Officials are seen inside the Financial Services Commission at the Government Complex Seoul, Dec. 2, 2019. Korea Times file
The country's financial regulator said Tuesday that holders of certain types of insurance will be able to securitize their death benefits to help them cover their later years of life.
According to the Financial Services Commission (FSC), those who hold whole life insurance policies can opt to receive their death benefits as a form of pension, beginning in September at the earliest.
Under the plan, policyholders aged 65 and above are allowed to receive up to 90 percent of their death benefits.
But they are required to retain the policy for at least five years.
The FSC said it will finalize the details of the plan by the third quarter, adding that insurance companies are expected to prepare for the introduction of the new scheme as well. (Yonhap)
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