Whole Life Insurance for When You Need It... 31% of Hanwha Life Product Subscribers Are in Their 20s and 30s

New product combining death benefit coverage and lifetime funds
"Share of subscribers in their 20s and 30s twice that of standard whole life insurance"

Hanwha Life said on Nov. 4 that the share of customers in their 20s and 30s among subscribers to its recently launched whole life insurance product with lifetime funds was about twice that of its standard whole life insurance.

Hanwha Life said that customers in their 20s and 30s accounted for 31% of subscribers to "Hanwha Life Whole Life Insurance You Can Use When You Need It," launched on Oct. 14, compared with 16% for its standard whole life insurance.

By contrast, customers in their 50s and 60s accounted for 45% of subscribers to the product, lower than the 63% for standard whole life insurance.

Hanwha Life said it believes younger generations have shown greater interest in its whole life insurance products after the company added coverage that allows policyholders to withdraw funds while they are alive and use them for retirement.

Taking into account the funds needed at different stages of life, the product increases the death benefit over time after enrollment for customers in their 40s to 60s. After paying all premiums, customers can withdraw the full amount of premiums paid at a time of their choosing within 20 years of the contract date.

The accumulated funds continue to grow even after all lifetime funds have been withdrawn, and the remaining death benefit coverage stays in effect for life.

As demand for death benefits has declined amid demographic changes such as an increase in unmarried people and one-person households, as well as a low birthrate, the insurance industry has been introducing whole life insurance products that maintain death benefit coverage while expanding how policyholders can use them.

Park Hwayong, head of the Product Marketing Team at Hanwha Life, said, "Withdrawal terms, such as when withdrawals can be made and the maximum amount, may vary by product and company, so it is important to choose a product that suits your needs."

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