Samsung Life Launches 'Golden Whole Life Insurance' with Increased Coverage Matching Premiums Paid

Samsung Life Insurance announced on the 16th that it will begin selling the "Samsung Golden Whole Life Insurance (Non-Participating, Guaranteed Cost Deduction Type)."

This product not only provides death coverage, which is the core function of whole life insurance, but also allows policyholders to withdraw amounts equivalent to the premiums paid and use them as funds.

The Golden Whole Life Insurance features a structure in which the death benefit increases in proportion to the amount of premiums paid, allowing for more robust preparation of protection assets. Policyholders can choose between Type 1 (Standard) and Type 2 (Plus). Type 1 (Standard) increases the coverage to 100% of the total premiums paid, while Type 2 (Plus) increases it from 110% up to a maximum of 140%.

The period and rate of benefit increase vary depending on the premium payment term. For Type 1, the payment terms (including the grace period after payment) are 7 years (with a 5-year grace period), 10 years (4-year grace period), 15 years (2-year grace period), and 20 years (no grace period). The coverage increases by 10% of the annual premium paid each year for 10 years, ensuring a death benefit equivalent to 100% of the total premiums paid.

This product guarantees the original death benefit amount for life, even if the policyholder withdraws up to 100% to a maximum of 140% of the premiums paid. After completing premium payments and the grace period, and if the requirements for mid-term withdrawal are met, policyholders can withdraw the premiums paid and use them for purposes such as marriage, retirement, or inheritance. In this case, the death benefit remains at 100% of the original insured amount.

The eligible age for enrollment ranges from a minimum of 15 to a maximum of 60 years old, and the premium payment term can be selected from 7, 10, 15, or 20 years.

A Samsung Life Insurance representative stated, "'Samsung Golden Whole Life Insurance' was developed so that customers can experience its benefits not only in the event of death but also while the policy is in force. Through a structure in which the coverage increases in proportion to the premiums paid, customers can prepare more robust protection assets and also have the flexibility to withdraw funds as needed."