Samsung Life Launches Revised Whole Life Insurance with Enhanced Retirement Benefits

Samsung Life Insurance announced on the 18th that it will launch a revised version of its "Samsung Balance Whole Life Insurance" on the 19th, featuring strengthened retirement safety net functions.

The product combines whole life insurance death benefits with a double pension conversion feature. It incorporates Samsung Life's proprietary "whole life new pension structure." Policyholders who select the double pension conversion rider and maintain coverage until death are guaranteed to receive 150% to 200% of their total premiums paid as retirement living expenses. The minimum guaranteed amount varies depending on the conversion timing.

Samsung Life holds a patent for this structure from the Korean Intellectual Property Office, granting exclusive rights until 2044.

The revision enhances enrollment convenience and pension utilization flexibility to accommodate diverse insurance needs. A new "simplified underwriting" option was introduced for customers with pre-existing conditions. Operating alongside the standard underwriting type, this option improves accessibility for customers who previously faced difficulties obtaining coverage due to health reasons.

The product's core "double pension conversion rider" was also improved. Previously, only full conversion of death benefits to pension was available. The revised product now allows both full and partial conversion, expanding options for fund utilization.

The pension conversion eligibility period was also shortened from 20 years after enrollment to 10 years, enabling earlier access to retirement funds.

Samsung Balance Whole Life Insurance is available for customers aged 15 to 60. Payment periods of 5, 7, 10, 15, or 20 years are available.

A Samsung Life official said, "Balance Whole Life Insurance has attracted strong interest in the field since its launch as a product that addresses both death protection and pension utilization. Through this revision, we aim to support customers' diverse life planning by improving enrollment convenience and fund utilization flexibility."