August Short-Term Whole Life Insurance: Which Insurer Offers the Highest 7-Year Refund Rate?

As of August, we compare the refund rates for short-term whole life insurance policies with a 7-year payment term across various life insurance companies.

As of August, we compare the refund rates for short-term whole life insurance policies with a 7-year payment term across various life insurance companies. At the 10-year point, refund rates range from a maximum of 124.8% to a minimum of 118.8%, while at the 7-year completion point, the rates range from 84.4% to 100.0%. This post will explore which insurance company offers the highest refund rate.

In August, the refund rates for short-term whole life insurance policies with a 7-year payment term have shown considerable variation among different insurance companies. Here’s a breakdown of the top options:

1. Fubon Hyundai Life Insurance 'MAX Whole Life One-Pick'

   - 10-Year Refund Rate: 124.8%

   - 7-Year Completion Refund Rate: 100.0%

   - This product offers the highest 10-year refund rate and also maintains a 100% refund rate at the 7-year completion point. The policy allows for a choice between increasing death benefits (step-up type) and a basic type. With the step-up type, the death benefit increases by 5% annually, up to a maximum of 150%, starting from 3 years after the contract date.

2. KDB Life Insurance 'Double Chance Whole Life (Premium Waiver Type)'

   - 10-Year Refund Rate: 124.7%

   - 7-Year Completion Refund Rate: 99.8%

   - This policy features an optional 'additional rider' function that allows for health coverage to be strengthened during the policy period. It offers the flexibility to add coverage as needed, based on emerging treatment technologies and new protection options.

3. Tied for 3rd Place

   - LinaLife 'THE Filling Whole Life (Step-Up Type)': 10-Year Refund Rate 124.5%, 7-Year Completion Refund Rate 99.9%

   - iM Life 'Confident Life Whole Life': 10-Year Refund Rate 124.5%, 7-Year Completion Refund Rate 99.3%

   - ABL Life 'THE Dream Whole Life II': 10-Year Refund Rate 124.5%, 7-Year Completion Refund Rate 100.0%

   - These products have identical 10-year refund rates but vary slightly at the 7-year completion point. Each product offers different features such as step-up protection or annual increases in insurance benefits.

4. Other Insurers

   - Hana Life 'Hana THE Connected Whole Life' to MetLife 'Whole Life PLUS for Millions' show refund rates ranging from 124.1% to 121.7% at the 10-year mark.

   - KB Life 'Growing Promise Whole Life' has the lowest refund rate at 118.8%, falling below 120%.

The refund rates for short-term whole life insurance policies with a 7-year payment term vary significantly among insurers. Fubon Hyundai Life Insurance’s 'MAX Whole Life One-Pick' offers the highest refund rate, while KDB Life and other top-rated products also present strong options. When choosing an insurance policy, it is crucial to consider not only the refund rate but also the coverage features and personal needs.