Death Benefits Archives | Be Korea-savvy

Korea to Introduce First-Ever “Life Insurance Pension” Allowing Policyholders to Receive Death Benefits While Alive

SEOUL, Oct. 23 (Korea Bizwire) — Beginning October 30, South Koreans will, for the first time, be able to convert death benefits from their life insurance policies into a steady stream of pension-style payments while still alive — a move regulators hope will reshape the country’s aging-era financial landscape. The Financial Services Commission (FSC) announced [...]

Death Benefits Justified for Suicide Caused by Long Term Depression

SEOUL, March 2 (Korea Bizwire) – A Korean government agency has ruled that suicide committed after long term depression should be considered as ‘suicide caused by disaster’, and accidental death benefits should be paid by insurance companies. The Consumers Dispute Settlement Commission (CDSC) in the Korea Consumer Agency ruled that accidental death benefits should be [...]