"If You Move, Be Sure to Notify Your Funeral Service Provider"...Failing to Update Address Could Cost You Closure Compensation

Number of Companies Remains at 77
Name Changes Include Daemyung Station to Sono Station
Update Your Address to Receive Compensation Notices

As of January 29, 2026, a total of 77 prepaid installment transaction companies-including domestic funeral service and installment travel service providers-are operating normally. However, there have been repeated cases in which consumers miss out on closure compensation payments because they fail to notify companies of address changes, prompting calls for caution.

Yonhap News Agency

The Korea Fair Trade Commission announced on January 29 the key changes in information for prepaid installment transaction companies in the fourth quarter of 2025. According to the data, there were no new registrations, closures, or administrative cancellations during the fourth quarter, so the total number of registered companies remained at 77.

However, there were a total of 12 major information changes, such as changes in company name or representative. Daemyung Station Co., Ltd. changed its name to Sono Station Co., Ltd., and Modupet Funeral Service Co., Ltd. changed its name to Modupet Group Co., Ltd. The representatives of The Better Life Co., Ltd., Bulgukto Co., Ltd., and Utopia Future Co., Ltd. were changed, while four companies, including Kyungwoo Life Co., Ltd., changed their business addresses.

Woongjin Freed Life Co., Ltd. expanded its compensation coverage by adding BNK Busan Bank and KB Kookmin Bank as consumer compensation insurance partners. Goy Jangrye Research Institute Co., Ltd. increased its capital from 1,565 million won to 2,123 million won.

The Fair Trade Commission placed special emphasis on consumers updating their addresses. Recently, some consumers failed to notify their contracted companies of address changes, resulting in them not receiving compensation notices in the event of company closure and missing the statutory compensation period, thereby losing the right to recover 50% of their paid-in funds.

A Fair Trade Commission official stated, "Businesses that frequently change their names or addresses may pose higher risks, so consumers should pay close attention. If your contact information changes due to moving, you should immediately inform your contracted company to protect your compensation rights."