MetLife Launches '100% Satisfied Dollar Whole Life Insurance'

MetLife Life Insurance announced on the 3rd that it will launch the '100% Satisfactory Dollar Whole Life Insurance,' which provides death benefits along with a clear understanding of the surrender value.

[Asia Economy Reporter Oh Hyung-gil] MetLife Life Insurance announced on the 3rd that it will launch the '100% Satisfying Dollar Whole Life Insurance,' which provides death benefits along with surrender refunds proportional to the maintenance period.

This product allows premiums to be paid in dollars and insurance benefits to be received in dollars, and it is possible to subscribe in Korean won through the won conversion service. With the won fixed payment option, it is also possible to pay a fixed amount in Korean won monthly within the range of 110~130% of the premium. The difference is automatically accumulated as an additional premium for won fixed payment.

If the policy is surrendered within the payment period after one year of subscription, the surrender refund rate calculated proportionally to the maintenance period is applied. After completing the premium payments, the surrender refund rate becomes 100% of the basic premium paid.

If you want the refund rate to increase even after full payment of the surrender refund, you can also choose the additional type. According to the predetermined additional rate, the surrender refund increases until age 80. However, if surrendered during the payment period, 50% of the surrender refund of the harmful surrender refund type product is paid as the surrender refund.

If the combined disability rate reaches 50% or more due to an accident or illness, the remaining premium payments are waived.

Also, if you subscribe to the '13 Major Dollar Premium Payment Waiver Rider,' premium payments are waived in case of 13 reasons for waiver, including cancer, acute myocardial infarction, and cerebral hemorrhage. If you choose the payback type of this rider, not only is the premium payment waived, but 100% of the total basic premiums to be paid during the insurance period are additionally paid.

Song Young-rok, President of MetLife, said, "This product was developed with a customer-centric approach to be easily understood by anyone, reflecting customers' voices that it is difficult to predict surrender refunds while faithfully providing the primary function of whole life insurance, which is death benefit protection," adding, "It will help prepare a more secure future with the dollar, a representative safe asset."