Tongyang Life Insurance Launches Whole Life Insurance to Ease Inheritance Tax Burden with Death Benefit

On October 1, Tongyang Life Insurance announced the launch of its new product, the '(Non-Participating) Woori WON Safe Inheritance Whole Life Insurance (with Guarantee Cost)', which is designed so that the death benefit from whole life insurance can be used as a source for inheritance tax payments.

Inheritance tax must be paid in cash within six months of the decedent's date of death, but heirs may face difficulties if they lack sufficient cash liquidity. The newly launched whole life insurance from Tongyang Life Insurance allows policyholders to designate a specific family member as the recipient of the death benefit, making it possible to use the payout as a source for inheritance tax payments.

The policy is structured as a non-surrender value type, reducing premium burdens during the payment period by adopting a non-cancellation structure. If the policy is canceled after the payment term is completed, 50% of the standard surrender value is paid out. The product guarantees a minimum death benefit, ensuring that even if the insured passes away earlier than expected, the bereaved family can secure stable living expenses.

This product is available in two types: standard underwriting and simplified underwriting (325). Policyholders can choose a payment period of 10, 15, 20, or 30 years. The eligible age for enrollment ranges from 15 to 90 years old. For a standard underwriting policyholder aged 40, with a coverage amount of 100 million won and a 20-year payment period, the monthly premium is 151,500 won for men and 127,700 won for women. For high-value contracts with coverage amounts of 100 million won or more, a 2% premium discount is also offered.

A representative from Tongyang Life Insurance stated, "With the burden of inheritance tax increasing for the middle class due to rising real estate prices, this product will help bereaved families prepare for the future with stability," adding, "Tongyang Life Insurance will continue to provide optimal products and services to earn the trust of customers by keeping pace with changes in the times and environment."