Korean Parents need Life Insurance
This article explains why Korean parent’s should purchase life insurance. Monthly premiums are calculated based on actuarial table and life expectancy. Premiums and overall prices for life insurance only increase as you age. Get insured at InsuredTY today!
“Sandwich Generation: Korean Families often support multiple generations in 1 household”
South Korea is among countries with the highest insurance penetration: Premium as % of GDP in 2018. That means a lot of the South Korean population has insurance. Many companies like Samsung, Hanwah and Kyobo are the leading life insurance companies in Korea. These companies offer a variety of life insurance to the South Korean population
Immigrant parents are not quite the same. There are many different agencies like ours, InsuredTY. We focus on immigrant parents and provide them protection. We want to provide a safety net to immigrant parents in order for them to better themselves for the future. Specifically for Korean immigrant parents in America, we must look at the situation in South Korean. Korean parents in the United States must look at what is going on in South Korea and take that into consideration. Considering that so many South Koreans back in mainland Korea who are purchasing insurance, the same should occur to Korean parents in America. Koreans in the United States need to value the future just as much as South Korea does.
In addition, there has been a new surge of Koreans staying with their families even after college and getting a full-time job. Most parents want to protect their kids from the hardships of the world and are trying to do so by sheltering them in their own homes. Lee Young-wook
A 61 explains how ‘“Let’s be honest. How could I let my precious boy have a hard time?”’ (Na). Korean parents were always known to take in their kids live with them until their adulthood. Most parents want their kids to save up time and money so that they can get married. However, this situation does not only benefit the children, parents also enjoy having their kids around, whether it be ‘“like using their smartphones and doing online banking. Since we live together, I help out a lot with those” (Na).
Korean parents are staying to take more on their shoulders, such as taking care of their kids till marriage. With this extra weight, Korean parents should look to safety nets like life insurance. In the case of an unforeseen, catastrophic accident, having a life insurance policy can help your next of kin with providing a safety net, in the form of a large sum of money. All the parent needs to do is put in a fraction of how much you put into the policy, and they will be insured.
Prices SKYROCKET after 45! Insure now!
Did you know that an average 30 year old only pays $27.46 for $500,000 worth of coverage compared to a 60 year old who pays $262.16. Prices increase drastically after the age 40! If parents are expecting to house their kids until they are married, they should start insuring earlier. With this trend being very common among Korean culture, I recommend getting insured early so that you can save money and be able to have some sort of safety net early on. There is no need to lose money early on when you can protect yourself and get insured early. Everyone should have a safety net for the future, and especially Korean parents who want to house their kids till adulthood.
“Women Live Longer!!”
Another topic I wanted to talk about is specifically Korean moms and having life insurance. Women are expected to live a longer life time that men are. They are also statistically reported to make less than their male counterparts. So if something ever happens to the dad, there should be some sort of safety net for her wife. Insurance protects families in this type of situation. In addition, the labor market has a bunch of inequalities when it comes to gender. Women tend to have frequent gaps in employment due to childbearing, taking care of relatives and parents. Therefore, women are generally paid less for social security because of either their low paying job or their unpaid labor they do. Due to issue, a safety net is needed for all moms, especially Korean moms.
My Thoughts:
Therefore, I recommend that Korean parents be prepared for the future. As a fellow Korean, we never know what our life entails, and that could even mean housing our children till their married. I know personally, I would want to be worry free about my future and make sure my children have a worry-free future as well. That’s why getting life insurance is the best possible solution as it not only allows you to gain a safety net for the future but also protect your kids as well.
Sources:
https://www.nbcnews.com/news/world/meet-south-korea-s-kangaroo-tribe-ages-30-through-40-n1268724
https://www.mordorintelligence.com/industry-reports/life-non-life-insurance-market-in-south-korea
https://www.statista.com/statistics/408925/leading-life-insurance-companies-south-korea/
https://ourworldindata.org/why-do-women-live-longer-than-men