Shinhan Securities partners with KYOWON Life to support funerals and post-death arrangements for single-person households

[Financial News] Shinhan Securities is expanding funeral and post-death arrangement services for customers in single-person households. By linking financial asset management with professional prepaid funeral services, the company aims to help customers decide on funeral arrangements and costs during their lifetime and plan for subsequent procedures in advance.
Shinhan Securities said on the 12th that it had signed a memorandum of understanding (MOU) with KYOWON Life to offer tailored funeral and post-death arrangement services to customers of its Shinhan Premier Single-Person Household Trust. The signing ceremony was held on the 2nd at Shinhan Securities’ headquarters in TP Tower, Yeouido, Seoul.
With the recent increase in single-person households and changes in family relationships, demand is growing among people who want to prepare during their lifetime not only for the transfer of their assets but also for post-death procedures such as notification of death, funerals and the clearing of personal effects.
The Shinhan Premier Single-Person Household Trust is a service that allows customers to make comprehensive plans covering everything from asset management and living-expense payments during their lifetime to death notifications, funerals, the clearing of personal effects, the distribution of assets after death and charitable giving.
Under the agreement, Shinhan Securities will make KYOWON Life’s prepaid funeral services a key partner service for the trust. During their lifetime, customers can choose the type of funeral they want and enter into a separate contract with KYOWON Life.
When a funeral is needed, KYOWON Life will provide the agreed-upon services, and the related costs can be arranged for payment in accordance with the trust agreement.
The partner services range from an option centered on the minimum funeral procedures without a funeral hall, to a basic option offering standard funeral services, an expanded option with enhanced staffing and supplies, and a premium option with a broader range of ceremonial services.
Customers can also add a service for clearing personal effects for an additional fee if they wish. Actual prices and service details vary depending on when the service is provided and the terms of the contract.
Post-death procedures are also carried out under the trust agreement. The relevant process begins when the person designated by the customer to report their death, or a beneficiary designated to receive assets after their death, submits the required documents. The costs of partner services, taxes and other expenses are then settled, and the remaining assets are paid to the designated beneficiary.
Shinhan Securities expects the service partnership to allow customers to decide in advance on funeral arrangements and costs in accordance with their wishes, and to ease the burden on family members or acquaintances who might otherwise have to handle both funeral procedures and related expenses in an unexpected situation.
Kwon Young-dae, head of investment products at Shinhan Securities, said, “Because each customer has different preferences for the type and scale of a funeral, it is important to provide a wide range of choices during their lifetime and help them prepare the necessary funds in advance.” He added, “Through our partnership with KYOWON Life, we will help customers in single-person households make more concrete plans for funerals and post-death arrangements that reflect their wishes.”

[email protected] Kang Jung-mo Reporter