ABL Life Insurance announced on October 1 that it has launched a "beneficiary claim trust specialized product," which allows death benefits to be paid to surviving family members according to the method designated by the policyholder during their lifetime. This is the first trust-linked product introduced since the company became a subsidiary of Woori Financial Group in July.
The newly released "(Non-participating) Our Family THE Inheritance Whole Life Insurance (No Surrender Value Payment Type)" is designed to refund not only the death benefit but also the paid premiums. This structure enables customers to utilize the insurance proceeds in line with a stable financial plan. The minimum subscription amount is set at 30 million won, allowing more customers to take advantage of the beneficiary claim trust.
The beneficiary claim trust is a system in which, upon the death of the insured, the death benefit paid by the insurance company is managed and operated by a financial institution acting as a trust company, and then distributed to the trust beneficiaries according to a predetermined method. This enables the timing, amount, and purpose of the death benefit received by surviving family members to be customized. It is also effective in preventing inheritance disputes among family members. Single-parent families or families with children with disabilities can use it as a means to secure long-term living expenses.
The beneficiary claim trust is available when the subscribed insurance provides general death coverage of at least 30 million won, and the policyholder, insured, and trustor are the same individual. Trust beneficiaries are limited to direct lineal ascendants or descendants or a spouse, and there must be no policy loans on the insurance.
An ABL Life Insurance representative stated, "With the introduction of this beneficiary claim trust, we can offer more diverse options for the payment of death benefits to surviving family members and provide practical solutions for those concerned about managing inherited assets. We will continue to establish ourselves as a trusted life insurer through innovative products that support comprehensive asset management for our customers and a stable future for their families."
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