Samsung Life Launches Dollar Whole Life Insurance Allowing Claims in Dollars

[Asia Economy Reporter Oh Hyung-gil] Samsung Life Insurance announced on the 17th that it has launched a "Dollar Whole Life Insurance" policy, where premiums and insurance benefits are calculated based on the US dollar.

The contract terms such as premiums, insurance benefits, and surrender refunds are based on the dollar, and a won conversion service has been introduced to eliminate the cumbersome currency exchange process, allowing premiums to be paid in Korean won. However, since the premium payment is based on the exchange rate, the monthly premium may fluctuate. When receiving insurance benefits, customers can choose to receive them in either Korean won or US dollars.

The product is offered in two types: a basic type where the death benefit remains unchanged after enrollment, and an increasing type where the death benefit increases. The increasing type strengthens the death benefit by increasing the death benefit by 3% annually for 20 years starting at age 60. For example, if a customer who chose the increasing type selects a death benefit of $100,000, the benefit will be $100,000 if death occurs before age 60, but from age 61, it will increase by $3,000 (3%) each year, reaching $160,000 at age 80.

During the premium payment period, the surrender refund is reduced by up to 50% compared to products with a surrender refund type, but after the payment period ends, the refund rate increases, resulting in lower premiums than surrender refund type products.

Customers who maintain the insurance until the full payment period will receive an additional surrender refund ranging from a minimum of 1.5% to a maximum of 10% of the main contract premium at the time of premium completion. This benefit is provided for main insurance amounts of $50,000 or more.

The eligible age for enrollment is from 15 to 72 years old, and the premium payment period can be selected from 7, 10, 15, or 20 years. The minimum enrollment amount is $10,000.

A Samsung Life Insurance official stated, "Dollar Whole Life Insurance is a product suitable for customers who want to manage their assets more diversely by composing guaranteed assets in various currencies other than Korean won."

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