MetLife Korea, a leading player in the country's foreign exchange insurance market, has recently launched a new whole life insurance that can be switched to a dollar insurance if certain terms are met.
The new product, named "Whole Life Insurance for Million People," shares the same features and structure with the insurer's hit foreign exchange product, "USD Whole Life Insurance for Million People," launched back in 2019. This is the first time that an insurance company has launched the same product in two different currencies: the Korean won and the US dollar.
Once the premium payment is completed, the surrender value reaches 100% (Type 1) or up to 106.3% (Type 2) of the base premiums paid.
This product carries a rider that allows a policy holder to convert this plan to a US dollar savings insurance, provided that seven years have elapsed after the contract and the surrender value of the main plan is over $10,000 at the time of requesting the conversion. MetLife Korea is the only insurer that offers such a rider.
The SI (Simplified Underwriting) version of the product is available for those who have a past medical history or are currently receiving treatments for chronic diseases, or the elderly up to the age of 75.
A variety of and different healthcare services are offered, including appointment bookings with recommended medical providers and preferential access to screening tests, just to name a few.
"We launched a Korean won version of our successful US dollar product to offer a wide range of choices for protection-type products," a MetLife official said, adding, "With the new product, we expect to meet the evolving needs of customers ranging from their individual medical situation, and payment type, to the currency type."