Korean Job Discussion Forums

[Hanson]

This has probably been covered somewhere here before, but...

My wife & I have basically decided we'll be staying here in Korea for the mid-to-long haul. We're now shopping around for insurance for ourselves and for our soon-to-be-born baby (Aug). I admit, I'm just starting to find out about private insurance and how it works.

The way I understand it, there are basically two insurance payment schemes.

1- You pay a small monthly payment which covers XYZ, and you don't get the money back.
or
2- You pay a larger monthly payment which also covers XYZ, but you get the money back in 20-30 years (or you don't take the money and remain covered until you're 80 yrs old).

The way I see it, I can pay less and invest the difference with a better return on my investment. Any advice? What is the experience of people/families here?

Any info would be greatly appreciated!

[Draven]

I just want to bump this up 'cuz I'd like to hear the responses. The wife and I went for the second option you listed, but haven't done anything for me yet...

[Hanson]

The worry I have with the 2nd option (getting the money back in 20-30 yrs) is I don't know how much 40 million won will be worth in 30 years (IMF-style), and who knows where XYZ company will be in that time.

My wife & I are leaning towards Kyobo Insurance for the baby, but haven't decided which one for ourselves...

Any experience from posters on this would be very helpful in making our decision.

[Hanson]

*bump*