Hanwha Life Launches "Whole Life Insurance to Use When Needed"; Death Benefit Rises by Up to 210%

Apply for Lifetime Funds Withdrawal Conversion at a Time of Your Choice After Paying All Premiums
Remaining Death Benefit Stays in Effect Even After Funds Are Withdrawn

Hanwha Life said on October 14 that it had launched the “Hanwha Life Whole Life Insurance to Use When Needed,” which allows policyholders to receive a death benefit when coverage is needed or withdraw the full amount of premiums paid when they need funds during their lifetime.

The product is designed for people in their 40s through 60s, when death benefit coverage is especially important. The death benefit increases over time after enrollment.

For a 10-year premium payment term, the death benefit increases by 15% annually for four years starting in the fifth policy year, and by 5% annually for 10 years starting in the ninth policy year. It can reach up to 210% of its original amount.

When policyholders need funds for retirement or living expenses such as a child’s wedding, they can use the “Lifetime Funds Withdrawal Conversion” feature to withdraw the full amount of premiums paid at a time of their choice, after paying all premiums and within 20 years of the contract date.

Customers can choose when to receive the funds, either as a lump sum or in installments over two to eight years.

Even after all the lifetime funds have been withdrawn, the accumulated value continues to grow, and the remaining death benefit stays in effect for life.

For example, if a 40-year-old man enrolls in the standard plan with a 10-year premium payment term, paying a monthly premium of 300,000 won (coverage amount: 23.47 million won), and pays all premiums, his death benefit will be 45.83 million won. If he applies to receive a lump sum after converting to lifetime funds withdrawal at age 50, he can withdraw a total of 36 million won in premiums already paid for the basic contract, while the remaining death benefit of 8.25 million won will be guaranteed for life.

Under the same conditions, if he applies to receive the funds in four installments after converting to lifetime funds withdrawal, he can withdraw 9 million won per year, while the remaining death benefit of 11.53 million won will be guaranteed for life.

The maximum enrollment age is 65 for both standard and simplified enrollment (for people with pre-existing conditions). Customers can choose between 10-year and 12-year premium payment terms.

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