Some individuals who have signed up for 종심 insurance may not be able to receive death benefits. Let's have an expert on special annuities, Dr. Park, report on this from now on. Hello, I'm Dr. Park Young-joo. Well, many of you have signed up for 종심 insurance, right? Among the citizens of South Korea, I think about 7 or 8 out of every 10 people have signed up for 종심 insurance. Some use it for death or accident purposes, others for compromise purposes, or for pension conversion. Anyway, 종심 insurance, although it should be 종심 insurance in words, is an insurance that pays a certain amount of insurance money in the event of death. Literally, it's death insurance. But when we say death insurance, everyone dislikes it, right? It feels bad. What do I need it for when I die? That's why in reality, instead of using the term death insurance, we express it as 종심 insurance to make it sound more plausible. Now,

It's about Americanizing the expression. It's not expressed as whole life insurance in English. People use whole life insurance in English. No one wants to die anywhere in the world. However, since it is named whole life insurance, some people sign up without knowing if it is for death insurance. Moreover, as life expectancy increases recently, the mortality rate decreases as people live longer. Therefore, the preference for receiving insurance benefits upon death is decreasing. Consequently, insurance companies often promote refund-type savings products by lowering death benefits and increasing cancellation refunds to attract those who cancel in advance. Some also promote whole life insurance as a product that can be converted into a pension later. However, as I have been saying all along, converting whole life insurance into a pension means converting the death benefit of whole life insurance into a pension.

No, I mentioned that canceling the endowment policy and rejoining it with the cancellation refund as a pension is not possible. In the end, canceling the endowment policy and joining it as a pension with the cancellation refund means that the pension amount cannot be high. Anyway, using the endowment policy for savings and pension purposes despite it being a death insurance is misusing the essence of this product. It's like buying a treadmill to exercise but using it as a laundry drying rack. Endowment policies are utilized in various ways in our society. Today, I will talk about how even though the main purpose of endowment policies is for death insurance, there is a possibility that you may not receive the proper death insurance payout upon death. Let's have Dr. Teukjong Yeongeun start reporting on this topic from now on. The main contract of an endowment policy is death insurance. Therefore, this death insurance is...

We pay insurance benefits regardless of the reason, whether the cause of death is a disease or an injury, or even natural causes. You can receive the death insurance benefit of the main insurance policy regardless of the cause of death. Even in the case of suicide, the death insurance benefit is paid. If suicide occurs after two years from the contract date, the death insurance benefit is still paid. In the end, regardless of the circumstances, you can receive the death insurance benefit without any relation to the cause of death. This is specified in the terms and conditions. Let's look at the terms and conditions of the largest insurance company in Korea. Types of insurance benefits and reasons for payment: The company will pay the agreed death insurance benefit to the insurance beneficiary when the insured dies during the insurance period, or when the insured has a disability with a disability rating of 80% or more due to the same cause other than those specified in the disability classification table during the insurance period.

When you look at the reasons for paying insurance benefits, there is no mention of when the insurance benefits will be paid in the event of death. It was stated that if you die without any clues, death benefits will be paid. It can be received in any case. However, what is the problem? I clearly mentioned earlier that there could be a special situation, but what is the issue? I will read the terms and conditions that I read earlier in more detail. In the event of death, in addition to paying death benefits, it is stated that even if a disability rate of 80% or more occurs due to the same cause as or other than the insured event, death benefits will be paid. We thought that death benefits are paid when someone dies, but looking at the terms and conditions, it is stated that even if you do not die, if you become disabled with a rate of 80% or more, death benefits will be paid.

The fact that there is an additional clause in the insurance payment clause that you can receive is actually a very good thing, isn't it? So even if we die, we can receive the insurance money, but even if we do not pass away and become more than 80% disabled, in simple terms, even if we become like a vegetable or something similar, we can still receive the same amount of insurance money as the death benefit. It's a good thing, right? I thought it was a good thing. However, some time ago, I received a phone call from someone. The person who called me said something like this: Your spouse has taken out comprehensive insurance. In addition to the death benefit you receive when they pass away, they have also added various additional benefits such as the double benefit you receive when it happens twice, the surgery benefit you receive when undergoing surgery, and the cancer benefit you receive when diagnosed with cancer. That's what they said. Well, that's the case for the most part, isn't it?

Please open the insurance certificate of the current life insurance policy you have joined. It's rare to find just a death insurance policy; usually, there are various additional clauses such as surgery, cancer, and others listed below the death insurance. These additional clauses collectively form a single product of our life insurance. This way, even if you pass away, you can receive various medical expense coverage while alive, right? However, in the case of this person, their spouse had a whole life insurance policy and was undergoing treatment at the hospital due to an illness. While receiving treatment, they mentioned that the hospitalization and surgery benefits from the insurance were helpful. However, as their condition worsened, they eventually became unable to take care of themselves, reaching a state of over 80% disability, making them eligible to receive the death insurance benefit. However, in order to receive the death insurance benefit, they had to contact the insurance company.

When I applied for the payment, the insurance company informed me that after receiving the death benefit, I would no longer be able to receive benefits such as hospitalization or surgical expenses. Even though I am eligible to receive death benefits due to a disability of over 80%, once I receive the death benefit, I cannot receive any more medical expense benefits. A customer inquired, Why can't I receive it? They have a contract for death benefits, and there is also a provision for hospitalization and surgical benefits, so why wasn't that considered? They mentioned that their spouse is still alive and asked why they couldn't receive medical expenses. In response to the inquiry, the insurance company explained that they refused to pay the benefits based on the reasons stated in the terms and conditions. The reason is clearly stated in the terms and conditions that the benefits will be denied if the insured person meets the criteria for the payment of death benefits during the insurance period.

In this case, the contract does not take effect from that moment. When an accident occurs with a disability payment rate of 80% or more, and the death insurance benefit is paid, the contract is extinguished because the main contract insurance benefit has been paid. After the extinction of this contract, no more insurance benefits will be paid. Even though there are numerous additional agreements attached below, once the death insurance benefit is paid and the contract ends, the main contract is extinguished, leading to the natural extinction of the additional agreements as well. When the insured receives the death insurance benefit due to death, there will be no further need for double surgery expenses since the insured has passed away. However, in the current case, if the insured is not deceased but in a state of illness where double surgery expenses will continue to occur in the future, and still the death insurance benefit has been paid, that is the situation.

It was a fact that due to this, we could no longer receive dual medical expenses and treatment insurance benefits. When we signed up for death insurance, we thought it was a bonus that they would pay the death insurance benefit even in the case of an 80% disability. However, in this case, it could only be a very unfavorable clause. If so, what would happen if this customer hides the fact of an 80% disability in order to receive medical expenses such as surgery this time and then does not claim the death insurance benefit? Since the insurance company does not know that the death insurance benefit was not claimed, the contract will continue to be maintained and will not be extinguished. They can continue to receive dual medical expenses, etc. However, when this customer tries to claim the death insurance benefit later when they have passed away, if it is discovered by the insurance company that they maintained an 80% disability status for a certain period, the insurance company will reclaim all the dual medical expenses that were paid after the 80% disability status occurred.

Deduct and subtract, then pay the death insurance. We have understood until now that giving the death insurance at 80% disability is a bonus. However, in such cases, eventually, it may lead to a situation where one cannot maintain the medical expense rider properly. I hope you all confirm this fact at least once. When we talk like this, some may inquire. It's not easy to be in an 80% disabled state. It's not something that happens to everyone, and it doesn't occur with a very low probability. However, if you look at the terms and conditions, it's not actually like that. What does it mean to become disabled at over 80%? According to the disability assessment criteria stated in the insurance company's terms, even losing vision in one eye is considered 100% disability. Losing hearing in both ears is considered over 80% disability. Losing both arms or legs is also considered 100% disability.

I am watching, and even in cases of severe impairment in functions such as speaking or chewing, it is considered as 80% or more disability. It is reported as an 80% disability even in cases of severe mental illness, especially in the case of severe dementia with a CDR scale of 4 or higher. Moreover, even if there is not a significant disability on one side but disabilities in multiple parts of the body occur, if the total disability rate exceeds 80%, it also falls under this 80% disability category. Furthermore, our society is currently transitioning into an aged society. The fact that we are entering an aged society means that the probability of having a disability of 80% or more is much higher compared to the past. However, when a disability of 80% or more occurs, if you receive a death benefit, you will no longer be able to receive the treatment benefit that is additionally imposed below that. Up to this point, it's not specific. The fact is, even if you receive a little less, you cannot receive it, right? Well, but the real problem is.

From now on, you may not be able to receive the death benefit at all. In what cases might this happen? Well, if you become disabled by 80% or more, but you decide not to claim the death benefit in order to receive benefits such as medical expenses or surgery costs, you may choose not to claim the death benefit and then pass away after the 2-year warning period. Once you have passed away, your family members will likely claim the death benefit. Will they be able to receive the death benefit in this case? I will now read the statute of limitations provision in the life insurance policy. The right to claim benefits or to demand a premium refund will expire if not exercised within 2 years. The statute of limitations is a period in which the right ceases to exist if not exercised. If you do not claim the benefit within 2 years after the insurance accident occurs, you may not receive the benefit. If you do not claim the benefit while having a disability of 80% or more and 2 years pass without filing for the benefit,

If time passes and then you die, you may not receive the death benefit, which is the biggest guarantee of this insurance. In fact, after checking with insurance companies, although I haven't checked all of them, some insurance companies say they will pay the death benefit regardless of the relationship. They should pay, right? They promised to. However, if various issues arise and the insurance company invokes the statute of limitations to refuse payment, there is nothing you can do about it. So, everyone, do you understand? This is something you must check. It is the purpose of life insurance to provide the death benefit in case of death, of course. Even if you become 80% disabled, which is almost like being dead, they will still pay the death benefit. It's actually a very good thing. Insurance companies didn't create these policies intentionally to avoid paying benefits. But what's important is this.

When I combined the contents of the terms and conditions, I realized that there might be situations where customers may not receive death benefits. This may not happen to the majority of people, but as society ages, it could happen to me as well. So, before it's too late, I strongly recommend that you check and review your insurance policies. It's fine if your insurance policy only covers death benefits without additional clauses or exclusions in case of accidents. However, it is essential to carefully review policies that include various clauses, especially those that state they will only pay out 80% of the death benefit in certain situations apart from the main death benefit payment regulations. It's crucial to examine such policies. I'm not sure if it's because of these issues, but I...

Upon investigation, it appears that in critical illness insurance policies issued after 2010, the provision stating that 80% disability will also be considered for death benefits has largely disappeared. It seems like they realized that it could cause problems by simply stating they will provide it as a bonus. If your critical illness insurance policy that you signed up for was before 2010 or if there is a condition in your death benefit policy that states they will pay out even in the case of 80% disability, I strongly recommend that you check this today. Contact your insurance company by phone to confirm this information. If it is indeed the case, in order to receive your insurance payout, you must report any issues immediately when they occur. If you unintentionally fail to claim your insurance payout, it could lead to even bigger problems without you realizing it.

Please keep in mind and check. I hope that Pension Doctor diligently studies and researches the numerous financial products available in our society so that you can be happier in your old age. If you have signed up for a pension or any other various products, I will carefully check to ensure that no problems arise and inform you. If today's video was helpful, please subscribe and like. If you have any questions about pensions, feel free to contact our Pension Doctor Counseling Center at 1800-362 anytime. Our pension experts will thoroughly resolve all your questions regarding pensions for a happy retirement and provide counseling. This was Pension Doctor Lee Young. Thank you.

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