Heungkuk Fire & Marine Insurance Extends Loan Subscription Withdrawal Period to 30 Days for Seniors Aged 70 and Over

Gwanghwamun Heungkuk Life Insurance and Fire Headquarters.

On the 24th, Heungkuk Fire & Marine Insurance, a financial affiliate of Taekwang Group, announced that it has extended the loan subscription withdrawal period for elderly customers aged 70 and above from 14 days to 30 days.

The insurance policy loan (contract loan) has been applied first since the 16th. Credit loans will be applied from today. Heungkuk Fire & Marine Insurance is the first in the insurance industry to extend the loan subscription withdrawal period.

This measure was prepared to consider elderly customers so that they do not suffer disadvantages during the loan repayment process. Since financial accessibility is relatively low, there are cases where customers miss the withdrawal period or choose early repayment in situations where withdrawal would be more advantageous.

If the loan amount can be fully repaid within the withdrawal period after receiving a credit loan, it is more beneficial to choose withdrawal rather than early repayment. When withdrawing the subscription, the loan record is deleted, and no early repayment fees are charged. However, in the case of early repayment, the loan history remains, and early repayment fees must be paid.

In March, the Financial Supervisory Service’s Fair Finance Promotion Committee announced strengthening guidance on the withdrawal rights of elderly financial consumers and flexible operation of the withdrawal period as key tasks. The General Insurance Association of Korea reflected these points and revised the Elderly Financial Consumer Protection Guidelines (insurance industry) last month.

Heungkuk Fire & Marine Insurance also revised its Elderly Financial Consumer Protection Guidelines and has been implementing them since the 16th. The revised guidelines include strengthened guidance on subscription withdrawal for the elderly and enhanced explanations of the differences between withdrawal and early repayment.

A representative of Heungkuk Fire & Marine Insurance said, “The reduction of offline face-to-face counters and the activation of online channels have worsened the financial exclusion of the elderly,” adding, “With this decision, we have laid a stepping stone for seniors with low financial accessibility.”

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