Insurance termination damages nearly 5 trillion won last year ... To prevent loss of principal

[Korea gimmingyeong financial newspaper reporter] variable life insurance, pension and savings insurance products are terminated midway termination structure (to release the initial expense) seonchwihyeong less refunds. However, this trend needs to feed a prolonged recession or a premium paid to consumers are gaining increased burden midway revoked.

According to the Financial Supervisory Service (FSS) insurance contracts to terminate midway through the third quarter of last year, policyholders have suffered damages (paid premium - rebate cancellation) showed that the combined life insurance and non-life insurance amounting to 3.8903 trillion won.

As such principal consumer losses due to the termination of insurance products stood halfway back to growth as the starting point 4.1928 trillion won in 2014. 2015 has risen to a record 4 trillion 857.9 billion won last year by 16% year-on-year estimates are expected to exceed 4.9 trillion won.

Park, Yong - Jin In addition, Democrats have said that about 'taking a loss, and is also a phenomenon that is termination of the insurance on and off the warning message the red light on the populace economy.

This is bigger losses due to termination if severe than termination can be maintained dapil. With such reduced or deferred payment system of insurance can be utilized to fund more flexible. If the power supply is required, it may be 'moderate withdrawal' shared: one in premiums.

Deferred payment is a way to suspend the payment after the lapse of two years after joining premiums. Payment grace period is also extended by insurance expired, but has the advantage that can be guaranteed maturity As the first design.

With the reduction system reduces the amount of guarantee premiums paid and the maturity in October. Reduce insurance premiums and also reduce bojangaek paid 'full payment processing system that only a far figured premiums.

It can also reduce the interest burden Leverage 'moderate withdrawal' well. By using some to withdraw from the paid insurance premiums you do not need to pay interest on loans like insurance policies. However fetch as much as this reserve can be reduced by reducing the payout at maturity. The system may use additional paid a fee, but be careful sometimes occur depending on the product is required.



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