Fourth-generation property and casualty insurance “cheaper”… the ‘triple surcharge’ bombshell


Mr A was disappointed when he applied for an online conversion to a fourth-generation accidental death and dismemberment insurance policy because스포츠토토 his agent said it was cheaper. If you are a frequent claimant like him, the premiums for the fourth-generation accidental death and dismemberment insurance may increase significantly because he did not know this properly.

The Financial Supervisory Service said on the 1st that complaints such as complaints related to the conversion of fourth-generation accidental loss insurance contracts have been occurring frequently since 2021, so it is providing consumer precautions.

Recently, there have been an increasing number of cases where people are considering cancelling their contracts due to the burden of renewal insurance premiums, and are considering the fourth-generation contract conversion system. The fourth-generation accidental death and dismemberment insurance requires a separate examination when newly enrolled, but for existing accidental death and dismemberment insureds, it can be converted to no examination except for the expansion of coverage items.

However, you should consider your health condition and tendency to use medical care before deciding whether to switch to the fourth generation. As for the non-benefit benefits of the fourth generation, the next year’s premium will be charged differently depending on the amount of non-benefit benefits received. This means that your premium will increase if you use a lot of non-payment items.

For example, if you received more than 1 million won in non-benefit insurance benefits in the previous year, your premium may be increased by up to 3 times. It is also important to note that the scope of coverage may differ between the existing accidental loss insurance and the fourth generation accidental loss insurance, such as uncovered medical expenses for herbal treatment.

“The act of signing the conversion petition or answering the full sale monitoring will be used by the insurance company to claim full sale in the event of a complaint in the future, so it is necessary to fully understand the explanation of the agent and sign and answer carefully.” “To withdraw the contract conversion, you must indicate your intention to withdraw the subscription within six months after the conversion offer,” said the Financial Supervisory Service.

It is also important to note that pre-January policyholders with pre-existing conditions must notify the insurer every three years of their intention to rejoin the policy or their contract may be terminated.

In practice, insurers will send a renewal notice by registered mail every three years. If you change your address, you may not be able to notify your insurer and risk having your policy cancelled.

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