Departure Guarantee Insurance, possible to get it in Korea or even get a loan?

Employers who hire foreign workers must purchase four types of foreigner-only insurance within 15 days: departure guarantee insurance, wage arrears guarantee insurance, return home insurance, and accident insurance.

Among them, the Departure Guarantee Insurance is an insurance that purchases to foreign workers as beneficiaries to pay severance pay for foreign workers leaving the country. In a nutshell, it's severance pay.

Departure Guarantee Insurance was created to prevent foreign workers from not able receiving severance pay when they retire.

With Departure Guarantee Insurance, the employer must pay 8.3% of the monthly ordinary wage every month. This insurance can be obtained when a foreign worker leaves the country.

In order to receive Departure Guarantee Insurance, the employer or foreign worker must apply for it. Currently, the Departure Guarantee Insurance is managed exclusively by a company called Samsung Fire & Marine Insurance, so you can apply for it here.

Required documents are ▲ insurance claim application ▲ confirmation of departure (issued by the employment center) ▲ copy of alien registration card ▲ copy of passport ▲ copy of bankbook ▲ copy of plane ticket.

If you change your visa, you can get it in Korea.

Departure Guarantee Insurance is generally received when leaving the country, but if you change your status of stay in Korea, you can also get it in Korea.

Required documents are ▲ copy of identification card (two copies, one before and after changing the status of residence) ▲ insurance claim, ▲ copy of bankbook, etc.

With Departure Guarantee Insurance is also possible to get a loan

Samsung Fire & Marine Insurance, which manages the Departure Guarantee Insurance, also provides loans to foreign workers using this insurance as collateral.

Loan is possible for the following reasons. ▲If you need medical treatment for more than 4 consecutive weeks due to an illness or injury while changing your workplace ▲If you are unable to continue working at the workplace for reasons not attributable to you ▲It is difficult to work at the workplace due to an injury, etc., but it is possible to work at another workplace case

▲After 2020.2.1. Foreign workers (E-9, H-2) who have received a “departure delay” because their job hunting period has expired and it is difficult to leave the country due to the corona virus.

The loan limit is within 50% of the accumulated premium and the loan interest is 3% per annum (fixed interest rate). The loan period is until the departure date.

For more information, contact the Samsung Fire & Marine Insurance Call Center (1600-0266, 02-2261-8400).

Reporter Jieun Lee