Samsung Life Insurance is offering a variable universal whole life product to customers who want lifelong death coverage and a steady flow of income after retirement in one plan, the company said Wednesday.
The product, launched in April, is like other regular whole life insurance policies as long as the policyholder is below a preset retirement age, providing coverage on unexpected death by a large lump sum payment of the death benefit. But once the policyholder reaches a certain age -- between 50 and 85 -- the insurance product starts generating an annual cash income for 20 years.
The product is structured in a way that trims down the insurance amount by 4.5 percent every year after retirement and pays policyholders the amount refundable based on the reduction, the firm said in a press release.
By Lee Sun-young (
milaya@heraldcorp.com)