삼성생명 보험대출 신청Samsung Life Insurance is difficult to pay insurance premiums with a card, and its loan interest rate is also high. The life insurance industry is famous for having a low percentage of insurance premiums paid by card. Hanwha Life Insurance and Kyobo Life Insurance, which are ranked 2nd and 3rd in the industry, do not allow card payments at all. Samsung Life Insurance, which is ranked 1st in the industry and has an income premium of the two combined, only accepts insurance premiums with Samsung Card. Although the number of insurance premiums paid by Samsung Life Insurance in the second quarter of this year was 1/4 of the entire life insurance industry, the card payment ratio was only 0.69% (based on the number of cases).
In terms of amount, Samsung Life Insurance’s insurance premium payment ratio by card is much lower. Samsung Life Insurance’s income insurance premiums in the second quarter of this year were 4.7297 trillion won, but only 10.6 billion won (0.22%) of that amount was paid by card. The card payment ratio is 23 times lower than the life insurance company average of 5.22%. In particular, Samsung Life Insurance variable insurance has an income of 700 billion won, but the amount paid by card is 0 won. For savings insurance, only 100 million won out of 1.4193 trillion won in income was received by card.
[Table 1] Samsung Life Insurance premium card payment amount and ratio by insurance type in the second quarter of 2022 (100 million won)
Card payment ratio
※ Source: Life Insurance Association (https://pub.insure.or.kr/etcDis/cardPay/cardPayRate/list.do)
It is advantageous for subscribers to pay insurance premiums by credit card in many ways. First, payment becomes more convenient. The fact that financial authorities have been posting card payment indices on the Life and Non-life Insurance Association website since 2018 was also a means to increase payment convenience for consumers. Compared to automatic transfer, paying insurance premiums by card is easier to fill in card performance, and this also has the advantage of returning more card benefits. The number of cases where the balance in the automatic transfer account is depleted and delinquent payments occur is also reduced.
It is not a problem unique to Samsung Life Insurance that it is difficult to pay insurance premiums with a card, but Samsung Life Insurance’s insurance contract loan interest rate is very high compared to other insurance companies, which is a burden to consumers. An insurance contract loan is a loan that the subscriber receives from the insurance company within the scope of the cancellation refund. As of August 2022, Samsung Life Insurance’s fixed-rate insurance contract loan interest rate was 8.59%, the highest among 22 domestic life insurance companies. It is a whopping 2.36%p higher than the average life insurance company.
Life insurance companies often argue that if you pay insurance premiums with a card, the insurance company will have to pay a card fee, so they will have no choice but to raise the insurance premium. However, it is inconsistent to mention the burden of card fees while receiving a high interest rate. The insurance company should choose at least one of the two: either the loan interest rate is not high, or it should widely accept card payment of insurance premiums.
[Figure 1] Life Insurance Company Insurance Contract Loan (Fixed Rate Type) Interest Rates in August 2022
※ Source: Life Insurance Association (https://pub.insure.or.kr/loan/type/insLoan/list.do)
It is expected that subscribers using insurance contract loans will need short-term funds urgently, but will often have difficulty canceling their insurance. Samsung Life Insurance is the overwhelming leader with over 4.7 trillion won in premium income in the second quarter alone. Nevertheless, it is trying to charge the highest interest rate in the industry to customers who do not want to cancel their insurance. However, it is not good at accepting credit card payments for insurance premiums. If Samsung Life Insurance continues to adhere to this policy, it must be deeply aware that it will only accelerate consumer departure in the rapidly changing financial environment.
No comment yet, add your voice below!
Your email address will not be published. Required fields are marked with *
Comment *
Save my name, email, and website in this browser for the next time I comment. Submit
[Non-profit private organization] Consumer Sovereignty Citizens’ Conference Business registration number: 156-82-00158 | Co-representatives: Kim Ho-gyun, Jeong Hyeok-jin, Mongsan Address: 6th floor, Venus Building, 36 Jong-ro 31-gil, Jongno-gu, Seoul (Zip code) 03129 | Main phone number: (02) 3673-2300 | Fax: (02) 3673-0330 Main email: cucs@cucs.or.kr | Sponsorship account: Kookmin Bank 817237-04-005986
Check your inbox or spam folder to confirm your subscription.
