their 30s mostly purchased insurance based on recommendations from family and acquaintances (39.0%), with only 24.3% subscribing due to personal or surrounding experiences of illness or accidents.

Additionally, the proportion of insurance purchased by people in their 40s within the past year was highest for cancer (18.6%), injury (16.5%), and indemnity (13.2%). They also tended to prefer reasonably priced insurance products such as dental insurance (13.1%) and health insurance (8.4%).

Married people in their 40s were also proactive in building guaranteed assets through whole life insurance. The proportion of whole life insurance subscriptions within one year for people in their 40s was 6.0%, more than three times higher than the 1.7% subscription rate for those in their 50s. Notably, single-income households (7.0%) had a higher subscription rate than dual-income households (5.4%).

Researcher Yoon Sung-eun from the Life Finance Research Institute analyzed, "The desire to prepare guaranteed assets among people in their 40s was relatively higher compared to other generations, especially in single-income households. Unlike in the past, factors such as the narrowing income gap between men and women seem to be steadily increasing the guaranteed assets of married women in their 40s."

Among married people in their 40s who purchased insurance within the past year, nearly half (41.9%) were 'multiple policyholders' who subscribed to six or more insurance products. This figure is considerably higher compared to 28.7% of 'multiple policyholders' in their 50s who made additional subscriptions.

For 'multiple policyholders' in their 40s, the subscription rates for recently launched products such as dental insurance (24.3%) and nursing care insurance (8%) were high. This is interpreted as existing subscribers understanding the utility of insurance and showing interest in additional coverage.

However, in the case of cancer insurance, both multiple policyholders (28.1%) and subscribers with fewer existing products (0 to 1 policy) showed high subscription rates (39.6%). This reflects an increased interest in health and a desire to better prepare for serious illnesses.

Researcher Yoon emphasized, "Since the 40s is a period when one can build a safety net for various coverages at a reasonable cost, it is necessary to systematically review and supplement not only one’s own but also the family’s coverage."

Meanwhile, this survey was based on a questionnaire of 2,270 married individuals aged 40 to 49 residing in the metropolitan area and five major metropolitan cities, combined with in-depth interviews (FGI). To compare characteristics by age, survey data from 505 married individuals in their 50s and 527 in their 30s were also utilized.

This content was produced with the assistance of AI translation services.