South Korea: Samsung Fire & Marine first to offer long-term disability insurance
Source: Asia Insurance Review | Oct 2019
Samsung Fire & Marine Insurance has been granted a six-month exclusive licence to offer long-term disability insurance in South Korea, making it the first in the country to provide such a policy with a coverage period of more than three years.
The policy offered by Samsung is an employer-sponsored cover. It is designed to provide monthly benefits to employees until retirement, which is considered a rare term for disability insurance in Korea, reported The Korea Herald.
Samsung’s policy also allows clients to design their policies based on their needs and conditions, regarding terms related to time and cost. Automated invoicing is provided as well, once the beneficiary receives the employers’ approval.
To qualify for long-term disability benefits, an employee must be classified as disabled by the government. A