Would increase demand for life insurance
Whole life insurance policy are recovering from a decline in recent years, say industry analysts.
All life insurance policies are considered as the life insurance policy more traditional and basic, but the introduction of a variety of options that will be added to policies that can provide more focused coverage has breathed new life into the sector mature.
Initial premiums for all the life insurance policies from January to July reached ₩ 157,200,000,000 ($ 140 million). This is an increase of 14.2 percent over the same period a year ago.
The initial premium refers to premium a policyholder pays the first month of coverage and is used to analyze new policies that customers prefer.
By contrast, initial premiums for accident insurance fell by 7 percent, while health insurance has declined by 36 percent during the same period.
Industry experts interpret the change in sales of whole life insurance as a reflection of customers’ need a custom policy that can cover specific sectors.