80 Ways to Get Insurance for the 100-Year-Old Era: Great Value

As of the end of 2020, approximately 75% of the entire population is said to have subscribed to actual loss medical expense insurance.
The overall insurance subscription rate also exceeds 80%.
The size of our country's insurance market is the 7th largest in the world, and its insurance penetration rate, which refers to the ratio of insurance premiums to GDP, is the 5th largest in the world.
Just looking at the numbers, our country's insurance subscription rate is quite high.
However, most people do not know much about the insurance they have signed up for.
In 'My Insurance', I don't know whether I am paying a lot of premiums, whether I have properly read the coverage details, and whether I have read the insurance policy according to my age and situation.

"Complex Insurance Explained Easily" explains insurance, which is inherently more complex than any other financial product, in an easy-to-understand way.
It provides key information for signing up for insurance and answers to various questions that insurance consumers have before and after signing up.
We explain each insurance category, including life insurance, death insurance, survival insurance, living insurance, old-age insurance, and choosing which insurance to save and which to discard.
In particular, we have summarized the key points that insurance consumers often misunderstand.
In this book, you'll find valuable tips on how to maintain your insurance coverage in line with the 100-year lifespan.

I've been thinking about how insurance is like the metaverse.
This is because it is used as a means of hedging risks in preparation for what-if events that have not yet occurred.
Also, insurance is the most necessary financial product when the scenario assumed at the time of subscription becomes reality.
The moment you retire from your current job, the moment you start to get sick from your health, the moment an unexpected accident cuts off your income—the moment when the virtual becomes reality, insurance becomes the most necessary product.
---From Chapter 1

It is common knowledge that as we age, we become more prone to illness and are more likely to have to go to the hospital.
Also, being young does not mean that you are not exposed to diseases or injuries.
So, medical insurance is something that everyone needs.
The representative example of this type of medical expense coverage is the 'actual medical expense' coverage, which 75% of the 50 million people have subscribed to.
If you are not very old, you only need to pay insurance premiums of 10,000 to 20,000 won per month.
In this way, you can receive coverage of 50 million won per year for hospitalization and 300,000 won or 200,000 won per outpatient visit.
---From Chapter 2

Simply put, home shopping, internet, and telemarketing products can be seen as inexpensive ready-made clothes, while products made through exclusive designers and GA designers can be seen as custom-made clothes.
Above all, in most cases where compensation is required, the customer must apply directly through the company rather than receiving the service through the designer.
Signing up is quick and easy, but unfortunately, after-sales service is often lacking.
For this reason, incomplete sales are more common in home shopping, the internet, and telemarketing than in face-to-face sales by exclusive designers and GA designers.
---From Chapter 3

'The pure guarantee type is good.
The debate over whether the maturity refund type is better is meaningless.
Subscribers can choose and sign up according to their own purpose.
For example, if you design children's insurance as a pure protection type, 30,000 to 50,000 won is sufficient, but if you sign up for a maturity refund type product, the premium may be over 100,000 won.
Some people say that it is better to just take out a 50,000 won guarantee and save the rest.
Of course, this is true from an economic perspective, as insurance has operating expenses.
---From Chapter 4

If you are signing up for income security insurance, you must first check the lump sum and monthly payment amounts.
Next, you need to check how much disability is covered not only for injury but also for disease.
When considering the payment conditions for disability insurance, let's not only focus on severe disability of 80% or more, but also check whether the conditions also cover general disability of less than 80%.
This is because the probability of occurrence of a severe disability of 80% or more is low, although the insurance premium is low.
---From Chapter 5

Among the causes of death in our country, cancer (malignant neoplasm) is the leading cause by age and gender.
Cancer is a disease that is directly related to survival, and the cost of treatment is bound to be high.
Although recent advancements in treatment technology have raised the five-year survival rate for cancer patients to 70%, cancer is still the leading cause of death.
---From Chapter 6

When you chase price, you often miss out on the really important guarantees.
Before looking for cheap car insurance, it's important to understand what constitutes car insurance coverage.
This is to avoid the mistake of signing up for insurance without the necessary coverage in order to save on insurance premiums.
Automobile insurance is comprised of five types of coverage: injury to others (personal injury compensation I-II), injury to yourself (bodily injury, automobile injury), damage to others' cars (property damage compensation), damage to your own car (damage to your own vehicle), and injury to an uninsured vehicle (uninsured vehicle injury).
Here, personal injury compensation I and property damage compensation (limit of 20 million won) coverage are mandatory liability insurance and compulsory insurance that must be subscribed to.
---From Chapter 7

Variable annuity insurance can be thought of as similar to a long-term investment fund.
What makes variable annuity insurance different from funds is that it is an insurance product with a fairly high operating cost within the first 10 years, and it can also add coverage such as death benefits as needed.
In any case, the purpose of subscribing to variable annuity insurance is to obtain a higher additional rate of return compared to products that pay the announced interest rate.
So, the criteria for selecting a good variable annuity are similar to the tips for selecting a good fund.
---From Chapter 8

The main purpose of remodeling insurance is to reduce wasted insurance premiums and increase the amount of coverage I need.
However, even when receiving this type of remodeling consulting, you need to be careful about canceling the insurance you have already signed up for.
For example, in the case of cancer insurance, compensation usually begins after 90 days, so if you cancel your previous cancer insurance policy and sign up for a new product, there will inevitably be a gap in the coverage period.
If you are diagnosed with cancer within 90 days of signing up for a new cancer insurance policy, you will not be eligible to receive the cancer diagnosis benefit.
Also, since some insurance products, such as Altolan, that were released in the past will no longer be available, you should learn in detail about the insurance products that you absolutely must not cancel when remodeling your insurance policy.
---From Chapter 9

Since 2015, various products with added tax exemption features have been released.
In the case of cancer insurance, a representative example is that if you are diagnosed with cancer (excluding pseudo-cancer), you are exempted from future premium payments, and the insurance company pays the premium for the entire payment period.
Furthermore, there are products that refund already paid insurance premiums and exempt future insurance premiums.
Therefore, you should carefully check the conditions for exemption from premium payment before signing up for insurance.

---From Chapter 10