Hanwha Life Insurance Introduces Customizable Life Insurance Payout Distribution Service

Strategic Insights -

Hanwha Life Insurance has launched a new trust service that allows policyholders to manage how their life insurance payouts are distributed to their families after they die. This service is designed to cater to the growing demand for customized, cross-generational financial management in an aging society. The trust service enables clients to structure their finances according to different life stages, covering needs such as children's education, inheritance tax planning, and long-term living expenses. The system is particularly useful for protecting minors or disabled dependents, ensuring that the payouts reach the intended family members.

Key Takeaways:

  • Hanwha Life Insurance has introduced a new trust service that allows policyholders to manage life insurance payouts.
  • The trust service enables clients to structure their finances according to different life stages, covering needs such as children's education, inheritance tax planning, and long-term living expenses.
  • The system is particularly useful for protecting minors or disabled dependents.
  • The trust service offers the advantage of distributing life insurance payouts in installments instead of a lump sum.
  • Policyholders can use the service to support their grandchildren's college expenses or other long-term living expenses.
  • Choi In-hee, head of the Inheritance Solution Institute, emphasized the importance of providing comprehensive wealth management beyond traditional insurance.

Statistics:

  • 500 million won ($360,000) is the example amount of a death benefit payout that can be structured with a 100 million won lump sum for inheritance tax and the remainder distributed as monthly payments.
  • 17 years is the period over which monthly payments of 2 million won can be made to support living expenses.

Sources:

  • Hanwha Life Insurance press release, dated Tuesday (no specific date mentioned)
  • Choi In-hee, head of the Inheritance Solution Institute (no specific date mentioned)