Boasts assets of 283 tln won as of end of 2017 and ranked No. 1 in National Customer Satisfaction Index for 14 years in row; future growth strategy based on customer-centered management approach
President Hyun Seong-cheol of Samsung Life Insurance Co.
Life insurance is a way to protect loved ones if you were to die suddenly. Life insurance pays out a specified amount to a named beneficiary upon your death. It provides money to help pay for medical expenses, funeral costs, and future living expenses for your dependents.
When a life insurance policy is purchased, the consumer determines the amount and type of the policy. There are many different types of life insurance available. When purchasing life insurance, there are many things to consider: the type of policy you are purchasing, the amount the policy is for, and perhaps most importantly, how much life insurance you actually need.
You may not need life insurance if you are single and have no dependents. You may qualify for a small policy through your employer that will cover the basic burial expenses, which should be sufficient.
Once you get married or have children, you should consider getting life insurance. A life insurance policy will help protect your financial dependants and make sure they are taken care of financially in the event of your death.
Another situation that may warrant getting life insurance is if you assume guardianship of your brothers, sisters, or other dependents. Then, it would make sense to get life insurance to help support them financially if something were to happen to you.
The amount of life insurance you need depends greatly on your life and financial situation. If you are single and childless, the amount offered by your employer should cover your burial expenses for your family. If you are married or have children, you should increase the amount of life insurance you purchase.
A good rule of thumb is to purchase enough life insurance so that your family can live of the interest of the payout. You will need to determine your family’s annual cost of living, and then work backward to figure out how much life insurance you should purchase. You may also want to add enough to pay off any debts and your mortgage and to fund your children's education.
Keep in mind that as your life situation changes, your life insurance needs will change, as well. You can use term policies to make the adjustments that you need to the amount of insurance that you carry. This can be part of your long-term family financial plan.
In 1957, Samsung Life Insurance was founded on the management principles of promoting a culture that treasures family values and making contributions to society and ultimately, the nation. For 60 years since its inception, Samsung Life has strived to protect the lives and the wealth of people with its insurance services. Our efforts have been recognized by Korea’s most prestigious National Customer Satisfaction Index (NCSI) as we ranked No. 1 in the life insurance category for 14 consecutive years.
With our total assets reaching KRW 283 trillion as of December 2017, we have an unrivaled market leadership in Korea.
“We are focused on laying the foundation for future growth based on the customer-oriented management approach, where we place our customers first in everything we do. Also, we innovate continuously with a forward-looking perspective in order to identify and capitalize on growth opportunities in the 'new normal' era of low growth and low interest rates. Going beyond our success in the domestic market, we endeavor to grow initiative into a global top-tier insurer,” the company said in a statement.
“With our business concept of 'nurturing people with greater love to build better financial security,’ we will share the love, which we have received from customers, with society. We promise to fulfill our duty as a corporate citizen. We will step up efforts to build a harmonious society by going beyond just returning some profits to society and participating actively in the corporate social responsibility.”
A view of the building in Seoul where Samsung Life is located. (Photo: Samsung Life Insurance)