Type of Bancassurance

Types of Insurance

Insurance can be broadly grouped into life insurance and indemnity insurance. You will be able to understand the insurance type by referring to the following table.

Type Target Selling product type Insurance product type
Life insurance Body of the insured Pure endowment insurance Insurance product type
Mortality life insurance
Endowment insurance
Indemnity insurance Property of the insured Property, interest, responsibility, guarantee Car, fire, vessel, credit assurance, travel, leisure, etc.

Selecting of the insurance product

As mentioned above, when selecting the product you should have the proper situation and corresponding purposes to cope with.

Credit insurance

  • The suitable insurance product when borrowing or borrowed money from the financial institute.
  • You can take up a credit guarantee insurance to increase your credit before borrowing money.
  • If you cannot meet your obligations or seriously injured due to an unexpected accident after borrowing money, the insurance company will compensate for the loss.

Pension (saving type) insurance

Type Characteristics and cautions
Interest rate Select a fixed rate type or variable interest rate type from a long-term view.
Half-way cancellation Refrain from half-way cancellation because it is disadvantageous to tax payment reduction.
Pension commencement age If the pension age is too early, the pension amount becomes smaller.
Payment period If the payment period is long, the pension amount increases and payment of premium becomes less burdensome.

Educational endowment insurance and child insurance coverage

  • The educational endowment insurance and child insurance coverage grows as much as your child grows.
  • The desirable product is the one that insures your child’s disease and accident at a time. In particular, the product with a large special contract insurance amount for hospitalization expenses and surgery expenses is recommended.
  • To prepare school expenses for your child, it is more advantageous to take up the savings feature insurance that offers higher profits.

Accident insurance

  • You can get compensation, if you are injured due to an accident during your daily life or leisure activities.
  • Mostly, the accident insurance product is a guarantee feature insurance.
  • It is advantageous to take up the comprehensive guarantee insurance to get compensation for the comprehensive accident, such as a house fire, cancer, or driver.

Medical expense insurance coverage

  • For medical expense insurance coverage, the product with wide coverage is recommended, considering the insurance characteristics.
  • It is recommended to select a product with a large coverage amount for cancer and stroke, which usually runs up high medical expenses.

Travel and leisure insurance

  • Travel and leisure insurance has the very short insurance period, compared with the pension or savings insurance.
  • Considering the characteristics of the insurance, it is recommended to select a product with wide coverage and low insurance premium. When traveling abroad, make sure that you can get help in the country you’re traveling

Foreign Exchange Rate

2018/12/11 11:20:18
통화 환율 정보
Currency Buy Sell
USD 1,148.55 1,109.05
JPY 1,015.79 980.85
EUR 1,308.03 1,257.49

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